Funding you earn now, next payment 03:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.01 per $10,000 · paid last 24h +0.003%
Price spread now: Lighter against Bulk+0.123%7-day average +0.008% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs+$4as in the Price arb table
costs, in and out, $10k−$70.075% of the position
Funding, last 4 days (all we have)0.000%$0 on $10k
+Price spread, last 7 days−0.121%−$12 · spread now +0.123%, 7d avg +0.008%
=Together, before fees−0.121%+ Points / potential airdropLighter: Season 3 · farm board−$12 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 0.114% dearer against Bulk than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of +0.008%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bulk BTC-USD | 85,681.9 | 0.0100 | pay 0.0013% / 1h | 15m 32s | $628.9M | $439.0M | 40x |
| Short | Lighter BTC | 85,786.9 | 0.0096 | get 0.0012% / 1h | 15m 32s | $170.2M | $995.8M | 50x |
Bulk BTC-USD
Lighter BTCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against Bulk. 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: +0.123% → +0.008%
- $11.43
- Slippage, 4 orders
- −$0.5
- Fee Bulk: 3.5 bp × 2 orders
- −$7
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- $3.09
- Costs to cover
- 0.075%
- Break-even
- from the start
Slippage from Bulk: live order book, 4 min ago; Lighter: live order book, 9 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 Bulk live order book, 4 min ago | 0.01 bp | 3.5 bp −$4 | 3.5 bp −$35 | 3.6 bp −$359 | 4.8 bp −$2,386 |
| Sell Lighter live order book, 9 min ago | 0.23 bp | 0.2 bp $0 | 0.5 bp −$5 | 1.2 bp −$118 | 3.3 bp −$1,653 |
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 | |
|---|---|---|---|---|---|---|---|---|
| Bluefin BTC-PERP | −0.0785% | 1h | 85,850.8 | +0.197% | $197K | $722K | 40x | as long as short |
| Phoenix BTC | −0.0160% | 1h | 85,753 | +0.083% | $2.2M | $10.3M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,815 | +0.155% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0040% | 1h | 85,789.3 | +0.125% | $370K | $2.3M | 50x | as long as short |
| BloFin BTC-USDT | −0.0034% | 8h | 85,769.9 | +0.103% | $418.4M | $665.5M | 150x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,797.8 | +0.135% | $16.8M | $21.2M | 50x | as long as short |
| KuCoin XBTUSDTM | +0.0004% | 8h | 85,760.5 | +0.092% | $918.5M | $751.3M | 125x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,825.7 | +0.168% | $36.7M | — | 200x | as long as short |
| Nado BTC-PERP | +0.0010% | 1h | 85,787.6 | +0.123% | $22.7M | $219.6M | 50x | as long as short |
| Aster BTCUSDT | +0.0020% | 8h | 85,775.8 | +0.110% | $516.8M | $1.10B | 200x | as long as short |
Bluefin BTC-PERP
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
BloFin BTC-USDT
dYdX BTC-USD
KuCoin XBTUSDTM
gTrade (Gains Network) BTC/USD
Nado BTC-PERP
Aster BTCUSDTShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDT | +0.0056% | 8h | 85,785.7 | +0.121% | — | $1.53B | — | as long as short |
| Bitget BTCUSDT | +0.0071% | 8h | 85,790.9 | +0.127% | $2.96B | $5.01B | 150x | as long as short |
| Phemex BTCUSDT | +0.0072% | 8h | 85,801.5 | +0.140% | $148.8M | $479.8M | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0072% | 1h | 85,782.3 | +0.117% | $6.7M | $146.5M | 40x | as long as short |
| Injective BTC/USDC PERP | +0.0079% | 1h | 85,807 | +0.146% | $341K | $26.9M | 52x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,803.8 | +0.142% | $2.5M | $1.7M | 20x | as long as short |
| MEXC BTC_USDT | +0.0086% | 8h | 85,771.4 | +0.104% | $5.05B | $5.64B | 500x | as long as short |
| HTX BTC-USDT | +0.0087% | 8h | 85,805.5 | +0.144% | $2.27B | $935.8M | 200x | as long as short |
| Binance BTCUSDT | +0.0087% | 8h | 85,786.2 | +0.122% | $9.36B | $23.87B | 150x | as long as short |
| Lighter BTCshort | +0.0096% | 1h | 85,786.9 | +0.123% | $170.2M | $995.8M | 50x | |
| Lighter RH BTC | +0.0096% | 1h | 85,790.6 | +0.127% | $24.0M | $148.8M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,788 | +0.124% | $8.4M | $52.2M | 100x | as long as short |
| SoDEX BTC-USD | +0.0098% | 1h | 85,817 | +0.158% | $60.1M | $336.1M | 40x | as long as short |
| SunX BTC-USDT | +0.0098% | 8h | 85,769.7 | +0.103% | $2.9M | $6.1M | 100x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,815.4 | +0.156% | $3.8M | $8.2M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,758 | +0.089% | $198K | $7.8M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,871 | +0.221% | $3.75B | $4.98B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,808.4 | +0.148% | $40.2M | $577.3M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,798.1 | +0.136% | $5.34B | $9.57B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,806.3 | +0.145% | $2.58B | $12.11B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,770 | +0.103% | $3.9M | $17.9M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,755.2 | +0.086% | $6.8M | $97.5M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,788.9 | +0.125% | $5.56B | $10.55B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,794.9 | +0.132% | $35.2M | $172.7M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,806.6 | +0.146% | $157.6M | $550.1M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,742.6 | +0.071% | $280.1M | $921.7M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,770.9 | +0.104% | $215.4M | $166.0M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,773.2 | +0.107% | $140.4M | $314.6M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,781 | +0.116% | $30.3M | $209.3M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,839.2 | +0.184% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,787 | +0.123% | $11.0M | $14.1M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,814 | +0.154% | $191K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,803.1 | +0.141% | $2.4M | $8.8M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,810.6 | +0.150% | $30.1M | $50.9M | 15x | as long as short |
| Bulk BTC-USDlong | +0.0100% | 1h | 85,681.9 | long leg | $628.9M | $439.0M | 40x | |
| Extended BTC-USD | +0.0104% | 1h | 85,762 | +0.094% | $44.2M | $226.7M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,787.3 | +0.123% | — | $105.9M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,858.6 | +0.206% | $129.4M | $5.10B | 50x | as long as short |
| RISEx BTC/USDC | +0.0120% | 1h | 85,811.9 | +0.152% | $8.4M | $42.2M | 25x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0138% | 1h | 85,841.2 | +0.186% | $189.0M | $951.7M | 100x | as long as short |
| Deribit BTC-PERPETUAL | +0.0169% | 1h | 85,858.8 | +0.207% | $891.5M | $1.53B | 50x | as long as short |
| Aftermath Perps BTCUSD | +0.0199% | 1h | 85,776.7 | +0.111% | $78K | $219K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0200% | 1h | 85,832.7 | +0.176% | $703K | $7.8M | 30x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0202% / S −0.0178% | 1h | 85,820.5 | +0.162% | $13.6M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0218% | 8h | 85,821 | +0.162% | $10.6M | $758.0M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,825 | +0.167% | $509K | $19.3M | 6.7x | as long as short |
BingX BTC-USDT
Bitget BTCUSDT
Phemex BTCUSDT
Reya BTCRUSDPERP
Injective BTC/USDC PERP
Aevo BTC-PERP
MEXC BTC_USDT
HTX BTC-USDT
Binance BTCUSDT
Lighter RH BTC
Popdex BTCUSDT
SoDEX BTC-USD
SunX BTC-USDT
Paradex BTC-USD-PERP
Katana Perps BTC-USD
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
Bullet BTC-USD
Orderly PERP_BTC_USDC
Derive BTC-PERP
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
RISEx BTC/USDC
Kraken Futures PF_XBTUSD
Deribit BTC-PERPETUAL
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Perpl BTC