Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0007%/8h= +0.8% APRpaid last 24h +0.013%

Price spread now: Lighter against Bitget−0.007%7-day average +0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$140.137% of the position

Long on Bitget Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.055%+$6 on $10k

Price spread, last 7 days+0.006%+$1 · spread now −0.007%, 7d avg +0.012%

Together, before fees+0.061%+ Points / potential airdropLighter: Season 3 · farm board+$6 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget BTCUSDT	85,852.6	0.0089	pay 0.0089% / 8h	5h 31m	$2.98B	$3.95B	150x
Short	Lighter BTC	85,846.4	0.0096	get 0.0012% / 1h	31m 49s	$173.0M	$862.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bitget. 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 BitgetbpFee LighterbpOrdersPrice spread, now −0.007%Rate

Funding earned: $1.47
Price spread: −0.007% → +0.012%: −$1.89
Slippage, 4 orders: −$1.68
Fee Bitget: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$14.1
Costs to cover: 0.137%
Break-even: 74.1 days

Slippage from Bitget: live order book, 10 min ago; Lighter: live order book, 10 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 Bitget live order book, 10 min ago	0.01 bp	6.8 bp −$7	7.3 bp −$73	7.9 bp −$790	doesn't fit
Sell Lighter live order book, 10 min ago	0.01 bp	0.8 bp −$1	1.7 bp −$17	2.6 bp −$256	5.7 bp −$2,829

BTC on 55 exchanges

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	−0.0133%	1h	85,978	+0.146%	$2.1M	$7.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,100	+0.288%	$8K	$2K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,860.2	+0.009%	$366K	$2.0M	50x	as long as short
Bluefin BTC-PERP	−0.0042%	1h	85,875.5	+0.027%	$194K	$556K	40x	as long as short
SoDEX BTC-USD	−0.0038%	1h	85,858	+0.006%	$65.8M	$187.8M	40x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,877.6	+0.029%	$422.3M	$556.8M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,865.6	+0.015%	$16.8M	$14.5M	50x	as long as short
Perpl BTC	0.0000%	43m	85,864.7	+0.014%	$470K	$13.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,862.8	+0.012%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	85,803	−0.058%	$300K	$27.5M	52x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BTCUSDT	+0.0019%	8h	85,822.2	−0.035%	$511.2M	$872.2M	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0030%	1h	85,873.6	+0.024%	$192.7M	$759.5M	100x	as long as short
BingX BTC-USDC	+0.0033%	8h	85,833.3	−0.022%	—	$16.3M	—	as long as short
Popdex BTCUSDT	+0.0040%	1h	85,865	+0.014%	$8.5M	$45.6M	100x	as long as short
Bybit BTCUSDT	+0.0042%	8h	85,838	−0.017%	$5.13B	$8.12B	150x	as long as short
KuCoin XBTUSDTM	+0.0053%	8h	85,847.3	−0.006%	$935.9M	$640.2M	125x	as long as short
ApeX Omni BTCUSDT	+0.0055%	1h	85,918.8	+0.077%	$138.0M	$292.2M	100x	as long as short
Gate BTC_USDT	+0.0064%	8h	85,855	+0.003%	$5.50B	$8.95B	200x	as long as short
Phemex BTCUSDT	+0.0074%	8h	85,853.5	+0.001%	$169.3M	$477.0M	150x	as long as short
HTX BTC-USDT	+0.0079%	8h	85,841.3	−0.013%	$2.27B	$800.5M	200x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,843.2	−0.011%	$2.4M	$6.8M	20x	as long as short
Bullet BTC-USD	+0.0084%	1h	85,869.1	+0.019%	$210K	$3.2M	20x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,828.7	−0.028%	$9.41B	$20.50B	150x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,831.3	−0.025%	$5.15B	$4.86B	500x	as long as short
Bitget BTCUSDTlong	+0.0089%	8h	85,852.6	long leg	$2.98B	$3.95B	150x
Lighter BTCshort	+0.0096%	1h	85,846.4	−0.007%	$173.0M	$862.0M	50x
Lighter RH BTC	+0.0096%	1h	85,848.1	−0.005%	$23.6M	$120.5M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,822	−0.036%	$219K	$8.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,872.8	+0.023%	$6.0M	$7.4M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,847.4	−0.006%	$23.4M	$193.8M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,872.9	+0.024%	$40.2M	$569.9M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,857.9	+0.006%	$2.62B	$9.44B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,829	−0.027%	$4.0M	$15.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,866.8	+0.017%	$4.8M	$91.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,837.4	−0.018%	$38.0M	$195.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,938.6	+0.100%	$157.5M	$475.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,965	+0.131%	$289.5M	$762.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,996.6	+0.168%	$216.1M	$135.0M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,861.2	+0.010%	$30.2M	$224.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,912.7	+0.070%	—	$9.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,866	+0.016%	$11.1M	$12.1M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,826	−0.031%	$2.6M	$8.9M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,858.6	+0.007%	$3.3M	$6.7M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,956.9	+0.121%	$714.6M	$116.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,827.1	−0.030%	$47.0M	$195.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,893.1	+0.047%	—	$81.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	85,897	+0.052%	$112.2M	$4.95B	50x	as long as short
Kalshi KXBTCPERP	+0.0158%	8h	85,892	+0.046%	$12.0M	$738.5M	6.4x	as long as short
Hyperliquid BTC	+0.0160%	1h	85,950	+0.113%	$3.95B	$4.27B	40x	as long as short
Reya BTCRUSDPERP	+0.0166%	1h	85,874.6	+0.026%	$6.6M	$131.1M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0178%	1h	85,909.1	+0.066%	$819.9M	$1.51B	50x	as long as short
RISEx BTC/USDC	+0.0187%	1h	85,874	+0.025%	$8.9M	$36.6M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0212% / S −0.0253%	1h	85,904.4	+0.060%	$15.6M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0336%	1h	85,929.2	+0.089%	$713K	$6.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0426%	1h	85,950.5	+0.114%	$79K	$241K	20x	as long as short