Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0129%/8h= −14.2% APRpaid last 24h −0.032%

Price spread now: BloFin against Lighter−0.007%7-day average −0.017% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$130.129% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.012%−$1 on $10k

Price spread, last 4 days (all we have)−0.228%−$23 · spread now −0.007%, 7d avg −0.017%

Together, before fees−0.240%+ Points / potential airdropLighter: Season 3 · farm board−$24 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.017%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BTC	85,526.3	0.0096	pay 0.0012% / 1h	38m 58s	$169.7M	$987.7M	50x
Short	BloFin BTC-USDT	85,520.2	−0.0033	pay 0.0033% / 8h	5h 38m	$414.8M	$661.8M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.007%Rate

Funding earned: −$27.14
Price spread: −0.007% → −0.017%: $0.98
Slippage, 4 orders: −$0.94
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$39.1
Costs to cover: 0.129%
Break-even: never at this rate

Slippage from Lighter: live order book, 10 min ago; BloFin: live order book, 5 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, 10 min ago	0.23 bp	0.3 bp $0	0.9 bp −$9	1.6 bp −$162	4.1 bp −$2,025
Sell BloFin live order book, 5 min ago	0.12 bp	6.1 bp −$6	6.1 bp −$61	6.6 bp −$664	8.1 bp −$4,034

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	−0.0160%	1h	85,585	+0.069%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,598	+0.084%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,548.7	+0.026%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDTshort	−0.0033%	8h	85,520.2	−0.007%	$414.8M	$661.8M	150x
dYdX BTC-USD	0.0000%	1h	85,596	+0.081%	$16.7M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,541.2	+0.017%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0009%	1h	85,546.6	+0.024%	$22.7M	$221.4M	50x	as long as short
KuCoin XBTUSDTM	+0.0012%	8h	85,514.5	−0.014%	$917.6M	$752.9M	125x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,536.1	+0.012%	$515.4M	$1.11B	200x	as long as short
BingX BTC-USDC	+0.0054%	8h	85,521.5	−0.006%	—	$17.1M	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX BTC-USDT	+0.0066%	8h	85,525	−0.002%	$2.27B	$932.7M	200x	as long as short
Reya BTCRUSDPERP	+0.0067%	1h	85,546.8	+0.024%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,529.7	+0.004%	$2.95B	$5.02B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0077%	1h	85,560.3	+0.040%	$893.3M	$1.52B	50x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,578	+0.060%	$340K	$26.9M	52x	as long as short
Phemex BTCUSDT	+0.0079%	8h	85,522.4	−0.005%	$148.2M	$478.5M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,516.6	−0.011%	$2.5M	$1.7M	20x	as long as short
SunX BTC-USDT	+0.0080%	8h	85,526.2	0.000%	$2.9M	$6.1M	100x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,537.9	+0.014%	$9.32B	$23.88B	150x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,529.6	+0.004%	$5.04B	$5.61B	500x	as long as short
Lighter BTClong	+0.0096%	1h	85,526.3	long leg	$169.7M	$987.7M	50x
Lighter RH BTC	+0.0096%	1h	85,529.8	+0.004%	$23.9M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,547	+0.024%	$8.4M	$51.9M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,594.3	+0.080%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,525	−0.002%	$203K	$7.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,604	+0.091%	$3.77B	$4.93B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,589.5	+0.074%	$40.5M	$573.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,572.2	+0.054%	$5.33B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,572.2	+0.054%	$2.56B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,534	+0.009%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,515.2	−0.013%	$7.2M	$97.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	+0.043%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,537.4	+0.013%	$5.55B	$10.47B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,518.8	−0.009%	$35.1M	$171.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,503.7	−0.026%	$154.4M	$549.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,550.1	+0.028%	$278.9M	$928.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,591.1	+0.076%	$214.8M	$164.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,603.5	+0.090%	$140.0M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,620.2	+0.110%	$30.3M	$210.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,616.3	+0.105%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,550	+0.028%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,538.6	+0.014%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,516.5	−0.011%	$2.3M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,562.2	+0.042%	$196K	$721K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,521.8	−0.005%	$30.0M	$52.5M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,521	−0.006%	$59.9M	$336.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,499.8	−0.031%	$44.1M	$227.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,583.7	+0.067%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,556.8	+0.036%	$130.4M	$5.08B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,575.2	+0.057%	$8.3M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0139%	1h	85,546.2	+0.023%	$187.9M	$947.1M	100x	as long as short
Aftermath Perps BTCUSD	+0.0195%	1h	85,573.8	+0.056%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,624.4	+0.115%	$699K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,537.9	+0.014%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0213%	8h	85,591	+0.076%	$10.5M	$760.1M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,596.3	+0.082%	$522K	$19.4M	6.7x	as long as short