Funding you earn now, next payment 09:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.01 per $10,000 · paid last 24h +0.130%
Price spread now: Lighter against Bluefin+0.052%7-day average +0.030% · you sell dearer than you buy
Net, funding: paid 7d − costs+$25as in the Funding arb table
Net, price: spread back to 7d avg − costs−$11as in the Price arb table
costs, in and out, $10k−$130.132% of the position
Funding, last 7 days+0.385%+$39 on $10k
+Price spread, last 4 days (all we have)−0.020%−$2 · spread now +0.052%, 7d avg +0.030%
=Together, before fees+0.365%+ Points / potential airdropLighter: Season 3 · farm board+$37 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.023% dearer against Bluefin than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.030%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bluefin BTC-PERP | 85,422.8 | 0.0100 | pay 0.0013% / 1h | 54m 44s | $194K | $796K | 40x |
| Short | Lighter BTC | 85,467.6 | 0.0096 | get 0.0012% / 1h | 54m 44s | $170.6M | $939.5M | 50x |
Bluefin BTC-PERP
Lighter BTCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against Bluefin. 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: +0.052% → +0.030%
- $2.27
- Slippage, 4 orders
- −$6.2
- Fee Bluefin: 3.5 bp × 2 orders
- −$7
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- −$11.78
- Costs to cover
- 0.132%
- Break-even
- never at this rate
Slippage from Bluefin: live order book, 44 min ago; Lighter: 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 Bluefin live order book, 44 min ago | 1.14 bp | 6.5 bp −$6 | 11.1 bp −$111 | doesn't fit | doesn't fit |
| Sell Lighter live order book, 4 min ago | 0.01 bp | 0.2 bp $0 | 0.3 bp −$3 | 1.5 bp −$151 | 4.6 bp −$2,279 |
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 | |
|---|---|---|---|---|---|---|---|---|
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,396 | −0.031% | $8K | $2K | 50x | as long as short |
| Phoenix BTC | −0.0034% | 1h | 85,441 | +0.021% | $2.3M | $10.4M | 40x | as long as short |
| BloFin BTC-USDT | −0.0020% | 8h | 85,391.5 | −0.037% | $425.1M | $685.3M | 150x | as long as short |
| Injective BTC/USDC PERP | −0.0006% | 1h | 85,417 | −0.007% | $307K | $23.1M | 52x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,356.1 | −0.078% | $344K | $2.3M | 50x | as long as short |
| KuCoin XBTUSDTM | +0.0003% | 8h | 85,466.4 | +0.051% | $930.7M | $776.7M | 125x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,400.7 | −0.026% | $36.5M | — | 200x | as long as short |
| dYdX BTC-USD | +0.0019% | 1h | 85,464.7 | +0.049% | $16.7M | $21.0M | 50x | as long as short |
| Aster BTCUSDT | +0.0023% | 8h | 85,446.3 | +0.028% | $502.4M | $1.09B | 200x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0068% | 1h | 85,414.5 | −0.010% | $186.4M | $953.6M | 100x | as long as short |
Hotstuff BTC-PERP
Phoenix BTC
BloFin BTC-USDT
Injective BTC/USDC PERP
01 Exchange BTCUSD
KuCoin XBTUSDTM
gTrade (Gains Network) BTC/USD
dYdX BTC-USD
Aster BTCUSDT
Kraken Futures PF_XBTUSDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDT | +0.0080% | 8h | 85,467.7 | +0.053% | — | $1.59B | — | as long as short |
| Deribit BTC-PERPETUAL | +0.0085% | 1h | 85,428.8 | +0.007% | $829.6M | $1.67B | 50x | as long as short |
| Lighter BTCshort | +0.0096% | 1h | 85,467.6 | +0.052% | $170.6M | $939.5M | 50x | |
| Lighter RH BTC | +0.0096% | 1h | 85,465.9 | +0.050% | $23.6M | $133.5M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,360 | −0.074% | $8.7M | $58.4M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,379.4 | −0.051% | $2.4M | $6.7M | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,319 | −0.122% | $264K | $8.7M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,368.1 | −0.064% | $5.7M | $9.6M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 85,311.9 | −0.130% | $24.0M | $220.0M | 50x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,475.4 | +0.062% | $40.2M | $604.6M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,458.8 | +0.042% | $9.41B | $25.18B | 150x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,451.5 | +0.034% | $5.08B | $10.03B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,448.5 | +0.030% | $2.61B | $12.25B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,344 | −0.092% | $3.8M | $17.3M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,360.8 | −0.073% | $4.6M | $97.6M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,382 | −0.048% | $697.9M | $180.4M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,467.3 | +0.052% | $5.46B | $9.83B | 200x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,449.6 | +0.031% | $5.02B | $5.71B | 500x | as long as short |
| Bitget BTCUSDT | +0.0100% | 8h | 85,454 | +0.037% | $2.98B | $5.18B | 150x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,413 | −0.011% | $37.5M | $193.3M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,356 | −0.078% | $155.8M | $547.8M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,397.3 | −0.030% | $283.2M | $959.0M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,349.1 | −0.086% | $214.2M | $159.0M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,343.3 | −0.093% | $138.1M | $312.7M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,397 | −0.030% | $30.1M | $216.9M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,449.2 | +0.031% | — | $9.5M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,247 | −0.206% | $10.9M | $14.9M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,399.3 | −0.028% | $199K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,381.4 | −0.048% | $2.7M | $9.9M | 100x | as long as short |
| Bluefin BTC-PERPlong | +0.0100% | 1h | 85,422.8 | long leg | $194K | $796K | 40x | |
| SunX BTC-USDT | +0.0100% | 8h | 85,310.2 | −0.132% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,392 | −0.036% | $59.8M | $336.7M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,390 | −0.038% | $2.26B | $976.2M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,415.7 | −0.008% | $159.9M | $517.2M | 150x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,439.9 | +0.020% | $45.7M | $241.9M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,371.8 | −0.060% | — | $106.7M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,455.1 | +0.038% | $111.4M | $5.47B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0146% | 1h | 85,370.7 | −0.061% | $6.6M | $140.5M | 40x | as long as short |
| Derive BTC-PERP | +0.0170% | 1h | 85,488.3 | +0.077% | $28.8M | $49.6M | 15x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0174% / S −0.0149% | 1h | 85,398.5 | −0.028% | $13.0M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0179% | 8h | 85,407 | −0.018% | $11.0M | $740.3M | 6.4x | as long as short |
| RISEx BTC/USDC | +0.0194% | 1h | 85,371.3 | −0.060% | $8.9M | $42.9M | 25x | as long as short |
| Hyperliquid BTC | +0.0281% | 1h | 85,555 | +0.155% | $3.84B | $5.11B | 40x | as long as short |
| Aftermath Perps BTCUSD | +0.0293% | 1h | 85,383 | −0.047% | $81K | $247K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0320% | 1h | 85,450.2 | +0.032% | $687K | $7.7M | 30x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,376 | −0.055% | $470K | $18.4M | 6.7x | as long as short |
BingX BTC-USDT
Deribit BTC-PERPETUAL
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Nado BTC-PERP
Pacifica BTC
Binance BTCUSDT
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate BTC_USDT
MEXC BTC_USDT
Bitget BTCUSDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Phemex BTCUSDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Reya BTCRUSDPERP
Derive BTC-PERP
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
RISEx BTC/USDC
Hyperliquid BTC
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
Perpl BTC