Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against Paradex−0.161%7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$100.096% of the position

Long on Paradex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.002%$0 on $10k

Price spread, last 7 days+0.149%+$15 · spread now −0.161%, 7d avg −0.040%

Together, before fees+0.147%+ Points / potential airdropParadex: Active · Lighter: Season 3 · farm board+$15 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: Lighter is 0.121% cheaper against Paradex than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of −0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ETH-USD-PERP	2,752.6	0.0100	pay 0.0100% / 8h	5h 56m	$16.2M	$7.9M	50x
Short	Lighter ETH	2,748.2	0.0096	get 0.0012% / 1h	56m 42s	$113.0M	$430.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Paradex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 ParadexbpFee LighterbpOrdersPrice spread, now −0.161%Rate

Funding earned: −$0.76
Price spread: −0.161% → −0.040%: −$12.07
Slippage, 4 orders: −$5.62
Fee Paradex: 2 bp × 2 orders: −$4
Fee Lighter: 0 bp × 2 orders: $0
Net: −$22.45
Costs to cover: 0.096%
Break-even: never at this rate

Slippage from Paradex: live order book, 2 min ago; Lighter: live order book, 7 min ago.

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 Paradex live order book, 2 min ago	2.33 bp	4.3 bp −$4	4.3 bp −$43	doesn't fit	doesn't fit
Sell Lighter live order book, 7 min ago	0.02 bp	0.5 bp $0	0.9 bp −$9	1.4 bp −$139	4.0 bp −$2,016

ETH on 54 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	2,743.8	−0.319%	$306K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,749.4	−0.116%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,742.6	−0.363%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,743.2	−0.341%	$12.1M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,748.4	−0.152%	$847K	$2.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,748.8	−0.137%	$10.8M	$41.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,743.2	−0.342%	$22.2M	—	200x	as long as short
BingX ETH-USDC	+0.0042%	8h	2,748.8	−0.139%	—	$18.5M	—	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,749.6	−0.108%	$183K	$966K	50x	as long as short
OKX ETH-USDT-SWAP	+0.0054%	8h	2,749	−0.129%	$1.70B	$10.59B	100x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0065%	8h	2,748.3	−0.158%	$369.4M	$598.6M	100x	as long as short
Aster ETHUSDT	+0.0073%	8h	2,746.1	−0.237%	$252.5M	$841.0M	200x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,749.8	−0.100%	$5.7M	$11.2M	25x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,740.5	−0.437%	$4.9M	$159K	20x	as long as short
Binance ETHUSDT	+0.0083%	8h	2,748.4	−0.151%	$6.39B	$15.75B	150x	as long as short
MEXC ETH_USDT	+0.0083%	8h	2,749.2	−0.125%	$1.57B	$2.51B	500x	as long as short
Bullet ETH-USD	+0.0085%	1h	2,742.8	−0.354%	$182K	$1.7M	20x	as long as short
HTX ETH-USDT	+0.0086%	8h	2,743.1	−0.344%	$1.06B	$1.18B	200x	as long as short
Lighter ETHshort	+0.0096%	1h	2,748.2	−0.161%	$113.0M	$430.2M	50x
Lighter RH ETH	+0.0096%	1h	2,749.1	−0.127%	$24.8M	$103.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,745.6	−0.253%	—	$31.0M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,743.9	−0.314%	$58.6M	$4.27B	50x	as long as short
ApeX Omni ETHUSDT	+0.0097%	1h	2,747.1	−0.199%	$8.7M	$31.1M	100x	as long as short
Paradex ETH-USD-PERPlong	+0.0100%	8h	2,752.6	long leg	$16.2M	$7.9M	50x
Katana Perps ETH-USD	+0.0100%	8h	2,749.1	−0.127%	$484K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,743.7	−0.324%	$13.9M	$106.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,749.2	−0.123%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,749	−0.130%	$31.7M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,749.2	−0.125%	$2.47B	$4.19B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,748.4	−0.152%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,749.8	−0.102%	$2.7M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,749.4	−0.114%	$3.39B	$8.63B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,749.5	−0.113%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,743.4	−0.333%	$15.0M	$41.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,746.6	−0.218%	$133.0M	$342.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,746.8	−0.209%	$181.9M	$701.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,747.3	−0.192%	$159.7M	$81.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,747	−0.203%	$21.2M	$69.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,744.2	−0.306%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,743.2	−0.341%	$10.7M	$8.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,743.3	−0.338%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,744.7	−0.288%	$41.6M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,742.1	−0.381%	$961K	$11.9M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,742.7	−0.359%	$54.6M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,743.7	−0.321%	$267.1M	$65.2M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,746.2	−0.231%	$164.3M	$302.6M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,748.9	−0.133%	$30.6M	$72.6M	50x	as long as short
Aftermath Perps ETHUSD	+0.0111%	1h	2,746.7	−0.213%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0118%	1h	2,743.9	−0.316%	$258.9M	$195.6M	50x	as long as short
Kalshi KXETHPERP	+0.0149%	8h	2,744	−0.312%	$7.9M	$670.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0182%	8h	2,745.4	−0.262%	$32.3M	$11.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,743.3	−0.337%	$88.0M	$309.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0223%	1h	2,742.5	−0.368%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,746.5	−0.221%	$250K	$1.4M	20x	as long as short