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Funding arb · Price arb /

BTC

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.01 per $10,000 · paid last 24h −0.003%
Price spread now: Bulk against Lighter+0.055%7-day average −0.009% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$2as in the Price arb table
costs, in and out, $10k−$90.086% of the position
Long on LighterShort on Bulk
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)0.000%$0 on $10k
Price spread, last 7 days−0.055%−$5 · spread now +0.055%, 7d avg −0.009%
Together, before fees−0.055%+ Points / potential airdropLighter: Season 3 · farm board−$5 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bulk is 0.064% dearer against Lighter than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.009%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongLighter BTC86,617.30.0096pay 0.0012% / 1h47m 35s$171.8M$1.01B50x
ShortBulk BTC-USD86,6650.0100get 0.0013% / 1h47m 35s$572.2M$23.5M40x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Bulk 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

Funding earned
$0.84
Price spread: +0.055% → −0.009%
$6.4
Slippage, 4 orders
−$1.61
Fee Lighter: 0 bp × 2 orders
$0
Fee Bulk: 3.5 bp × 2 orders
−$7
Net
−$1.37
Costs to cover
0.086%
Break-even
18.4 days
Slippage from Lighter: live order book, 7 min ago; Bulk: live order book, 2 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Lighter live order book, 7 min ago0.01 bp0.0 bp $00.3 bp −$30.9 bp −$884.0 bp −$2,002
Sell Bulk live order book, 2 min ago0.01 bp3.5 bp −$43.5 bp −$353.5 bp −$3514.3 bp −$2,141

BTC on 56 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl BTC−0.0335%43m86,644.7+0.032%$426K$25.1M6.7xas long as short
Aftermath Perps BTCUSD−0.0203%1h86,688.4+0.082%$85K$188K20xas long as short
Phoenix BTC−0.0103%1h86,701+0.097%$2.2M$12.4M40xas long as short
dYdX BTC-USD−0.0092%1h86,651.2+0.039%$18.0M$20.0M50xas long as short
Hotstuff BTC-PERP−0.0080%1h86,576−0.048%$9K$3K50xas long as short
KuCoin XBTUSDTM−0.0002%8h86,595.3−0.025%$845.7M$709.3M125xas long as short
01 Exchange BTCUSD0.0000%1h86,628.4+0.013%$361K$2.5M50xas long as short
Deribit BTC-PERPETUAL0.0000%1h86,675.2+0.067%$938.9M$1.43B50xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0005%1h86,661.7+0.051%$36.7M—200xas long as short
Aster BTCUSDT+0.0012%8h86,587.8−0.034%$505.6M$1.16B200xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Reya BTCRUSDPERP+0.0021%1h86,635+0.020%$6.8M$144.0M40xas long as short
BingX BTC-USDT+0.0021%8h86,603.3−0.016%—$1.59B—as long as short
Phemex BTCUSDT+0.0023%8h86,637+0.023%$149.1M$470.1M150xas long as short
Bitget BTCUSDT+0.0027%8h86,597.7−0.023%$2.94B$5.07B150xas long as short
MEXC BTC_USDT+0.0048%8h86,600.5−0.019%$5.19B$5.64B500xas long as short
Aevo BTC-PERP+0.0048%1h86,635.8+0.021%$2.4M$1.3M20xas long as short
Binance BTCUSDT+0.0048%8h86,601.3−0.019%$9.43B$24.35B150xas long as short
Injective BTC/USDC PERP+0.0049%1h86,732+0.132%$315K$26.8M52xas long as short
OKX BTC-USDT-SWAP+0.0061%8h86,608.9−0.010%$2.57B$12.69B100xas long as short
RISEx BTC/USDC+0.0063%1h86,620.7+0.004%$9.2M$42.1M25xas long as short
Gate BTC_USDT+0.0066%8h86,606.9−0.012%$5.86B$10.58B200xas long as short
Bybit BTCUSDT+0.0079%8h86,605.3−0.014%$5.28B$9.65B150xas long as short
Variational Omni BTC+0.0088%8h86,626.8+0.011%$159.8M$564.2M—as long as short
Lighter BTClong+0.0096%1h86,617.3long leg$171.8M$1.01B50x
Lighter RH BTC+0.0096%1h86,623.7+0.007%$24.0M$152.9M50xas long as short
GRVT BTC_USDT_Perp+0.0096%8h86,635.2+0.021%$217.5M$189.0M50xas long as short
Popdex BTCUSDT+0.0096%1h86,624+0.008%$8.5M$52.1M100xas long as short
Orderly PERP_BTC_USDC+0.0099%8h86,655.1+0.044%$2.5M$8.5M100xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,648.1+0.036%$4.8M$8.2M50xas long as short
Katana Perps BTC-USD+0.0100%8h86,595−0.026%$200K$6.8M50xas long as short
Nado BTC-PERP+0.0100%1h86,601.1−0.019%$21.8M$237.1M50xas long as short
Hyperliquid BTC+0.0100%1h86,678.8+0.071%$3.83B$5.10B40xas long as short
Pacifica BTC+0.0100%1h86,638.6+0.025%$40.9M$485.8M50xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,609−0.010%$3.9M$18.8M25xas long as short
Arcus BTC-USD+0.0100%1h86,678.6+0.071%$7.4M$94.4M40xas long as short
Bulk BTC-USDshort+0.0100%1h86,665+0.055%$572.2M$23.5M40x
Backpack BTC_USDC_PERP+0.0100%1h86,637.4+0.023%$38.2M$148.1M75xas long as short
edgeX BTCUSDC+0.0100%4h86,704.2+0.100%$280.1M$946.6M100xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,636.4+0.022%$141.8M$322.7M100xas long as short
StandX BTC-USD+0.0100%1h86,575.6−0.048%$30.8M$206.0M40xas long as short
Vest BTC-PERP+0.0100%1h86,686.9+0.080%—$11.6M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,645+0.032%$11.0M$13.7M50xas long as short
Bullet BTC-USD+0.0100%1h86,634.8+0.020%$198K$3.4M20xas long as short
Bluefin BTC-PERP+0.0100%1h86,663.2+0.053%$141K$619K40xas long as short
Derive BTC-PERP+0.0100%1h86,642.6+0.029%$30.0M$61.5M15xas long as short
SunX BTC-USDT+0.0100%8h86,630.5+0.015%$3.4M$5.6M100xas long as short
SoDEX BTC-USD+0.0100%1h86,634+0.019%$60.5M$336.5M40xas long as short
HTX BTC-USDT+0.0100%8h86,631.4+0.016%$2.30B$955.7M200xas long as short
Extended BTC-USD+0.0104%1h86,592.1−0.029%$46.5M$229.0M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,652.1+0.040%—$98.4M500xas long as short
Kalshi KXBTCPERP+0.0109%8h86,664+0.054%$8.8M$723.2M6.4xas long as short
Kraken Futures PF_XBTUSD+0.0116%1h86,675.8+0.068%$192.0M$927.3M100xas long as short
Coinbase International BTC-PERP-INTX+0.0120%1h86,683+0.076%$132.0M$5.89B50xas long as short
BloFin BTC-USDT+0.0168%8h86,592.1−0.029%$418.0M$642.6M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0181% / S −0.0198%1h86,654.6+0.043%$15.4M—200xas long as short
Hibachi BTC/USDT-P+0.0208%1h86,618.9+0.002%$601K$7.2M30xas long as short