Funding you earn now, next payment 02:00 UTC−0.0050%/8h= −5.5% APRnext payment −$0.06 per $10,000 · paid last 24h +0.006%
Price spread now: Lighter RH against Kraken Futures−0.042%7-day average +0.002% · you buy dearer than you sell
Net, funding: paid 7d − costs−$11as in the Funding arb table
Net, price: spread back to 7d avg − costs−$17as in the Price arb table
costs, in and out, $10k−$130.130% of the position
Funding, last 7 days+0.021%+$2 on $10k
+Price spread, last 3 days (all we have)+0.047%+$5 · spread now −0.042%, 7d avg +0.002%
=Together, before fees+0.068%+ Points / potential airdropLighter RH: Points live · farm board+$7 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Lighter RH is 0.045% cheaper against Kraken Futures than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.002%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_XBTUSD | 85,575.6 | 0.0146 | pay 0.0018% / 1h | 0m 41s | $187.0M | $952.2M | 100x |
| Short | Lighter RH BTC | 85,539.4 | 0.0096 | get 0.0012% / 1h | 0m 41s | $23.9M | $149.0M | 50x |
Kraken Futures PF_XBTUSD
Lighter RH BTCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter RH 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$10.54
- Price spread: −0.042% → +0.002%
- −$4.45
- Slippage, 4 orders
- −$2.98
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Net
- −$27.97
- Costs to cover
- 0.130%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 4 min ago; Lighter RH: 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 Kraken Futures live order book, 4 min ago | 0.06 bp | 5.8 bp −$6 | 6.9 bp −$69 | 7.9 bp −$786 | 9.6 bp −$4,796 |
| Sell Lighter RH live order book, 4 min ago | 0.67 bp | 0.8 bp −$1 | 1.0 bp −$10 | 3.0 bp −$302 | 27.5 bp −$13.8K |
BTC on 55 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 | −0.0144% | 1h | 85,616 | +0.047% | $2.1M | $10.5M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,601 | +0.030% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0064% | 1h | 85,553.7 | −0.026% | $362K | $2.3M | 50x | as long as short |
| dYdX BTC-USD | +0.0001% | 1h | 85,582.9 | +0.009% | $16.7M | $21.0M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,569.3 | −0.007% | $36.6M | — | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0020% | 1h | 85,661 | +0.100% | $340K | $26.9M | 52x | as long as short |
| Aster BTCUSDT | +0.0022% | 8h | 85,526.4 | −0.057% | $515.6M | $1.12B | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0023% | 8h | 85,513.2 | −0.073% | $901.5M | $748.9M | 125x | as long as short |
| Nado BTC-PERP | +0.0032% | 1h | 85,552.1 | −0.027% | $22.6M | $225.2M | 50x | as long as short |
| RISEx BTC/USDC | +0.0044% | 1h | 85,585 | +0.011% | $8.4M | $42.2M | 25x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Injective BTC/USDC PERP
Aster BTCUSDT
KuCoin XBTUSDTM
Nado BTC-PERP
RISEx BTC/USDCShow all 55 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDC | +0.0056% | 8h | 85,518 | −0.067% | — | $17.0M | — | as long as short |
| HTX BTC-USDT | +0.0058% | 8h | 85,555.5 | −0.023% | $2.27B | $933.0M | 200x | as long as short |
| Reya BTCRUSDPERP | +0.0062% | 1h | 85,547.8 | −0.032% | $6.7M | $146.4M | 40x | as long as short |
| Bitget BTCUSDT | +0.0069% | 8h | 85,526.1 | −0.058% | $2.94B | $5.03B | 150x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,548.3 | −0.032% | $2.5M | $1.7M | 20x | as long as short |
| SunX BTC-USDT | +0.0080% | 8h | 85,564.8 | −0.013% | $2.9M | $6.5M | 100x | as long as short |
| MEXC BTC_USDT | +0.0086% | 8h | 85,528.1 | −0.055% | $5.07B | $5.77B | 500x | as long as short |
| Binance BTCUSDT | +0.0086% | 8h | 85,527.4 | −0.056% | $9.32B | $23.95B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,530.8 | −0.052% | $170.2M | $997.1M | 50x | as long as short |
| Lighter RH BTCshort | +0.0096% | 1h | 85,539.4 | −0.042% | $23.9M | $149.0M | 50x | |
| Popdex BTCUSDT | +0.0096% | 1h | 85,553 | −0.026% | $8.4M | $51.6M | 100x | as long as short |
| Paradex BTC-USD-PERP | +0.0099% | 8h | 85,575.4 | 0.000% | $3.8M | $8.3M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,534 | −0.049% | $204K | $7.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,594.5 | +0.022% | $3.76B | $4.92B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,565.3 | −0.012% | $40.2M | $569.5M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,530.3 | −0.053% | $5.32B | $9.62B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,525.1 | −0.059% | $2.56B | $12.13B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,569 | −0.008% | $3.9M | $17.9M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,530.7 | −0.052% | $7.1M | $96.4M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,540.2 | −0.041% | $5.58B | $10.61B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,545.5 | −0.035% | $35.0M | $168.1M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,545 | −0.036% | $154.0M | $554.0M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,613.3 | +0.044% | $278.5M | $939.4M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,624 | +0.057% | $214.9M | $162.9M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,624.5 | +0.057% | $140.0M | $316.3M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,623.8 | +0.056% | $30.3M | $210.8M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,620.5 | +0.052% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,549 | −0.031% | $11.0M | $14.1M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,559 | −0.019% | $188K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,557.2 | −0.021% | $2.4M | $8.9M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,594.9 | +0.023% | $197K | $722K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,554.5 | −0.025% | $30.0M | $52.7M | 15x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,551 | −0.029% | $59.9M | $336.4M | 40x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,554.3 | −0.025% | $150.2M | $479.7M | 150x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,593.2 | +0.021% | $605.0M | $283.5M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,507.8 | −0.079% | $44.1M | $227.8M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,569.3 | −0.007% | — | $101.7M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,592 | +0.019% | $130.7M | $5.08B | 50x | as long as short |
| Kraken Futures PF_XBTUSDlong | +0.0146% | 1h | 85,575.6 | long leg | $187.0M | $952.2M | 100x | |
| Aftermath Perps BTCUSD | +0.0183% | 1h | 85,619 | +0.051% | $78K | $219K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0184% | 1h | 85,631.9 | +0.066% | $682K | $7.8M | 30x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0203% / S −0.0186% | 1h | 85,565.7 | −0.012% | $13.5M | — | 200x | as long as short |
| Deribit BTC-PERPETUAL | +0.0211% | 1h | 85,603.3 | +0.032% | $894.9M | $1.52B | 50x | as long as short |
| Kalshi KXBTCPERP | +0.0212% | 8h | 85,586 | +0.012% | $10.2M | $765.3M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,605.3 | +0.035% | $511K | $19.9M | 6.7x | as long as short |
BingX BTC-USDC
HTX BTC-USDT
Reya BTCRUSDPERP
Bitget BTCUSDT
Aevo BTC-PERP
SunX BTC-USDT
MEXC BTC_USDT
Binance BTCUSDT
Lighter BTC
Popdex BTCUSDT
Paradex BTC-USD-PERP
Katana Perps BTC-USD
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
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SoDEX BTC-USD
Phemex BTCUSDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
GMX BTC/USD [WBTC.b-USDC]
Deribit BTC-PERPETUAL
Kalshi KXBTCPERP
Perpl BTC