Funding you earn now, next payment 01:00 UTC−0.0063%/8h= −6.9% APRnext payment −$0.08 per $10,000 · paid last 24h −0.174%
Price spread now: Bluefin against Lighter−0.034%7-day average −0.035% · you buy dearer than you sell
Net, funding: paid 7d − costs−$42as in the Funding arb table
Net, price: spread back to 7d avg − costs−$12as in the Price arb table
costs, in and out, $10k−$130.126% of the position
Funding, last 7 days−0.297%−$30 on $10k
+Price spread, last 3 days (all we have)+0.011%+$1 · spread now −0.034%, 7d avg −0.035%
=Together, before fees−0.286%+ Points / potential airdropLighter: Season 3 · farm board−$29 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.035%, so right now this pair is about funding alone: −$2 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 | 86,219.2 | 0.0096 | pay 0.0012% / 1h | 9m 20s | $170.2M | $993.3M | 50x |
| Short | Bluefin BTC-PERP | 86,190.2 | 0.0033 | get 0.0004% / 1h | 9m 20s | $144K | $666K | 40x |
Lighter BTC
Bluefin BTC-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bluefin against Lighter. 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
- −$13.29
- Price spread: −0.034% → −0.035%
- $0.17
- Slippage, 4 orders
- −$5.64
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Bluefin: 3.5 bp × 2 orders
- −$7
- Net
- −$25.75
- Costs to cover
- 0.126%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 5 min ago; Bluefin: live order book, 65 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 | 0.28 bp | 0.3 bp $0 | 0.6 bp −$6 | 1.4 bp −$141 | 4.5 bp −$2,266 |
| Sell Bluefin live order book, 65 min ago | 1.72 bp | 5.7 bp −$6 | 10.5 bp −$105 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTC | −0.0129% | 1h | 86,215 | −0.005% | $2.2M | $11.2M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,220 | +0.001% | $9K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0040% | 1h | 86,180.3 | −0.045% | $363K | $2.3M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 86,218.3 | −0.001% | $571K | $21.2M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 86,184.7 | −0.040% | $36.8M | — | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0023% | 1h | 86,365 | +0.169% | $343K | $26.9M | 52x | as long as short |
| dYdX BTC-USD | +0.0026% | 1h | 86,219 | 0.000% | $16.9M | $20.5M | 50x | as long as short |
| Aster BTCUSDT | +0.0032% | 8h | 86,198.2 | −0.024% | $499.7M | $1.13B | 200x | as long as short |
| Bluefin BTC-PERPshort | +0.0033% | 1h | 86,190.2 | −0.034% | $144K | $666K | 40x | |
| KuCoin XBTUSDTM | +0.0045% | 8h | 86,186.4 | −0.038% | $829.5M | $714.9M | 125x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
Perpl BTC
gTrade (Gains Network) BTC/USD
Injective BTC/USDC PERP
dYdX BTC-USD
Aster BTCUSDT
KuCoin XBTUSDTMShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Reya BTCRUSDPERP | +0.0049% | 1h | 86,163.2 | −0.065% | $6.7M | $145.8M | 40x | as long as short |
| BingX BTC-USDC | +0.0052% | 8h | 86,174.7 | −0.052% | — | $15.3M | — | as long as short |
| RISEx BTC/USDC | +0.0052% | 1h | 86,199.5 | −0.023% | $8.3M | $42.4M | 25x | as long as short |
| Bitget BTCUSDT | +0.0066% | 8h | 86,163.5 | −0.065% | $2.97B | $5.04B | 150x | as long as short |
| SoDEX BTC-USD | +0.0076% | 1h | 86,161 | −0.068% | $60.4M | $338.3M | 40x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 86,187.9 | −0.036% | $2.5M | $1.8M | 20x | as long as short |
| MEXC BTC_USDT | +0.0084% | 8h | 86,156.4 | −0.073% | $5.10B | $5.76B | 500x | as long as short |
| Binance BTCUSDT | +0.0084% | 8h | 86,162.2 | −0.066% | $9.38B | $24.21B | 150x | as long as short |
| Gate BTC_USDT | +0.0085% | 8h | 86,172.7 | −0.054% | $5.77B | $10.64B | 200x | as long as short |
| HTX BTC-USDT | +0.0092% | 8h | 86,143.5 | −0.088% | $2.29B | $957.6M | 200x | as long as short |
| Lighter BTClong | +0.0096% | 1h | 86,219.2 | long leg | $170.2M | $993.3M | 50x | |
| Lighter RH BTC | +0.0096% | 1h | 86,220.5 | +0.002% | $23.6M | $152.0M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 86,184 | −0.041% | $8.4M | $52.0M | 100x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,168 | −0.059% | $201K | $7.3M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,245.1 | +0.030% | $4.2M | $8.5M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 86,202.9 | −0.019% | $22.2M | $225.1M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 86,230 | +0.013% | $3.78B | $4.95B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 86,239.3 | +0.023% | $40.9M | $560.8M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 86,172.3 | −0.054% | $5.25B | $9.63B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 86,175.8 | −0.050% | $2.56B | $12.40B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,188 | −0.036% | $3.9M | $17.8M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,212.8 | −0.007% | $7.2M | $95.0M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,145.7 | −0.085% | $580.3M | $59.0M | 40x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 86,173 | −0.054% | $35.5M | $161.7M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 86,205.5 | −0.016% | $156.7M | $558.7M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,200.1 | −0.022% | $278.4M | $938.7M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 86,266 | +0.054% | $216.6M | $165.4M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 86,239.5 | +0.024% | $141.2M | $320.0M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,204.7 | −0.017% | $30.6M | $207.8M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,239.4 | +0.023% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,185 | −0.040% | $11.1M | $14.0M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 86,166 | −0.062% | $190K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 86,159 | −0.070% | $2.4M | $9.1M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 86,222.5 | +0.004% | $30.3M | $56.7M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 86,189.1 | −0.035% | $3.3M | $5.4M | 100x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 86,177.3 | −0.049% | $155.5M | $473.0M | 150x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,206.4 | −0.015% | $46.0M | $222.3M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,200.1 | −0.022% | — | $98.9M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0120% | 1h | 86,207.6 | −0.013% | $132.2M | $5.28B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0121% | 1h | 86,187.7 | −0.037% | $191.4M | $949.9M | 100x | as long as short |
| Hibachi BTC/USDT-P | +0.0144% | 1h | 86,241.3 | +0.026% | $731K | $7.9M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0169% | 1h | 86,267.2 | +0.056% | $77K | $217K | 20x | as long as short |
| BloFin BTC-USDT | +0.0204% | 8h | 86,210 | −0.011% | $415.5M | $641.1M | 150x | as long as short |
| Deribit BTC-PERPETUAL | +0.0205% | 1h | 86,251.3 | +0.037% | $902.6M | $1.51B | 50x | as long as short |
| Kalshi KXBTCPERP | +0.0206% | 8h | 86,255 | +0.042% | $10.6M | $766.2M | 6.4x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0207% / S −0.0222% | 1h | 86,230.2 | +0.013% | $14.5M | — | 200x | as long as short |
Reya BTCRUSDPERP
BingX BTC-USDC
RISEx BTC/USDC
Bitget BTCUSDT
SoDEX BTC-USD
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Gate BTC_USDT
HTX BTC-USDT
Lighter RH BTC
Popdex BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Nado BTC-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
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
Derive BTC-PERP
SunX BTC-USDT
Phemex BTCUSDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Kraken Futures PF_XBTUSD
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD
BloFin BTC-USDT
Deribit BTC-PERPETUAL
Kalshi KXBTCPERP
GMX BTC/USD [WBTC.b-USDC]