Funding you earn now, next payment 06:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.01 per $10,000 · paid last 24h +0.001%
Price spread now: Lighter against Backpack+0.010%7-day average 0.000% · you sell dearer than you buy
Net, funding: paid 7d − costs+$5as in the Funding arb table
Net, price: spread back to 7d avg − costs−$9as in the Price arb table
costs, in and out, $10k−$100.104% of the position
Funding, last 7 days+0.154%+$15 on $10k
+Price spread, last 7 days+0.376%+$38 · spread now +0.010%, 7d avg 0.000%
=Together, before fees+0.531%+ Points / potential airdropLighter: Season 3 · farm board+$53 on $10k · with fees, hour by hour
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack BTC_USDC_PERP | 85,207 | 0.0100 | pay 0.0013% / 1h | 40m 36s | $36.0M | $174.6M | 75x |
| Short | Lighter BTC | 85,215.1 | 0.0096 | get 0.0012% / 1h | 40m 36s | $171.3M | $1.02B | 50x |
Backpack BTC_USDC_PERP
Lighter BTCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against Backpack. 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
- −$0.84
- Price spread: +0.010% → 0.000%
- $0.98
- Slippage, 4 orders
- −$0.38
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- −$10.23
- Costs to cover
- 0.104%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 4 min ago; Lighter: live order book, 9 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 Backpack live order book, 4 min ago | 0.01 bp | 5.0 bp −$5 | 5.0 bp −$50 | 5.6 bp −$564 | 66.4 bp −$33.2K |
| Sell Lighter live order book, 9 min ago | 0.18 bp | 0.2 bp $0 | 0.4 bp −$4 | 1.2 bp −$117 | 4.3 bp −$2,148 |
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 | |
|---|---|---|---|---|---|---|---|---|
| Perpl BTC | −0.0112% | 43m | 85,299.2 | +0.108% | $528K | $18.8M | 6.7x | as long as short |
| Phoenix BTC | −0.0111% | 1h | 85,377 | +0.200% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,209 | +0.002% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0054% | 8h | 85,204.9 | −0.002% | $920.8M | $762.0M | 125x | as long as short |
| BloFin BTC-USDT | −0.0034% | 8h | 85,214.6 | +0.009% | $420.2M | $678.7M | 150x | as long as short |
| 01 Exchange BTCUSD | −0.0032% | 1h | 85,209.3 | +0.003% | $381K | $2.3M | 50x | as long as short |
| Aster BTCUSDT | −0.0015% | 8h | 85,191.6 | −0.018% | $512.4M | $1.10B | 200x | as long as short |
| dYdX BTC-USD | +0.0001% | 1h | 85,238.9 | +0.037% | $16.7M | $21.7M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,262.7 | +0.065% | $36.4M | — | 200x | as long as short |
| Nado BTC-PERP | +0.0011% | 1h | 85,192.8 | −0.017% | $24.5M | $222.7M | 50x | as long as short |
Perpl BTC
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
01 Exchange BTCUSD
Aster BTCUSDT
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Nado BTC-PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective BTC/USDC PERP | +0.0023% | 1h | 85,449 | +0.284% | $339K | $26.8M | 52x | as long as short |
| SoDEX BTC-USD | +0.0035% | 1h | 85,243 | +0.042% | $59.7M | $335.8M | 40x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0056% | 1h | 85,264.5 | +0.067% | $187.7M | $955.6M | 100x | as long as short |
| Bullet BTC-USD | +0.0062% | 1h | 85,248 | +0.048% | $204K | $3.3M | 20x | as long as short |
| BingX BTC-USDT | +0.0066% | 8h | 85,194.6 | −0.015% | — | $1.56B | — | as long as short |
| Phemex BTCUSDT | +0.0071% | 8h | 85,243.3 | +0.043% | $149.3M | $501.9M | 150x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,239.7 | +0.038% | $2.4M | $6.7M | 20x | as long as short |
| Bitget BTCUSDT | +0.0082% | 8h | 85,193.2 | −0.016% | $2.95B | $5.17B | 150x | as long as short |
| Binance BTCUSDT | +0.0085% | 8h | 85,205.7 | −0.002% | $9.42B | $24.79B | 150x | as long as short |
| MEXC BTC_USDT | +0.0086% | 8h | 85,205 | −0.002% | $5.06B | $5.68B | 500x | as long as short |
| Lighter BTCshort | +0.0096% | 1h | 85,215.1 | +0.010% | $171.3M | $1.02B | 50x | |
| Lighter RH BTC | +0.0096% | 1h | 85,209.4 | +0.003% | $23.7M | $147.7M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,200 | −0.008% | $8.3M | $55.5M | 100x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0096% | 1h | 85,287.1 | +0.094% | $117.0M | $5.32B | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,177 | −0.035% | $239K | $8.5M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,266.6 | +0.070% | $5.6M | $9.4M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,291.5 | +0.099% | $3.76B | $5.05B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,242.3 | +0.041% | $40.0M | $595.0M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,202.7 | −0.005% | $5.15B | $9.92B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,215.4 | +0.010% | $2.57B | $12.16B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,199 | −0.009% | $3.8M | $17.6M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,203.8 | −0.004% | $4.6M | $99.1M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,324.1 | +0.137% | $679.5M | $626.7M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,199.1 | −0.009% | $5.51B | $10.85B | 200x | as long as short |
| Backpack BTC_USDC_PERPlong | +0.0100% | 1h | 85,207 | long leg | $36.0M | $174.6M | 75x | |
| Variational Omni BTC | +0.0100% | 8h | 85,226.6 | +0.023% | $154.6M | $565.9M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,305.9 | +0.116% | $279.2M | $939.3M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,382.3 | +0.206% | $214.6M | $168.8M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,308.3 | +0.119% | $139.4M | $315.2M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,283 | +0.089% | $30.1M | $206.5M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,348.6 | +0.166% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,276 | +0.081% | $11.0M | $14.4M | 50x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,245.1 | +0.045% | $2.3M | $9.0M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,288.1 | +0.095% | $206K | $739K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,230.4 | +0.028% | $30.0M | $50.3M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,230.5 | +0.028% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,220.5 | +0.016% | $2.26B | $953.5M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,164.3 | −0.050% | $45.5M | $237.6M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,293.8 | +0.102% | — | $106.9M | 500x | as long as short |
| Reya BTCRUSDPERP | +0.0111% | 1h | 85,269 | +0.073% | $6.6M | $147.4M | 40x | as long as short |
| Deribit BTC-PERPETUAL | +0.0138% | 1h | 85,293.6 | +0.102% | $872.2M | $1.60B | 50x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0151% | 1h | 85,261.1 | +0.063% | $13.0M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0177% | 8h | 85,292 | +0.100% | $11.3M | $749.2M | 6.4x | as long as short |
| Hibachi BTC/USDT-P | +0.0224% | 1h | 85,337.9 | +0.154% | $694K | $7.9M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0236% | 1h | 85,377.5 | +0.200% | $79K | $226K | 20x | as long as short |
| RISEx BTC/USDC | +0.0257% | 1h | 85,227.4 | +0.024% | $8.7M | $43.1M | 25x | as long as short |
Injective BTC/USDC PERP
SoDEX BTC-USD
Kraken Futures PF_XBTUSD
Bullet BTC-USD
BingX BTC-USDT
Phemex BTCUSDT
Aevo BTC-PERP
Bitget BTCUSDT
Binance BTCUSDT
MEXC BTC_USDT
Lighter RH BTC
Popdex BTCUSDT
Coinbase International BTC-PERP-INTX
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate BTC_USDT
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Reya BTCRUSDPERP
Deribit BTC-PERPETUAL
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD
RISEx BTC/USDC