Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0001%/8h= +0.1% APRpaid last 24h +0.001%

Price spread now: Variational Omni against Lighter RH−0.103%7-day average −0.020% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter RH Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.008%−$1 on $10k

Price spread, last 7 days+0.081%+$8 · spread now −0.103%, 7d avg −0.020%

Together, before fees+0.072%+ Points / potential airdropLighter RH: Points live · Variational Omni: Active · farm board+$7 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.082% cheaper against Lighter RH than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH ETH	2,773.1	0.0096	pay 0.0012% / 1h	10m 13s	$25.3M	$123.2M	50x
Short	Variational Omni ETH	2,770.2	0.0097	get 0.0097% / 8h	2h 10m	$140.7M	$320.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter RH. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Lighter RHbpFee Variational OmnibpOrdersPrice spread, now −0.103%Rate

Funding earned: $0.27
Price spread: −0.103% → −0.020%: −$8.25
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$7.97
Costs to cover: 0.000%
Break-even: 211.3 days

Slippage unknown: Lighter RH: live order book, 4 min ago; Variational Omni: RFQ quote, 4 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Lighter RH live order book, 4 min ago	1.10 bp	1.7 bp −$2	3.0 bp −$30	12.1 bp −$1,211	80.0 bp −$40.0K
Sell Variational Omni RFQ quote, 4 min ago	0.47 bp	doesn't fit	1.2 bp −$12	4.1 bp −$414	doesn't fit

ETH on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl ETH	−0.0112%	43m	2,770.7	−0.086%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,776.2	+0.113%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.1	−0.071%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0048%	1h	2,771.3	−0.064%	$171K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,775.9	+0.102%	$886K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,771.2	−0.068%	$5.8M	$11.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.7	−0.048%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0004%	1h	2,774.4	+0.049%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.4	−0.025%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0023%	8h	2,770.6	−0.091%	$1.71B	$11.89B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0026%	8h	2,771.5	−0.059%	$267.0M	$66.1M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,772.3	−0.028%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0034%	8h	2,771	−0.075%	$256.3M	$995.6M	200x	as long as short
ApeX Omni ETHUSDT	+0.0040%	1h	2,775.9	+0.100%	$8.8M	$32.7M	100x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,769.3	−0.137%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0050%	8h	2,771.4	−0.062%	$1.59B	$2.69B	500x	as long as short
Binance ETHUSDT	+0.0051%	8h	2,771.3	−0.063%	$6.44B	$17.23B	150x	as long as short
Bitget ETHUSDT	+0.0075%	8h	2,771	−0.075%	$2.10B	$3.13B	150x	as long as short
Gate ETH_USDT	+0.0076%	8h	2,771.9	−0.043%	$3.28B	$9.69B	200x	as long as short
Bullet ETH-USD	+0.0083%	1h	2,771.4	−0.061%	$183K	$1.8M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,771.7	−0.051%	$114.7M	$515.3M	50x	as long as short
Lighter RH ETHlong	+0.0096%	1h	2,773.1	long leg	$25.3M	$123.2M	50x
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,771.3	−0.064%	—	$41.7M	500x	as long as short
Variational Omni ETHshort	+0.0097%	8h	2,770.2	−0.103%	$140.7M	$320.5M	—
HTX ETH-USDT	+0.0099%	8h	2,771.1	−0.071%	$1.08B	$1.32B	200x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,770.5	−0.094%	$15.9M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.2	−0.068%	$486K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,770.5	−0.092%	$15.2M	$117.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,773.1	+0.001%	$3.19B	$2.40B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,771.1	−0.071%	$31.3M	$289.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771.1	−0.073%	$2.51B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.3	−0.100%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,772.7	−0.013%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.6	−0.091%	$164.9M	$252.7M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,771.4	−0.060%	$422.1M	$742.2M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,770.8	−0.084%	—	$17.4M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771.3	−0.066%	$15.4M	$42.9M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,776.1	+0.109%	$179.9M	$795.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,772.7	−0.015%	$161.3M	$97.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.6	−0.053%	$21.4M	$57.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,771.7	−0.048%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,772.8	−0.010%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772.1	−0.034%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.9	−0.005%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,771.1	−0.072%	$971K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,771.1	−0.071%	$55.2M	$228.6M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.7	−0.085%	$31.4M	$75.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,772.8	−0.010%	$59.9M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0117%	8h	2,772	−0.039%	$8.5M	$674.2M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0129%	1h	2,773.1	0.000%	$258.5M	$225.1M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,774.2	+0.039%	$32.5M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0171%	8h	2,770.6	−0.091%	$285.4M	$195.6M	150x	as long as short
Reya ETHRUSDPERP	+0.0184%	1h	2,771.4	−0.062%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,772.5	−0.020%	$86.4M	$331.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0456%	1h	2,772.9	−0.007%	$281K	$1.5M	20x	as long as short