Funding you earn now, next payment 04:00 UTC−0.0054%/8h= −5.9% APRnext payment −$0.07 per $10,000 · paid last 24h +0.028%
Price spread now: Lighter against Injective+0.056%7-day average −0.003% · you sell dearer than you buy
Net, funding: paid 7d − costs−$5as in the Funding arb table
Net, price: spread back to 7d avg − costs−$2as in the Price arb table
costs, in and out, $10k−$80.077% of the position
Funding, last 7 days+0.030%+$3 on $10k
+Price spread, last 4 days (all we have)+0.052%+$5 · spread now +0.056%, 7d avg −0.003%
=Together, before fees+0.082%+ Points / potential airdropLighter: Season 3 · farm board+$8 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Lighter is 0.060% dearer against Injective than usual: you sell high and buy low (spread +0.056% now, against its 7-day average of −0.003%): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.7 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Injective BTC/USDC PERP | 85,475 | 0.0150 | pay 0.0019% / 1h | 27m 12s | $339K | $26.9M | 52x |
| Short | Lighter BTC | 85,523.2 | 0.0096 | get 0.0012% / 1h | 27m 12s | $172.6M | $1.01B | 50x |
Injective BTC/USDC PERP
Lighter BTCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against Injective. 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
- −$11.31
- Price spread: +0.056% → −0.003%
- $5.98
- Slippage, 4 orders
- −$7.71
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- −$13.06
- Costs to cover
- 0.077%
- Break-even
- never at this rate
Slippage from Injective: live order book, 2 min ago; Lighter: live order book, 7 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 Injective live order book, 2 min ago | 3.04 bp | 3.1 bp −$3 | 13.6 bp −$136 | doesn't fit | doesn't fit |
| Sell Lighter live order book, 7 min ago | 0.15 bp | 0.4 bp $0 | 0.6 bp −$6 | 1.5 bp −$153 | 4.4 bp −$2,211 |
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 | −0.0179% | 1h | 85,566 | +0.106% | $2.1M | $10.3M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,441 | −0.040% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0056% | 1h | 85,457.9 | −0.020% | $365K | $2.3M | 50x | as long as short |
| BloFin BTC-USDT | −0.0024% | 8h | 85,470.1 | −0.006% | $416.2M | $667.2M | 150x | as long as short |
| KuCoin XBTUSDTM | −0.0016% | 8h | 85,445.8 | −0.034% | $920.9M | $750.6M | 125x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 85,439.9 | −0.041% | $36.5M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0013% | 8h | 85,484.1 | +0.011% | $515.3M | $1.10B | 200x | as long as short |
| dYdX BTC-USD | +0.0017% | 1h | 85,500.6 | +0.030% | $16.7M | $21.3M | 50x | as long as short |
| Arcus BTC-USD | +0.0021% | 1h | 85,437.1 | −0.044% | $4.9M | $97.9M | 40x | as long as short |
| Nado BTC-PERP | +0.0029% | 1h | 85,441.9 | −0.039% | $25.1M | $222.1M | 50x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
BloFin BTC-USDT
KuCoin XBTUSDTM
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
dYdX BTC-USD
Arcus BTC-USD
Nado BTC-PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDT | +0.0062% | 8h | 85,436.5 | −0.045% | — | $1.55B | — | as long as short |
| Phemex BTCUSDT | +0.0074% | 8h | 85,484.5 | +0.011% | $147.4M | $487.1M | 150x | as long as short |
| Bitget BTCUSDT | +0.0077% | 8h | 85,481.5 | +0.008% | $2.94B | $5.07B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0082% | 1h | 85,433.9 | −0.048% | $6.7M | $146.7M | 40x | as long as short |
| Binance BTCUSDT | +0.0096% | 8h | 85,514.9 | +0.047% | $9.36B | $24.12B | 150x | as long as short |
| Lighter BTCshort | +0.0096% | 1h | 85,523.2 | +0.056% | $172.6M | $1.01B | 50x | |
| Lighter RH BTC | +0.0096% | 1h | 85,524.7 | +0.058% | $23.9M | $149.1M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,463 | −0.014% | $8.4M | $52.9M | 100x | as long as short |
| MEXC BTC_USDT | +0.0096% | 8h | 85,451.1 | −0.028% | $5.06B | $5.63B | 500x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,481 | +0.007% | $2.4M | $1.7M | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,435 | −0.047% | $209K | $8.1M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,561.8 | +0.102% | $4.7M | $8.9M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,514 | +0.046% | $3.74B | $4.99B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,509.5 | +0.040% | $40.7M | $580.0M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,447.7 | −0.032% | $5.21B | $9.81B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,475.3 | 0.000% | $2.58B | $12.14B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,465 | −0.012% | $3.9M | $18.2M | 25x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,445.1 | −0.035% | $5.50B | $10.70B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,405.8 | −0.081% | $35.6M | $176.3M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,543.7 | +0.080% | $153.8M | $564.0M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,549.1 | +0.087% | $279.5M | $920.8M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,566.3 | +0.107% | $214.8M | $169.8M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,559.3 | +0.099% | $139.9M | $314.8M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,563 | +0.103% | $30.2M | $208.1M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,519.2 | +0.052% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,449 | −0.030% | $11.0M | $14.3M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,442 | −0.039% | $189K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,471.8 | −0.004% | $2.4M | $8.8M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,498.3 | +0.027% | $207K | $738K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,466.4 | −0.010% | $29.9M | $50.9M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,424.1 | −0.060% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,486 | +0.013% | $59.9M | $336.2M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,495.2 | +0.024% | $2.26B | $942.4M | 200x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,369.3 | −0.124% | $653.8M | $618.7M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,458.7 | −0.019% | $44.7M | $230.6M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,473.4 | −0.002% | — | $107.4M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,527.9 | +0.062% | $117.0M | $5.18B | 50x | as long as short |
| Injective BTC/USDC PERPlong | +0.0150% | 1h | 85,475 | long leg | $339K | $26.9M | 52x | |
| Deribit BTC-PERPETUAL | +0.0160% | 1h | 85,527.3 | +0.061% | $884.2M | $1.56B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0170% | 1h | 85,515.5 | +0.047% | $187.6M | $955.3M | 100x | as long as short |
| RISEx BTC/USDC | +0.0194% | 1h | 85,479.8 | +0.006% | $8.2M | $42.5M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0202% / S −0.0177% | 1h | 85,442 | −0.039% | $13.4M | — | 200x | as long as short |
| Aftermath Perps BTCUSD | +0.0204% | 1h | 85,506.3 | +0.037% | $78K | $219K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0208% | 1h | 85,524.8 | +0.058% | $700K | $7.9M | 30x | as long as short |
| Kalshi KXBTCPERP | +0.0218% | 8h | 85,490 | +0.018% | $10.4M | $757.0M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,452.8 | −0.026% | $502K | $18.8M | 6.7x | as long as short |
BingX BTC-USDT
Phemex BTCUSDT
Bitget BTCUSDT
Reya BTCRUSDPERP
Binance BTCUSDT
Lighter RH BTC
Popdex BTCUSDT
MEXC BTC_USDT
Aevo BTC-PERP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
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
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Deribit BTC-PERPETUAL
Kraken Futures PF_XBTUSD
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
Kalshi KXBTCPERP
Perpl BTC