Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h 0.000%

Price spread now: Lighter RH against Bybit+0.013%7-day average +0.009% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$130.127% of the position

Long on Bybit Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.049%+$5 on $10k

Price spread, last 7 days−0.019%−$2 · spread now +0.013%, 7d avg +0.009%

Together, before fees+0.029%+ Points / potential airdropLighter RH: Points live · farm board+$3 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BTCUSDT	85,807.2	0.0100	pay 0.0100% / 8h	6h 26m	$5.31B	$9.74B	150x
Short	Lighter RH BTC	85,818.2	0.0096	get 0.0012% / 1h	26m 12s	$23.6M	$147.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Bybit. 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 BybitbpFee Lighter RHbpOrdersPrice spread, now +0.013%Rate

Funding earned: −$0.84
Price spread: +0.013% → +0.009%: $0.36
Slippage, 4 orders: −$1.65
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$13.13
Costs to cover: 0.127%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Lighter RH: live order book, 3 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 Bybit live order book, 3 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	5.9 bp −$595	7.1 bp −$3,565
Sell Lighter RH live order book, 3 min ago	0.68 bp	1.0 bp −$1	1.3 bp −$13	3.4 bp −$342	24.7 bp −$12.3K

BTC on 55 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	−0.0144%	1h	85,735	−0.084%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,748	−0.069%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,771.6	−0.042%	$365K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,796.7	−0.012%	$514K	$20.7M	6.7x	as long as short
dYdX BTC-USD	+0.0003%	1h	85,751.5	−0.065%	$16.8M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,810.3	+0.004%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	−0.135%	$340K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0033%	8h	85,784.7	−0.026%	$902.8M	$754.9M	125x	as long as short
Aster BTCUSDT	+0.0035%	8h	85,796.6	−0.012%	$516.9M	$1.14B	200x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,798.5	−0.010%	$8.2M	$42.1M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0055%	8h	85,790.5	−0.019%	—	$16.2M	—	as long as short
Reya BTCRUSDPERP	+0.0057%	1h	85,793	−0.017%	$6.7M	$146.3M	40x	as long as short
Nado BTC-PERP	+0.0058%	1h	85,740	−0.078%	$22.6M	$227.8M	50x	as long as short
HTX BTC-USDT	+0.0068%	8h	85,788.7	−0.022%	$2.27B	$947.6M	200x	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,803.9	−0.004%	$2.95B	$5.09B	150x	as long as short
ApeX Omni BTCUSDT	+0.0070%	1h	85,752.5	−0.064%	$140.2M	$319.5M	100x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,796	−0.013%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0090%	8h	85,799.7	−0.009%	$5.07B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,803.9	−0.004%	$9.34B	$24.32B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,811.4	+0.005%	$170.5M	$989.3M	50x	as long as short
Lighter RH BTCshort	+0.0096%	1h	85,818.2	+0.013%	$23.6M	$147.0M	50x
Popdex BTCUSDT	+0.0096%	1h	85,785	−0.026%	$8.4M	$51.9M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,752	−0.064%	$203K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,744.2	−0.073%	$3.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,842	+0.041%	$3.76B	$5.01B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,780.3	−0.031%	$40.3M	$571.4M	50x	as long as short
Bybit BTCUSDTlong	+0.0100%	8h	85,807.2	long leg	$5.31B	$9.74B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,817.2	+0.012%	$2.54B	$12.38B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,764	−0.050%	$4.0M	$18.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,750.4	−0.066%	$7.3M	$98.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,744.8	−0.073%	$590.5M	$195.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,809.5	+0.003%	$5.62B	$10.53B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,799.5	−0.009%	$35.4M	$164.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,799.4	−0.009%	$156.6M	$556.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,721	−0.100%	$278.7M	$938.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,711.6	−0.111%	$215.2M	$165.9M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,743.8	−0.074%	$30.3M	$208.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,827.6	+0.024%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,784	−0.027%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,798.9	−0.010%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,803.4	−0.004%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,843.9	+0.043%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,805.4	−0.002%	$30.0M	$56.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,759.6	−0.055%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,805	−0.003%	$60.1M	$337.4M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,800	−0.008%	$154.0M	$480.2M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,783.1	−0.028%	$44.0M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,774.7	−0.038%	—	$101.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,845	+0.044%	$131.1M	$5.16B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,775.8	−0.037%	$696K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,830.9	+0.028%	$189.0M	$963.2M	100x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	85,721.4	−0.100%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0192%	1h	85,808	+0.001%	$13.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0209%	1h	85,852	+0.052%	$894.5M	$1.53B	50x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	85,792	−0.018%	$10.2M	$770.2M	6.4x	as long as short