Funding you earn now, next payment 08:00 UTC+0.0726%/8h= +79.5% APRnext payment +$0.91 per $10,000 · paid last 24h −0.076%
Price spread now: Kraken Futures against Lighter+0.044%7-day average −0.056% · you sell dearer than you buy
Net, funding: paid 7d − costs−$121as in the Funding arb table
Net, price: spread back to 7d avg − costs−$133as in the Price arb table
costs, in and out, $10k−$1431.425% of the position
Funding, last 7 days+0.215%+$21 on $10k
+Price spread, last 4 days (all we have)−0.055%−$5 · spread now +0.044%, 7d avg −0.056%
=Together, before fees+0.160%+ Points / potential airdropLighter: Season 3 · farm board+$16 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and Kraken Futures is 0.100% dearer against Lighter than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.056%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.215% in total (about 11.2% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.91 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter ETHFI | 0.6950 | 0.0096 | pay 0.0012% / 1h | 51m 13s | $1.1M | $828K | 5x |
| Short | Kraken Futures PF_ETHFIUSD | 0.6953 | 0.0822 | get 0.0103% / 1h | 51m 13s | $290K | $285K | 20x |
Lighter ETHFI
Kraken Futures PF_ETHFIUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures against Lighter. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $152.48
- Price spread: +0.044% → −0.056%
- $10.01
- Slippage, 4 orders
- −$132.53
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- $19.96
- Costs to cover
- 1.425%
- Break-even
- 6.1 days
Slippage from Lighter: live order book, 4 min ago; Kraken Futures: live order book, 51 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 Lighter live order book, 4 min ago | 7.06 bp | 30.5 bp −$30 | 102.8 bp −$1,028 | doesn't fit | doesn't fit |
| Sell Kraken Futures live order book, 51 min ago | 12.97 bp | 25.8 bp −$26 | 122.0 bp −$1,220 | doesn't fit | doesn't fit |
ETHFI on 24 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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit ETHFI_USDC-PERPETUAL | −0.0469% | 1h | 0.6947 | −0.045% | $41K | $11K | 10x | as long as short |
| HTX ETHFI-USDT | −0.0422% | 4h | 0.6939 | −0.160% | $82K | $168K | 20x | as long as short |
| Orderly PERP_ETHFI_USDC | −0.0288% | 4h | 0.6941 | −0.131% | $16K | $1K | 10x | as long as short |
| Variational Omni ETHFI | −0.0115% | 4h | 0.6919 | −0.444% | $911K | $785K | — | as long as short |
| Paradex ETHFI-USD-PERP | −0.0026% | 8h | 0.6947 | −0.040% | $6K | — | 5x | as long as short |
| Extended ETHFI-USD | −0.0024% | 1h | 0.6943 | −0.107% | $94K | $503K | 10x | as long as short |
| Binance ETHFIUSDT | −0.0023% | 4h | 0.6944 | −0.090% | $24.1M | $36.1M | 75x | as long as short |
| MEXC ETHFI_USDT | −0.0022% | 4h | 0.6944 | −0.088% | $15.8M | $4.1M | 125x | as long as short |
| Bybit ETHFIUSDT | +0.0023% | 4h | 0.6948 | −0.030% | $17.2M | $13.1M | 25x | as long as short |
| Injective ETHFI/USDC PERP | +0.0033% | 1h | 0.7240 | +4.171% | $321 | $51K | 5.5x | as long as short |
Deribit ETHFI_USDC-PERPETUAL
HTX ETHFI-USDT
Orderly PERP_ETHFI_USDC
Variational Omni ETHFI
Paradex ETHFI-USD-PERP
Extended ETHFI-USD
Binance ETHFIUSDT
MEXC ETHFI_USDT
Bybit ETHFIUSDT
Injective ETHFI/USDC PERPShow all 24 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aevo ETHFI-PERP | +0.0072% | 1h | 0.6939 | −0.157% | $8K | — | 3x | as long as short |
| Lighter ETHFIlong | +0.0096% | 1h | 0.6950 | long leg | $1.1M | $828K | 5x | |
| Hyperliquid ETHFI | +0.0100% | 1h | 0.6950 | 0.000% | $16.7M | $8.6M | 5x | as long as short |
| Aster ETHFIUSDT | +0.0100% | 4h | 0.6954 | +0.057% | $178K | $263K | 10x | as long as short |
| OKX ETHFI-USDT-SWAP | +0.0100% | 4h | 0.6948 | −0.030% | $5.1M | $12.6M | 20x | as long as short |
| Gate ETHFI_USDT | +0.0100% | 4h | 0.6954 | +0.056% | $1.7M | $2.0M | 75x | as long as short |
| KuCoin ETHFIUSDTM | +0.0100% | 4h | 0.6944 | −0.088% | $1.2M | $225K | 50x | as long as short |
| Bitget ETHFIUSDT | +0.0100% | 4h | 0.6943 | −0.102% | $6.1M | $4.8M | 75x | as long as short |
| BingX ETHFI-USDC | +0.0100% | 4h | 0.6947 | −0.045% | — | $1.2M | — | as long as short |
| Polymarket Perps ETHFI-USD | +0.0100% | 1h | 0.6951 | +0.016% | $52K | $149K | 5x | as long as short |
| SunX ETHFI-USDT | +0.0100% | 4h | 0.6941 | −0.131% | $2K | $1.1M | 20x | as long as short |
| BloFin ETHFI-USDT | +0.0217% | 4h | 0.6944 | −0.088% | $1.2M | $240K | 75x | as long as short |
| Coinbase International ETHFI-PERP-INTX | +0.0272% | 1h | 0.6952 | +0.027% | $31K | $6K | 50x | as long as short |
| Kraken Futures PF_ETHFIUSDshort | +0.0822% | 1h | 0.6953 | +0.044% | $290K | $285K | 20x |
Aevo ETHFI-PERP
Hyperliquid ETHFI
Aster ETHFIUSDT
OKX ETHFI-USDT-SWAP
Gate ETHFI_USDT
KuCoin ETHFIUSDTM
Bitget ETHFIUSDT
BingX ETHFI-USDC
Polymarket Perps ETHFI-USD
SunX ETHFI-USDT
BloFin ETHFI-USDT
Coinbase International ETHFI-PERP-INTX