Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.020%

Price spread now: Lighter against edgeX+0.012%79s7-day average +0.049% · you sell dearer than you buy

Net, funding: paid 7d − costs+$12as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$100.099% of the position

Long on edgeX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.215%+$22 on $10k

Price spread, last 7 days+0.008%+$1 · spread now +0.012%, 7d avg +0.049%

Together, before fees+0.223%+ Points / potential airdropedgeX: Active · Lighter: Season 3 · farm board+$22 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 0.037% cheaper against edgeX than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.049%. The two prices were read 79 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX BTCUSDC	86,429.4	0.0100	pay 0.0050% / 4h	3h 40m	$279.2M	$949.5M	100x
Short	Lighter BTC	86,439.5	0.0096	get 0.0012% / 1h	40m 14s	$170.3M	$984.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against edgeX. 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 edgeXbpFee LighterbpOrdersPrice spread, now +0.012%Rate

Funding earned: −$0.84
Price spread: +0.012% → +0.049%: −$3.72
Slippage, 4 orders: −$0.88
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$14.43
Costs to cover: 0.099%
Break-even: never at this rate

Slippage from edgeX: live order book, 4 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 edgeX live order book, 4 min ago	0.21 bp	4.7 bp −$5	4.7 bp −$47	5.0 bp −$501	6.3 bp −$3,164
Sell Lighter live order book, 4 min ago	0.01 bp	0.3 bp $0	0.9 bp −$9	1.9 bp −$193	4.4 bp −$2,224

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	−0.0129%	1h	86,448	+0.022%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,373	−0.065%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,410.4	−0.022%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,409.8	−0.023%	$479K	$21.9M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,435.4	+0.007%	$36.9M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0019%	1h	86,454.2	+0.029%	$903.6M	$1.51B	50x	as long as short
dYdX BTC-USD	+0.0019%	1h	86,402.9	−0.031%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0020%	8h	86,419.1	−0.012%	$501.2M	$1.14B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,616	+0.216%	$333K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0036%	8h	86,423.9	−0.006%	$831.3M	$723.5M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BTCUSDT	+0.0037%	8h	86,415.4	−0.016%	$153.8M	$475.3M	150x	as long as short
Reya BTCRUSDPERP	+0.0043%	1h	86,412.8	−0.019%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDC	+0.0049%	8h	86,420.9	−0.010%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,415.1	−0.017%	$8.3M	$42.6M	25x	as long as short
Bitget BTCUSDT	+0.0062%	8h	86,427.9	−0.002%	$2.97B	$5.05B	150x	as long as short
MEXC BTC_USDT	+0.0078%	8h	86,426.5	−0.003%	$5.13B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0079%	8h	86,426.5	−0.003%	$9.41B	$24.39B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,400.6	−0.033%	$2.5M	$1.7M	20x	as long as short
Lighter BTCshort	+0.0096%	1h	86,439.5	+0.012%	$170.3M	$984.2M	50x
Lighter RH BTC	+0.0096%	1h	86,437.7	+0.010%	$23.7M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,404	−0.029%	$8.4M	$52.1M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,379	−0.058%	$202K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,435.4	+0.007%	$4.6M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,360.1	−0.080%	$21.9M	$230.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,500	+0.082%	$3.80B	$5.05B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,407.3	−0.026%	$40.7M	$546.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,431.6	+0.003%	$5.26B	$9.70B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,439.9	+0.012%	$2.57B	$12.55B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,374	−0.064%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,436.5	+0.008%	$7.2M	$95.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,429.9	+0.001%	$5.82B	$10.52B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,427.6	−0.002%	$37.5M	$156.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,351.7	−0.090%	$158.4M	$564.0M	—	as long as short
edgeX BTCUSDClong	+0.0100%	4h	86,429.4	long leg	$279.2M	$949.5M	100x
GRVT BTC_USDT_Perp	+0.0100%	8h	86,468.6	+0.045%	$217.0M	$165.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,422.4	−0.008%	$141.5M	$322.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,404	−0.029%	$30.7M	$208.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,441.1	+0.014%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,412	−0.020%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,420	−0.011%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,422.7	−0.008%	$2.5M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,456.2	+0.031%	$144K	$667K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,447.6	+0.021%	$30.5M	$62.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,350	−0.092%	$3.4M	$5.2M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,421	−0.010%	$60.4M	$338.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,400	−0.034%	$2.29B	$963.6M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,336.3	−0.108%	$571.6M	$13.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,408.6	−0.024%	$45.9M	$222.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,419.7	−0.011%	—	$99.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,461.9	+0.038%	$132.2M	$5.47B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,455.8	+0.031%	$192.3M	$943.7M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,468	+0.045%	$712K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	86,429.2	0.000%	$78K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0199%	8h	86,354.6	−0.087%	$414.4M	$649.7M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0217%	1h	86,426.2	−0.004%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	86,409	−0.024%	$10.1M	$762.2M	6.4x	as long as short