BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0020%/8h= −2.2% APRnext payment −$0.03 per $10,000 · paid last 24h +0.009%

Price spread now: Lighter against Kraken Futures−0.024%7-day average 0.000% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$110.114% of the position

Long on Kraken Futures Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.018%+$2 on $10k

Price spread, last 3 days (all we have)+0.080%+$8 · spread now −0.024%, 7d avg 0.000%

Together, before fees+0.098%+ Points / potential airdropLighter: Season 3 · farm board+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Lighter is 0.024% cheaper against Kraken Futures than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of 0.000%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XBTUSD	86,802.9	0.0116	pay 0.0015% / 1h	22m 14s	$188.4M	$933.3M	100x
Short	Lighter BTC	86,781.9	0.0096	get 0.0012% / 1h	22m 14s	$171.9M	$1.01B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Kraken Futures. 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 Kraken FuturesbpFee LighterbpOrdersPrice spread, now −0.024%Rate

Funding earned: −$4.26
Price spread: −0.024% → 0.000%: −$2.37
Slippage, 4 orders: −$1.38
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$18.01
Costs to cover: 0.114%
Break-even: never at this rate

Slippage from Kraken Futures: 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 Kraken Futures live order book, 2 min ago	0.06 bp	5.1 bp −$5	5.9 bp −$59	7.6 bp −$764	9.9 bp −$4,951
Sell Lighter live order book, 7 min ago	0.01 bp	1.2 bp −$1	1.5 bp −$15	2.3 bp −$231	4.7 bp −$2,364

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
Aftermath Perps BTCUSD	−0.0237%	1h	86,727.8	−0.087%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,760.2	−0.049%	$429K	$24.8M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,781	−0.025%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,726	−0.089%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0067%	1h	86,773.8	−0.034%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,771.2	−0.036%	$364K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,803.7	+0.001%	$933.2M	$1.45B	50x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	86,762.2	−0.047%	$849.3M	$706.9M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,789.9	−0.015%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0010%	8h	86,758	−0.052%	$506.7M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,768	−0.040%	$6.7M	$144.4M	40x	as long as short
Phemex BTCUSDT	+0.0022%	8h	86,768.7	−0.039%	$150.3M	$471.6M	150x	as long as short
BingX BTC-USDT	+0.0026%	8h	86,770.6	−0.037%	—	$1.60B	—	as long as short
Bitget BTCUSDT	+0.0034%	8h	86,767.8	−0.040%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.189%	$315K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,768.3	−0.040%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0057%	8h	86,768.8	−0.039%	$5.19B	$5.70B	500x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,770	−0.038%	$9.45B	$24.35B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,751.4	−0.059%	$9.2M	$41.9M	25x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,774.3	−0.033%	$5.86B	$10.66B	200x	as long as short
OKX BTC-USDT-SWAP	+0.0082%	8h	86,778.4	−0.028%	$2.56B	$12.75B	100x	as long as short
Bybit BTCUSDT	+0.0085%	8h	86,767.3	−0.041%	$5.29B	$9.70B	150x	as long as short
Lighter BTCshort	+0.0096%	1h	86,781.9	−0.024%	$171.9M	$1.01B	50x
Lighter RH BTC	+0.0096%	1h	86,787.1	−0.018%	$24.0M	$153.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,744	−0.068%	$8.5M	$52.3M	100x	as long as short
Variational Omni BTC	+0.0097%	8h	86,726.9	−0.088%	$159.3M	$566.6M	—	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,732	−0.082%	$203K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,791.3	−0.013%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,739.8	−0.073%	$21.8M	$235.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,832	+0.034%	$3.82B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,770.9	−0.037%	$41.0M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,751	−0.060%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,808.2	+0.006%	$7.5M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.259%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,768	−0.040%	$38.1M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,653.8	−0.172%	$280.0M	$950.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,676.9	−0.145%	$217.6M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,687.3	−0.133%	$141.5M	$322.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,775.2	−0.032%	$30.8M	$204.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,820.4	+0.020%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,768	−0.040%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,770.8	−0.037%	$197K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,784.9	−0.021%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,798.1	−0.006%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,777	−0.030%	$30.1M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,770.9	−0.037%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,769	−0.039%	$60.6M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,762	−0.047%	$2.30B	$958.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,756.8	−0.053%	$46.3M	$228.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,789.7	−0.015%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSDlong	+0.0116%	1h	86,802.9	long leg	$188.4M	$933.3M	100x
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,812.6	+0.011%	$132.1M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0139%	8h	86,784	−0.022%	$9.6M	$726.9M	6.4x	as long as short
BloFin BTC-USDT	+0.0177%	8h	86,733.1	−0.080%	$417.1M	$654.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,785.8	−0.020%	$15.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	86,784	−0.022%	$698K	$7.1M	30x	as long as short