Funding you earn now, next payment 06:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.01 per $10,000 · paid last 24h +0.164%
Price spread now: Lighter RH against Bluefin−0.034%7-day average +0.036% · you buy dearer than you sell
Net, funding: paid 7d − costs+$14as in the Funding arb table
Net, price: spread back to 7d avg − costs−$24as in the Price arb table
costs, in and out, $10k−$170.166% of the position
Funding, last 7 days+0.309%+$31 on $10k
+Price spread, last 4 days (all we have)+0.084%+$8 · spread now −0.034%, 7d avg +0.036%
=Together, before fees+0.393%+ Points / potential airdropLighter RH: Points live · farm board+$39 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 RH is 0.070% cheaper against Bluefin than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.036%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bluefin BTC-PERP | 85,512.3 | 0.0100 | pay 0.0013% / 1h | 52m 08s | $207K | $738K | 40x |
| Short | Lighter RH BTC | 85,483.2 | 0.0096 | get 0.0012% / 1h | 52m 08s | $23.9M | $147.3M | 50x |
Bluefin BTC-PERP
Lighter RH BTCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter RH 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: −0.034% → +0.036%
- −$7.01
- Slippage, 4 orders
- −$9.6
- Fee Bluefin: 3.5 bp × 2 orders
- −$7
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Net
- −$24.45
- Costs to cover
- 0.166%
- Break-even
- never at this rate
Slippage from Bluefin: live order book, 62 min ago; Lighter RH: live order book, 2 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, 62 min ago | 1.83 bp | 6.7 bp −$7 | 12.1 bp −$121 | doesn't fit | doesn't fit |
| Sell Lighter RH live order book, 2 min ago | 0.28 bp | 0.3 bp $0 | 0.5 bp −$5 | 3.0 bp −$299 | 24.9 bp −$12.4K |
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 | −0.0111% | 1h | 85,404 | −0.127% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,450 | −0.073% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0054% | 8h | 85,452 | −0.071% | $921.5M | $760.5M | 125x | as long as short |
| 01 Exchange BTCUSD | −0.0032% | 1h | 85,446.7 | −0.077% | $381K | $2.3M | 50x | as long as short |
| BloFin BTC-USDT | −0.0030% | 8h | 85,429.1 | −0.097% | $421.0M | $676.8M | 150x | as long as short |
| Aster BTCUSDT | −0.0012% | 8h | 85,459.3 | −0.062% | $514.2M | $1.10B | 200x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,452.6 | −0.070% | $16.8M | $21.3M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,450.2 | −0.073% | $535K | $18.8M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,478.2 | −0.040% | $36.5M | — | 200x | as long as short |
| Nado BTC-PERP | +0.0016% | 1h | 85,441.9 | −0.082% | $24.7M | $223.6M | 50x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
01 Exchange BTCUSD
BloFin BTC-USDT
Aster BTCUSDT
dYdX BTC-USD
Perpl BTC
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 | −0.074% | $339K | $26.8M | 52x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0056% | 1h | 85,492.1 | −0.024% | $187.7M | $954.1M | 100x | as long as short |
| BingX BTC-USDC | +0.0063% | 8h | 85,450.3 | −0.073% | — | $17.3M | — | as long as short |
| Phemex BTCUSDT | +0.0070% | 8h | 85,472.9 | −0.046% | $149.7M | $500.2M | 150x | as long as short |
| Bullet BTC-USD | +0.0071% | 1h | 85,463 | −0.058% | $204K | $3.3M | 20x | as long as short |
| Bitget BTCUSDT | +0.0080% | 8h | 85,464.6 | −0.056% | $2.95B | $5.14B | 150x | as long as short |
| Aevo BTC-PERP | +0.0088% | 1h | 85,465.7 | −0.054% | $2.4M | $6.7M | 20x | as long as short |
| MEXC BTC_USDT | +0.0089% | 8h | 85,463 | −0.058% | $5.08B | $5.66B | 500x | as long as short |
| Binance BTCUSDT | +0.0090% | 8h | 85,469.7 | −0.050% | $9.45B | $24.69B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,481 | −0.037% | $171.9M | $1.01B | 50x | as long as short |
| Lighter RH BTCshort | +0.0096% | 1h | 85,483.2 | −0.034% | $23.9M | $147.3M | 50x | |
| Popdex BTCUSDT | +0.0096% | 1h | 85,446 | −0.078% | $8.4M | $55.3M | 100x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0096% | 1h | 85,507.6 | −0.005% | $117.4M | $5.30B | 50x | as long as short |
| SoDEX BTC-USD | +0.0097% | 1h | 85,466 | −0.054% | $59.9M | $335.9M | 40x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,415 | −0.114% | $239K | $8.5M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,493.5 | −0.022% | $5.6M | $9.4M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,526 | +0.016% | $3.78B | $5.03B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,473.5 | −0.045% | $40.1M | $593.1M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,467.1 | −0.053% | $5.18B | $9.89B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,471.3 | −0.048% | $2.59B | $12.14B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,417 | −0.111% | $3.8M | $17.6M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,451.7 | −0.071% | $4.7M | $99.3M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,470.1 | −0.049% | $5.53B | $10.78B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,451 | −0.072% | $36.6M | $175.2M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,385.5 | −0.148% | $154.2M | $565.3M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,359.3 | −0.179% | $279.1M | $937.0M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,462 | −0.059% | $214.7M | $168.9M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,445.3 | −0.078% | $139.7M | $315.9M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,389 | −0.144% | $30.1M | $206.3M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,504.8 | −0.009% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,448 | −0.075% | $11.1M | $14.4M | 50x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,456.8 | −0.065% | $2.5M | $8.8M | 100x | as long as short |
| Bluefin BTC-PERPlong | +0.0100% | 1h | 85,512.3 | long leg | $207K | $738K | 40x | |
| Derive BTC-PERP | +0.0100% | 1h | 85,449.7 | −0.073% | $30.0M | $50.3M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,418.9 | −0.109% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,464.2 | −0.056% | $2.26B | $951.5M | 200x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,429 | −0.097% | $679.8M | $655.7M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,451.1 | −0.072% | $45.8M | $236.1M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,457.9 | −0.064% | — | $106.8M | 500x | as long as short |
| Reya BTCRUSDPERP | +0.0108% | 1h | 85,446.2 | −0.077% | $6.6M | $147.3M | 40x | as long as short |
| Kalshi KXBTCPERP | +0.0168% | 8h | 85,476 | −0.042% | $11.4M | $750.4M | 6.4x | as long as short |
| Deribit BTC-PERPETUAL | +0.0168% | 1h | 85,514.9 | +0.003% | $872.2M | $1.60B | 50x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0151% | 1h | 85,473.5 | −0.045% | $13.0M | — | 200x | as long as short |
| Hibachi BTC/USDT-P | +0.0232% | 1h | 85,437.9 | −0.087% | $695K | $7.9M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0244% | 1h | 85,426.7 | −0.100% | $78K | $225K | 20x | as long as short |
| RISEx BTC/USDC | +0.0257% | 1h | 85,478 | −0.040% | $8.8M | $43.1M | 25x | as long as short |
Injective BTC/USDC PERP
Kraken Futures PF_XBTUSD
BingX BTC-USDC
Phemex BTCUSDT
Bullet BTC-USD
Bitget BTCUSDT
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Lighter BTC
Popdex BTCUSDT
Coinbase International BTC-PERP-INTX
SoDEX BTC-USD
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
Gate BTC_USDT
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
Orderly PERP_BTC_USDC
Derive BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Reya BTCRUSDPERP
Kalshi KXBTCPERP
Deribit BTC-PERPETUAL
GMX BTC/USD [WBTC.b-USDC]
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD
RISEx BTC/USDC