BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0103%/8h= +11.3% APRnext payment +$0.13 per $10,000 · paid last 24h +0.009%

Price spread now: Aftermath Perps against Lighter−0.050%7-day average +0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$200.198% of the position

Long on Lighter Short on Aftermath Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.036%+$4 on $10k

Price spread, last 4 days (all we have)+0.229%+$23 · spread now −0.050%, 7d avg +0.013%

Together, before fees+0.264%+ Points / potential airdropLighter: Season 3 · farm board+$26 on $10k · with fees, hour by hour

Funding pays, the price is against you. Aftermath Perps is 0.063% cheaper against Lighter than usual: you would sell low and buy high (spread −0.050% now, against its 7-day average of +0.013%). If the spread goes back, that is −$6 on $10k: about 2.0 days of funding at the current rate (+$3 a day). At the pace of the last 3 days (+0.036% in total) that is about 5.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BTC	85,819.8	0.0096	pay 0.0012% / 1h	16m 01s	$170.3M	$995.7M	50x
Short	Aftermath Perps BTCUSD	85,776.7	0.0199	get 0.0025% / 1h	16m 01s	$78K	$219K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aftermath Perps against Lighter. 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 LighterbpFee Aftermath PerpsbpOrdersPrice spread, now −0.050%Rate

Funding earned: $21.7
Price spread: −0.050% → +0.013%: −$6.33
Slippage, 4 orders: −$10.76
Fee Lighter: 0 bp × 2 orders: $0
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Net: −$4.39
Costs to cover: 0.198%
Break-even: 8.4 days

Slippage from Lighter: live order book, 8 min ago; Aftermath Perps: live order book, 48 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 Lighter live order book, 8 min ago	0.23 bp	0.2 bp $0	0.3 bp −$3	1.2 bp −$120	4.2 bp −$2,110
Sell Aftermath Perps live order book, 48 min ago	1.00 bp	9.9 bp −$10	doesn't fit	doesn't fit	doesn't fit

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
Bluefin BTC-PERP	−0.0785%	1h	85,850.8	+0.036%	$197K	$722K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,789	−0.036%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,792	−0.032%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,782.7	−0.043%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,769.9	−0.058%	$418.4M	$665.5M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,797.8	−0.026%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,825.7	+0.007%	$36.7M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	85,799.2	−0.024%	$918.9M	$751.3M	125x	as long as short
Nado BTC-PERP	+0.0010%	1h	85,787.6	−0.038%	$22.7M	$219.6M	50x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,792.1	−0.032%	$516.9M	$1.10B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0056%	8h	85,804	−0.018%	—	$1.53B	—	as long as short
Bitget BTCUSDT	+0.0071%	8h	85,804.3	−0.018%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0072%	1h	85,798.4	−0.025%	$6.7M	$146.5M	40x	as long as short
Phemex BTCUSDT	+0.0072%	8h	85,801.5	−0.021%	$148.8M	$479.8M	150x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,807	−0.015%	$341K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,803.8	−0.019%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,802.6	−0.020%	$5.05B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,804	−0.018%	$9.36B	$23.87B	150x	as long as short
HTX BTC-USDT	+0.0087%	8h	85,805.5	−0.017%	$2.27B	$935.8M	200x	as long as short
Lighter BTClong	+0.0096%	1h	85,819.8	long leg	$170.3M	$995.7M	50x
Lighter RH BTC	+0.0096%	1h	85,822.5	+0.003%	$24.0M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,788	−0.037%	$8.4M	$52.2M	100x	as long as short
SoDEX BTC-USD	+0.0098%	1h	85,817	−0.003%	$60.1M	$336.1M	40x	as long as short
SunX BTC-USDT	+0.0098%	8h	85,769.7	−0.058%	$2.9M	$6.1M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,817.7	−0.002%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,754	−0.077%	$198K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,886	+0.077%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,811.9	−0.009%	$40.2M	$577.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,809	−0.013%	$5.34B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,815.2	−0.005%	$2.58B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,755	−0.076%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,754.5	−0.076%	$6.8M	$97.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,807.5	−0.014%	$5.56B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,794.9	−0.029%	$35.2M	$172.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,806.6	−0.015%	$157.6M	$550.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,731	−0.103%	$280.0M	$921.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,760.8	−0.069%	$215.4M	$166.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,808.4	−0.013%	$140.4M	$314.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,760.8	−0.069%	$30.3M	$209.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,833	+0.015%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,799	−0.024%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,814	−0.007%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,803.1	−0.019%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,810.6	−0.011%	$30.1M	$50.9M	15x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,681.9	−0.161%	$628.9M	$439.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,794.4	−0.030%	$44.2M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,787.3	−0.038%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,858.6	+0.045%	$129.4M	$5.10B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,812.6	−0.008%	$8.4M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,841.2	+0.025%	$189.0M	$951.7M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0169%	1h	85,858.8	+0.045%	$891.5M	$1.53B	50x	as long as short
Aftermath Perps BTCUSDshort	+0.0199%	1h	85,776.7	−0.050%	$78K	$219K	20x
Hibachi BTC/USDT-P	+0.0200%	1h	85,800.6	−0.022%	$703K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,820.5	+0.001%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,821	+0.001%	$10.6M	$758.0M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,800.1	−0.023%	$509K	$19.3M	6.7x	as long as short