Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0047%/8h= −5.2% APRpaid last 24h −0.009%

Price spread now: Binance against Lighter+0.037%7-day average −0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$6as in the Price arb table

costs, in and out, $10k−$110.105% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.033%−$3 on $10k

Price spread, last 7 days−0.035%−$4 · spread now +0.037%, 7d avg −0.009%

Together, before fees−0.068%+ Points / potential airdropLighter: Season 3 · farm board−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.046% dearer against Lighter than usual: you sell high and buy low (spread +0.037% now, against its 7-day average of −0.009%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.2 days. At the pace of the last 7 days (−0.033% in total) that is about 9.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BTC	86,574.7	0.0096	pay 0.0012% / 1h	44m 00s	$172.0M	$1.01B	50x
Short	Binance BTCUSDT	86,606.8	0.0049	get 0.0049% / 8h	2h 44m	$9.43B	$24.29B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.037%Rate

Funding earned: −$9.92
Price spread: +0.037% → −0.009%: $4.56
Slippage, 4 orders: −$0.55
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$15.91
Costs to cover: 0.105%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; Binance: live order book, 15 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, 5 min ago	0.06 bp	0.1 bp $0	0.1 bp −$1	0.6 bp −$62	2.9 bp −$1,431
Sell Binance live order book, 15 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.8 bp −$584	7.0 bp −$3,521

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
Perpl BTC	−0.0335%	43m	86,584.3	+0.011%	$431K	$25.1M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0215%	1h	86,631.2	+0.065%	$85K	$188K	20x	as long as short
dYdX BTC-USD	−0.0109%	1h	86,607.2	+0.038%	$18.0M	$20.0M	50x	as long as short
Phoenix BTC	−0.0103%	1h	86,591	+0.019%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,559	−0.018%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,552.4	−0.026%	$845.1M	$707.9M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,593.4	+0.022%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,576.3	+0.002%	$937.8M	$1.43B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,579.7	+0.006%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0010%	8h	86,568.7	−0.007%	$505.4M	$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	86,549.4	−0.029%	$6.7M	$144.0M	40x	as long as short
BingX BTC-USDT	+0.0021%	8h	86,593	+0.021%	—	$1.60B	—	as long as short
Bitget BTCUSDT	+0.0027%	8h	86,582.5	+0.009%	$2.94B	$5.07B	150x	as long as short
Phemex BTCUSDT	+0.0027%	8h	86,571.9	−0.003%	$149.4M	$470.6M	150x	as long as short
MEXC BTC_USDT	+0.0048%	8h	86,570.2	−0.005%	$5.19B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,538.9	−0.041%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDTshort	+0.0049%	8h	86,606.8	+0.037%	$9.43B	$24.29B	150x
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.182%	$315K	$26.8M	52x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,577.9	+0.004%	$9.2M	$42.1M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0063%	8h	86,614.9	+0.046%	$2.57B	$12.70B	100x	as long as short
Gate BTC_USDT	+0.0066%	8h	86,599.4	+0.029%	$5.85B	$10.59B	200x	as long as short
Bybit BTCUSDT	+0.0078%	8h	86,610.9	+0.042%	$5.27B	$9.66B	150x	as long as short
Variational Omni BTC	+0.0089%	8h	86,618.2	+0.050%	$160.7M	$567.1M	—	as long as short
Lighter BTClong	+0.0096%	1h	86,574.7	long leg	$172.0M	$1.01B	50x
Lighter RH BTC	+0.0096%	1h	86,569.1	−0.006%	$24.0M	$152.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,559	−0.018%	$8.5M	$52.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0098%	8h	86,607.9	+0.038%	$217.4M	$189.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,602.6	+0.032%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,558	−0.019%	$199K	$6.8M	50x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,540	−0.040%	$60.4M	$336.5M	40x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,553.3	−0.025%	$2.5M	$8.5M	100x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,554.1	−0.024%	$21.7M	$235.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,637	+0.072%	$3.83B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,595.3	+0.024%	$40.9M	$485.8M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,558	−0.019%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,637.7	+0.073%	$7.4M	$94.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,665	+0.104%	$572.2M	$23.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,564.7	−0.012%	$38.1M	$148.2M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,605.1	+0.035%	$279.8M	$948.5M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,599.3	+0.028%	$141.5M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,606.9	+0.037%	$30.8M	$205.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,627.5	+0.061%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,562	−0.015%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,558.5	−0.019%	$197K	$3.4M	20x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,562.1	−0.015%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,548.6	−0.030%	$30.0M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,558.3	−0.019%	$3.4M	$5.6M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,547.6	−0.031%	$2.30B	$956.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,524.7	−0.058%	$46.5M	$229.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,585.5	+0.013%	—	$98.0M	500x	as long as short
Kalshi KXBTCPERP	+0.0115%	8h	86,588	+0.015%	$8.9M	$723.3M	6.4x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,578.5	+0.004%	$190.6M	$928.5M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,590.5	+0.018%	$131.7M	$5.87B	50x	as long as short
BloFin BTC-USDT	+0.0169%	8h	86,567.5	−0.008%	$418.5M	$641.8M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0181%	1h	86,576.1	+0.002%	$14.7M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	86,604.1	+0.034%	$600K	$7.2M	30x	as long as short