Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0044%/8h= +4.8% APRpaid last 24h +0.019%

Price spread now: Lighter RH against BingX−0.026%7-day average — · you buy dearer than you sell

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$110.115% of the position

Long on BingX Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.071%+$7 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter RH: Points live · farm boardneeds both histories

Funding pays, the price is against you. Lighter RH is 0.026% cheaper against BingX than usual: you would sell low and buy high (spread −0.026% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 47 hours of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX BTC-USDT	85,874.4	0.0052	pay 0.0052% / 8h	6h 49m	—	$1.59B	—
Short	Lighter RH BTC	85,852.2	0.0096	get 0.0012% / 1h	49m 54s	$23.3M	$145.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against BingX. 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 BingXbpFee Lighter RHbpOrdersPrice spread, now −0.026%Rate

Funding earned: $9.24
Price spread: −0.026% → 0.000%: −$2.59
Slippage, 4 orders: −$1.47
Fee BingX: 5 bp × 2 orders: −$10
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$4.81
Costs to cover: 0.115%
Break-even: 10.6 days

Slippage from BingX: live order book, 4 min ago; Lighter RH: live order book, 4 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 BingX live order book, 4 min ago	0.01 bp	5.0 bp −$5	5.3 bp −$53	5.8 bp −$575	6.1 bp −$3,047
Sell Lighter RH live order book, 4 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	85,641	−0.272%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,779	−0.111%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,813.2	−0.071%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0039%	8h	85,793.5	−0.094%	$415.3M	$657.4M	150x	as long as short
ApeX Omni BTCUSDT	−0.0008%	1h	85,747.6	−0.148%	$140.2M	$320.8M	100x	as long as short
dYdX BTC-USD	0.0000%	1h	85,837.1	−0.043%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,832.4	−0.049%	$512K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,819.3	−0.064%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	−0.075%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0031%	8h	85,837.6	−0.043%	$498.0M	$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	+0.0042%	8h	85,859.4	−0.017%	$894.7M	$756.2M	125x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,841.6	−0.038%	$8.1M	$42.6M	25x	as long as short
BingX BTC-USDTlong	+0.0052%	8h	85,874.4	long leg	—	$1.59B	—
Reya BTCRUSDPERP	+0.0052%	1h	85,799	−0.088%	$6.7M	$146.0M	40x	as long as short
HTX BTC-USDT	+0.0057%	8h	85,815.9	−0.068%	$2.28B	$968.8M	200x	as long as short
Bitget BTCUSDT	+0.0066%	8h	85,878.7	+0.005%	$2.95B	$5.13B	150x	as long as short
Nado BTC-PERP	+0.0079%	1h	85,801	−0.086%	$22.5M	$228.7M	50x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,820.9	−0.062%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0081%	8h	85,878.5	+0.005%	$5.09B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0083%	8h	85,872	−0.003%	$9.35B	$24.59B	150x	as long as short
Gate BTC_USDT	+0.0086%	8h	85,871.6	−0.003%	$5.66B	$10.36B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,862.4	−0.014%	$170.9M	$976.2M	50x	as long as short
Lighter RH BTCshort	+0.0096%	1h	85,852.2	−0.026%	$23.3M	$145.1M	50x
GRVT BTC_USDT_Perp	+0.0096%	8h	85,757.5	−0.136%	$215.4M	$162.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,833	−0.048%	$8.4M	$52.5M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0097%	1h	85,871.4	−0.003%	$895.0M	$1.54B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,804	−0.082%	$206K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,860.2	−0.016%	$3.8M	$8.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,937	+0.073%	$3.76B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,856.5	−0.021%	$40.8M	$566.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,886.2	+0.014%	$5.26B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,887.2	+0.015%	$2.55B	$12.56B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,825	−0.058%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,818.4	−0.065%	$7.3M	$98.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,888.3	+0.016%	$579.3M	$92.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,858.3	−0.019%	$35.2M	$162.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,782.9	−0.107%	$155.6M	$556.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,687.9	−0.217%	$277.7M	$941.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,793.4	−0.094%	$30.4M	$206.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,856.9	−0.020%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,825	−0.058%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,815.9	−0.068%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,833.6	−0.048%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,846.1	−0.033%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,840.6	−0.039%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,807.5	−0.078%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,836	−0.045%	$60.1M	$338.1M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,847.6	−0.031%	$153.8M	$476.8M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,858.9	−0.018%	$44.9M	$226.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,814.8	−0.069%	—	$101.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,871.1	−0.004%	$131.7M	$5.26B	50x	as long as short
Hibachi BTC/USDT-P	+0.0120%	1h	85,813.4	−0.071%	$707K	$8.0M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,864.3	−0.012%	$189.4M	$969.6M	100x	as long as short
Aftermath Perps BTCUSD	+0.0153%	1h	85,829.7	−0.052%	$77K	$217K	20x	as long as short
Kalshi KXBTCPERP	+0.0203%	8h	85,840	−0.040%	$9.9M	$768.5M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0194%	1h	85,812.5	−0.072%	$13.8M	—	200x	as long as short