Funding you earn now, next payment 06:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%
Price spread now: Lighter against Katana Perps+0.061%7-day average +0.044% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 4 days (all we have)+0.001%$0 on $10k
+Price spread, last 7 days−0.050%−$5 · spread now +0.061%, 7d avg +0.044%
=Together, before fees−0.049%+ Points / potential airdropLighter: Season 3 · farm board−$5 on $10k · with fees, hour by hour
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Katana Perps BTC-USD | 85,331 | 0.0100 | pay 0.0100% / 8h | 2h 54m | $239K | $8.5M | 50x |
| Short | Lighter BTC | 85,382.7 | 0.0096 | get 0.0012% / 1h | 54m 17s | $171.8M | $1.01B | 50x |
Katana Perps BTC-USD
Lighter BTCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against Katana Perps. 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
- −$0.8
- Price spread: +0.061% → +0.044%
- $1.68
- Slippage, 4 orders
- no order book: not counted
- Fee Katana Perps: 1.9 bp × 2 orders
- −$3.8
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- −$2.92
- Costs to cover
- 0.038%
- Break-even
- never at this rate
Slippage unknown: Katana Perps: no order-book sample; Lighter: live order book, 5 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 Katana Perps no order-book sample | — | — | — | — | — |
| Sell Lighter live order book, 5 min ago | 0.20 bp | 0.3 bp $0 | 0.5 bp −$5 | 1.7 bp −$165 | 4.2 bp −$2,108 |
Katana Perps: 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 | −0.0140% | 1h | 85,413 | +0.096% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,397 | +0.077% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0054% | 8h | 85,355.7 | +0.029% | $920.5M | $760.5M | 125x | as long as short |
| BloFin BTC-USDT | −0.0030% | 8h | 85,394 | +0.074% | $422.0M | $676.4M | 150x | as long as short |
| 01 Exchange BTCUSD | −0.0024% | 1h | 85,364.4 | +0.039% | $381K | $2.3M | 50x | as long as short |
| Aster BTCUSDT | −0.0012% | 8h | 85,369.9 | +0.046% | $513.9M | $1.10B | 200x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,409.1 | +0.092% | $16.8M | $21.2M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,404.3 | +0.086% | $536K | $18.8M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,377 | +0.054% | $36.5M | — | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0023% | 1h | 85,449 | +0.138% | $339K | $26.8M | 52x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
01 Exchange BTCUSD
Aster BTCUSDT
dYdX BTC-USD
Perpl BTC
gTrade (Gains Network) BTC/USD
Injective BTC/USDC PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado BTC-PERP | +0.0031% | 1h | 85,365.1 | +0.040% | $24.3M | $223.3M | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0056% | 1h | 85,401.2 | +0.082% | $187.4M | $955.6M | 100x | as long as short |
| BingX BTC-USDC | +0.0063% | 8h | 85,358.2 | +0.032% | — | $17.3M | — | as long as short |
| Bullet BTC-USD | +0.0065% | 1h | 85,356 | +0.029% | $204K | $3.3M | 20x | as long as short |
| Phemex BTCUSDT | +0.0074% | 8h | 85,377.9 | +0.055% | $149.2M | $499.6M | 150x | as long as short |
| SoDEX BTC-USD | +0.0077% | 1h | 85,375 | +0.052% | $59.8M | $335.9M | 40x | as long as short |
| Bitget BTCUSDT | +0.0080% | 8h | 85,371.2 | +0.047% | $2.95B | $5.14B | 150x | as long as short |
| Aevo BTC-PERP | +0.0088% | 1h | 85,354.5 | +0.028% | $2.3M | $6.5M | 20x | as long as short |
| MEXC BTC_USDT | +0.0089% | 8h | 85,370 | +0.046% | $5.07B | $5.66B | 500x | as long as short |
| Binance BTCUSDT | +0.0090% | 8h | 85,370.1 | +0.046% | $9.44B | $24.67B | 150x | as long as short |
| Lighter BTCshort | +0.0096% | 1h | 85,382.7 | +0.061% | $171.8M | $1.01B | 50x | |
| Lighter RH BTC | +0.0096% | 1h | 85,388.1 | +0.067% | $23.8M | $147.2M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,359 | +0.033% | $8.4M | $55.3M | 100x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0096% | 1h | 85,415 | +0.098% | $117.3M | $5.29B | 50x | as long as short |
| Deribit BTC-PERPETUAL | +0.0098% | 1h | 85,417.6 | +0.101% | $872.1M | $1.60B | 50x | as long as short |
| Katana Perps BTC-USDlong | +0.0100% | 8h | 85,331 | long leg | $239K | $8.5M | 50x | |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,412.4 | +0.095% | $5.6M | $9.4M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,447 | +0.136% | $3.78B | $5.03B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,399.2 | +0.080% | $40.1M | $593.1M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,365.9 | +0.041% | $5.17B | $9.88B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,381.8 | +0.060% | $2.59B | $12.13B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,356 | +0.029% | $3.8M | $17.6M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,367 | +0.042% | $4.7M | $99.3M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,362.2 | +0.037% | $5.54B | $10.77B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,359.6 | +0.034% | $36.5M | $175.8M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,385.5 | +0.064% | $154.2M | $565.3M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,384 | +0.062% | $279.2M | $936.4M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,462 | +0.154% | $214.7M | $168.9M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,445.3 | +0.134% | $139.7M | $315.9M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,389 | +0.068% | $30.1M | $206.3M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,433.7 | +0.120% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,366 | +0.041% | $11.1M | $14.4M | 50x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,358.9 | +0.033% | $2.5M | $8.8M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,409.7 | +0.092% | $207K | $738K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,344.3 | +0.016% | $30.0M | $50.3M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,351.6 | +0.024% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,354.5 | +0.028% | $2.26B | $950.9M | 200x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,404.3 | +0.086% | $678.7M | $662.5M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,341 | +0.012% | $45.8M | $236.0M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,384 | +0.062% | — | $106.8M | 500x | as long as short |
| Reya BTCRUSDPERP | +0.0108% | 1h | 85,352.9 | +0.026% | $6.6M | $147.3M | 40x | as long as short |
| Kalshi KXBTCPERP | +0.0167% | 8h | 85,397 | +0.077% | $11.4M | $750.6M | 6.4x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0151% | 1h | 85,374.5 | +0.051% | $13.0M | — | 200x | as long as short |
| Hibachi BTC/USDT-P | +0.0232% | 1h | 85,402.7 | +0.084% | $694K | $7.9M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0250% | 1h | 85,423.4 | +0.108% | $79K | $225K | 20x | as long as short |
| RISEx BTC/USDC | +0.0257% | 1h | 85,390.1 | +0.069% | $8.8M | $43.1M | 25x | as long as short |
Nado BTC-PERP
Kraken Futures PF_XBTUSD
BingX BTC-USDC
Bullet BTC-USD
Phemex BTCUSDT
SoDEX BTC-USD
Bitget BTCUSDT
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Lighter RH BTC
Popdex BTCUSDT
Coinbase International BTC-PERP-INTX
Deribit BTC-PERPETUAL
Paradex BTC-USD-PERP
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
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Reya BTCRUSDPERP
Kalshi KXBTCPERP
GMX BTC/USD [WBTC.b-USDC]
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD
RISEx BTC/USDC