Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0126%/8h= +13.8% APRpaid last 24h +0.032%

Price spread now: Lighter RH against BloFin−0.007%61s7-day average +0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$130.128% of the position

Long on BloFin Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.021%+$2 on $10k

Price spread, last 4 days (all we have)+0.067%+$7 · spread now −0.007%, 7d avg +0.024%

Together, before fees+0.089%+ Points / potential airdropLighter RH: Points live · farm board+$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter RH is 0.031% cheaper against BloFin than usual: you would sell low and buy high (spread −0.007% now, against its 7-day average of +0.024%). If the spread goes back, that is −$3 on $10k: about 20 hours of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.021% in total) that is about 10 days. The two prices were read 61 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin BTC-USDT	85,394	−0.0030	get 0.0030% / 8h	2h 53m	$422.0M	$676.4M	150x
Short	Lighter RH BTC	85,388.1	0.0096	get 0.0012% / 1h	53m 48s	$23.8M	$147.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against BloFin. 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 BloFinbpFee Lighter RHbpOrdersPrice spread, now −0.007%Rate

Funding earned: $26.5
Price spread: −0.007% → +0.024%: −$3.11
Slippage, 4 orders: −$0.79
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: $10.61
Costs to cover: 0.128%
Break-even: 4.2 days

Slippage from BloFin: live order book, 5 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 BloFin live order book, 5 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.0 bp −$601	6.8 bp −$3,417
Sell Lighter RH live order book, 5 min ago	0.19 bp	0.2 bp $0	0.8 bp −$8	2.5 bp −$254	17.5 bp −$8,765

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	−0.0140%	1h	85,413	+0.022%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,397	+0.004%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,372.4	−0.025%	$920.6M	$760.5M	125x	as long as short
BloFin BTC-USDTlong	−0.0030%	8h	85,394	long leg	$422.0M	$676.4M	150x
01 Exchange BTCUSD	−0.0024%	1h	85,364.4	−0.035%	$381K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,388.1	−0.007%	$513.8M	$1.10B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,409.1	+0.018%	$16.8M	$21.2M	50x	as long as short
Perpl BTC	0.0000%	43m	85,404.3	+0.012%	$536K	$18.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,377	−0.020%	$36.5M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,449	+0.064%	$339K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0031%	1h	85,365.1	−0.034%	$24.3M	$223.3M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,401.2	+0.008%	$187.4M	$955.6M	100x	as long as short
BingX BTC-USDT	+0.0063%	8h	85,399.2	+0.006%	—	$1.55B	—	as long as short
Bullet BTC-USD	+0.0065%	1h	85,356	−0.044%	$204K	$3.3M	20x	as long as short
Phemex BTCUSDT	+0.0074%	8h	85,377.9	−0.019%	$149.2M	$499.6M	150x	as long as short
SoDEX BTC-USD	+0.0077%	1h	85,375	−0.022%	$59.8M	$335.9M	40x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,408.4	+0.017%	$2.95B	$5.14B	150x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,354.5	−0.046%	$2.3M	$6.5M	20x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,397.4	+0.004%	$5.07B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0090%	8h	85,397.4	+0.004%	$9.44B	$24.68B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,382.7	−0.013%	$171.8M	$1.01B	50x	as long as short
Lighter RH BTCshort	+0.0096%	1h	85,388.1	−0.007%	$23.8M	$147.2M	50x
Popdex BTCUSDT	+0.0096%	1h	85,359	−0.041%	$8.4M	$55.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,415	+0.025%	$117.3M	$5.29B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0098%	1h	85,417.6	+0.028%	$872.1M	$1.60B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,331	−0.074%	$239K	$8.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,412.4	+0.022%	$5.6M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,479	+0.100%	$3.78B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,399.2	+0.006%	$40.1M	$593.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,397.8	+0.004%	$5.18B	$9.89B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,403.7	+0.011%	$2.59B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,356	−0.044%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,367	−0.032%	$4.7M	$99.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,399.1	+0.006%	$5.54B	$10.77B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,359.6	−0.040%	$36.5M	$175.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,385.5	−0.010%	$154.2M	$565.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,384	−0.012%	$279.2M	$936.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,462	+0.080%	$214.7M	$168.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,445.3	+0.060%	$139.7M	$315.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,389	−0.006%	$30.1M	$206.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,433.7	+0.046%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,366	−0.033%	$11.1M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,358.9	−0.041%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,409.7	+0.018%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,344.3	−0.058%	$30.0M	$50.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,351.6	−0.050%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,354.5	−0.046%	$2.26B	$950.9M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,404.3	+0.012%	$678.7M	$662.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,366.1	−0.033%	$45.8M	$236.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,384	−0.012%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0108%	1h	85,352.9	−0.048%	$6.6M	$147.3M	40x	as long as short
Kalshi KXBTCPERP	+0.0167%	8h	85,397	+0.004%	$11.4M	$750.6M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,374.5	−0.023%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,402.7	+0.010%	$694K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0250%	1h	85,423.4	+0.034%	$79K	$225K	20x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,390.1	−0.005%	$8.8M	$43.1M	25x	as long as short