BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0056%/8h= −6.2% APRnext payment −$0.07 per $10,000 · paid last 24h −0.010%

Price spread now: Lighter RH against Aftermath Perps+0.027%7-day average −0.007% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$220.223% of the position

Long on Aftermath Perps Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.034%−$3 on $10k

Price spread, last 3 days (all we have)−0.100%−$10 · spread now +0.027%, 7d avg −0.007%

Together, before fees−0.134%+ Points / potential airdropLighter RH: Points live · farm board−$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter RH is 0.034% dearer against Aftermath Perps than usual: you sell high and buy low (spread +0.027% now, against its 7-day average of −0.007%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 48 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps BTCUSD	85,841.3	0.0152	pay 0.0019% / 1h	49m 30s	$77K	$217K	20x
Short	Lighter RH BTC	85,864.5	0.0096	get 0.0012% / 1h	49m 30s	$23.3M	$145.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Aftermath Perps. 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 Aftermath PerpsbpFee Lighter RHbpOrdersPrice spread, now +0.027%Rate

Funding earned: −$11.82
Price spread: +0.027% → −0.007%: $3.36
Slippage, 4 orders: −$13.26
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$30.72
Costs to cover: 0.223%
Break-even: never at this rate

Slippage from Aftermath Perps: live order book, 20 min ago; Lighter RH: live order book, 5 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 Aftermath Perps live order book, 20 min ago	1.00 bp	9.7 bp −$10	14.6 bp −$146	doesn't fit	doesn't fit
Sell Lighter RH live order book, 5 min ago	0.71 bp	0.7 bp −$1	1.0 bp −$10	3.1 bp −$308	24.6 bp −$12.3K

BTC on 56 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
Phoenix BTC	−0.0144%	1h	85,788	−0.062%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,779	−0.073%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,852.9	+0.013%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0039%	8h	85,793.5	−0.056%	$415.3M	$657.4M	150x	as long as short
ApeX Omni BTCUSDT	−0.0018%	1h	85,787.3	−0.063%	$140.3M	$320.8M	100x	as long as short
dYdX BTC-USD	0.0000%	1h	85,880.2	+0.045%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,883.1	+0.049%	$513K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,854.1	+0.015%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	−0.036%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0031%	8h	85,848.8	+0.009%	$498.1M	$1.13B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0041%	8h	85,860.1	+0.022%	$894.7M	$757.1M	125x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,860.2	+0.022%	$8.1M	$42.6M	25x	as long as short
BingX BTC-USDT	+0.0052%	8h	85,842.8	+0.002%	—	$1.59B	—	as long as short
Reya BTCRUSDPERP	+0.0053%	1h	85,849.7	+0.010%	$6.7M	$146.0M	40x	as long as short
HTX BTC-USDT	+0.0057%	8h	85,815.9	−0.030%	$2.28B	$968.8M	200x	as long as short
Bitget BTCUSDT	+0.0066%	8h	85,874.3	+0.038%	$2.95B	$5.13B	150x	as long as short
Nado BTC-PERP	+0.0074%	1h	85,876.1	+0.041%	$22.5M	$228.8M	50x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,820.9	−0.024%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0082%	8h	85,848.9	+0.009%	$5.09B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0083%	8h	85,842.9	+0.002%	$9.34B	$24.59B	150x	as long as short
Gate BTC_USDT	+0.0090%	8h	85,848.3	+0.008%	$5.66B	$10.36B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,854.1	+0.015%	$170.9M	$976.3M	50x	as long as short
Lighter RH BTCshort	+0.0096%	1h	85,864.5	+0.027%	$23.3M	$145.1M	50x
GRVT BTC_USDT_Perp	+0.0096%	8h	85,757.5	−0.098%	$215.4M	$162.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,856	+0.017%	$8.4M	$52.5M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0097%	1h	85,871.4	+0.035%	$895.0M	$1.54B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,833	−0.010%	$199K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,870.2	+0.034%	$3.8M	$8.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,942	+0.117%	$3.76B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,880.9	+0.046%	$40.9M	$569.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,852.4	+0.013%	$5.26B	$9.81B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,848.6	+0.008%	$2.55B	$12.55B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,886	+0.052%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,840.5	−0.001%	$7.3M	$98.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,888.3	+0.055%	$579.3M	$92.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,858.3	+0.020%	$35.2M	$162.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,782.9	−0.068%	$155.6M	$556.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,687.9	−0.179%	$277.7M	$941.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,830.1	−0.013%	$30.4M	$206.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,911.4	+0.082%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,865	+0.028%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,845	+0.004%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,832.7	−0.010%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,876.1	+0.041%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,840.6	−0.001%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,807.5	−0.039%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,836	−0.006%	$60.1M	$338.1M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,847.6	+0.007%	$153.8M	$476.8M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,833.6	−0.009%	$44.9M	$226.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,883	+0.049%	—	$101.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,871.1	+0.035%	$131.7M	$5.26B	50x	as long as short
Hibachi BTC/USDT-P	+0.0128%	1h	85,843.4	+0.002%	$710K	$8.0M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,864.3	+0.027%	$189.4M	$969.6M	100x	as long as short
Aftermath Perps BTCUSDlong	+0.0152%	1h	85,841.3	long leg	$77K	$217K	20x
Kalshi KXBTCPERP	+0.0203%	8h	85,840	−0.002%	$9.9M	$768.5M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0194%	1h	85,846	+0.005%	$13.8M	—	200x	as long as short