Funding you earn now, next payment 00:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.01 per $10,000 · paid last 24h −0.008%
Price spread now: Lighter against Derive−0.032%7-day average +0.017% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.067%+$7 on $10k
+Price spread, last 3 days (all we have)+0.081%+$8 · spread now −0.032%, 7d avg +0.017%
=Together, before fees+0.148%+ Points / potential airdropLighter: Season 3 · farm board+$15 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 0.049% cheaper against Derive than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.017%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Derive BTC-PERP | 86,466.5 | 0.0100 | pay 0.0013% / 1h | 28m 04s | $30.5M | $62.6M | 15x |
| Short | Lighter BTC | 86,439.1 | 0.0096 | get 0.0012% / 1h | 28m 04s | $170.2M | $1.01B | 50x |
Derive BTC-PERP
Lighter BTCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against Derive. 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: −0.032% → +0.017%
- −$4.88
- Slippage, 4 orders
- no order book: not counted
- Fee Derive: 3 bp × 2 orders
- −$6
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- −$11.72
- Costs to cover
- 0.060%
- Break-even
- never at this rate
Slippage unknown: Derive: no order-book sample; Lighter: live order book, 6 min ago. Net counts fees only.
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 Derive no order-book sample | — | — | — | — | — |
| Sell Lighter live order book, 6 min ago | 0.01 bp | 0.6 bp −$1 | 0.6 bp −$6 | 1.2 bp −$120 | 3.5 bp −$1,765 |
Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | −0.0118% | 1h | 86,477 | +0.012% | $2.2M | $11.8M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,446 | −0.024% | $9K | $3K | 50x | as long as short |
| Injective BTC/USDC PERP | −0.0035% | 1h | 86,568 | +0.117% | $333K | $26.8M | 52x | as long as short |
| RISEx BTC/USDC | −0.0024% | 1h | 86,453.7 | −0.015% | $8.3M | $42.8M | 25x | as long as short |
| 01 Exchange BTCUSD | −0.0016% | 1h | 86,461.3 | −0.006% | $359K | $2.5M | 50x | as long as short |
| Aster BTCUSDT | −0.0001% | 8h | 86,427 | −0.046% | $501.5M | $1.15B | 200x | as long as short |
| Perpl BTC | 0.0000% | 43m | 86,473.6 | +0.008% | $416K | $23.1M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 86,456.7 | −0.011% | $36.8M | — | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0017% | 8h | 86,441.6 | −0.029% | $850.0M | $715.6M | 125x | as long as short |
| Reya BTCRUSDPERP | +0.0031% | 1h | 86,431.6 | −0.040% | $6.7M | $145.5M | 40x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
Injective BTC/USDC PERP
RISEx BTC/USDC
01 Exchange BTCUSD
Aster BTCUSDT
Perpl BTC
gTrade (Gains Network) BTC/USD
KuCoin XBTUSDTM
Reya BTCRUSDPERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Deribit BTC-PERPETUAL | +0.0033% | 1h | 86,473.5 | +0.008% | $914.6M | $1.48B | 50x | as long as short |
| BingX BTC-USDT | +0.0042% | 8h | 86,433.6 | −0.038% | — | $1.59B | — | as long as short |
| Phemex BTCUSDT | +0.0052% | 8h | 86,440.4 | −0.030% | $150.8M | $478.5M | 150x | as long as short |
| Bitget BTCUSDT | +0.0052% | 8h | 86,423.5 | −0.050% | $2.96B | $5.13B | 150x | as long as short |
| dYdX BTC-USD | +0.0067% | 1h | 86,493.3 | +0.031% | $16.9M | $21.2M | 50x | as long as short |
| MEXC BTC_USDT | +0.0069% | 8h | 86,430.1 | −0.042% | $5.16B | $5.66B | 500x | as long as short |
| Binance BTCUSDT | +0.0069% | 8h | 86,430.1 | −0.042% | $9.42B | $24.57B | 150x | as long as short |
| Aevo BTC-PERP | +0.0072% | 1h | 86,425.9 | −0.047% | $2.4M | $1.3M | 20x | as long as short |
| Gate BTC_USDT | +0.0083% | 8h | 86,432.2 | −0.040% | $5.86B | $10.77B | 200x | as long as short |
| SoDEX BTC-USD | +0.0084% | 1h | 86,431 | −0.041% | $60.4M | $337.9M | 40x | as long as short |
| Lighter BTCshort | +0.0096% | 1h | 86,439.1 | −0.032% | $170.2M | $1.01B | 50x | |
| Lighter RH BTC | +0.0096% | 1h | 86,444.9 | −0.025% | $24.0M | $152.2M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 86,438 | −0.033% | $8.5M | $52.4M | 100x | as long as short |
| Bybit BTCUSDT | +0.0098% | 8h | 86,429 | −0.043% | $5.26B | $9.81B | 150x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,426 | −0.047% | $199K | $7.1M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,478.5 | +0.014% | $4.8M | $8.5M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 86,445.9 | −0.024% | $21.9M | $234.7M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 86,508 | +0.048% | $3.79B | $5.11B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 86,477.7 | +0.013% | $41.1M | $529.8M | 50x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 86,439 | −0.032% | $2.55B | $12.73B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,450 | −0.019% | $3.9M | $18.7M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,485.3 | +0.022% | $7.5M | $95.3M | 40x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 86,429.7 | −0.043% | $38.2M | $155.7M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 86,474.8 | +0.010% | $157.5M | $568.1M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,477.1 | +0.012% | $279.3M | $947.6M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 86,485.6 | +0.022% | $217.2M | $171.6M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 86,488.9 | +0.026% | $141.4M | $323.2M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,471 | +0.005% | $30.7M | $205.4M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,489.7 | +0.027% | — | $11.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,437 | −0.034% | $11.1M | $13.8M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 86,434.6 | −0.037% | $192K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 86,432.5 | −0.039% | $2.4M | $9.0M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 86,463.9 | −0.003% | $140K | $663K | 40x | as long as short |
| Derive BTC-PERPlong | +0.0100% | 1h | 86,466.5 | long leg | $30.5M | $62.6M | 15x | |
| SunX BTC-USDT | +0.0100% | 8h | 86,429.8 | −0.042% | $3.4M | $5.4M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 86,430.1 | −0.042% | $2.29B | $969.5M | 200x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,464.9 | −0.002% | $572.1M | $16.9M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,415.3 | −0.059% | $45.5M | $227.4M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,474.6 | +0.009% | — | $98.9M | 500x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0110% | 1h | 86,461.5 | −0.006% | $193.9M | $952.2M | 100x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 86,478 | +0.013% | $132.3M | $5.65B | 50x | as long as short |
| Aftermath Perps BTCUSD | +0.0145% | 1h | 86,510.4 | +0.051% | $79K | $218K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0184% | 1h | 86,493.4 | +0.031% | $728K | $8.1M | 30x | as long as short |
| BloFin BTC-USDT | +0.0190% | 8h | 86,461 | −0.006% | $415.5M | $658.7M | 150x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0195% / S −0.0218% | 1h | 86,450.2 | −0.019% | $15.0M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0207% | 8h | 86,470 | +0.004% | $9.7M | $746.6M | 6.4x | as long as short |
Deribit BTC-PERPETUAL
BingX BTC-USDT
Phemex BTCUSDT
Bitget BTCUSDT
dYdX BTC-USD
MEXC BTC_USDT
Binance BTCUSDT
Aevo BTC-PERP
Gate BTC_USDT
SoDEX BTC-USD
Lighter RH BTC
Popdex BTCUSDT
Bybit BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Nado BTC-PERP
Hyperliquid BTC
Pacifica BTC
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
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
Bluefin BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Kraken Futures PF_XBTUSD
Coinbase International BTC-PERP-INTX
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
BloFin BTC-USDT
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP