Funding you earn now, next payment 23:00 UTC+0.0016%/8h= +1.8% APRnext payment +$0.02 per $10,000 · paid last 24h +0.010%
Price spread now: Coinbase International against Lighter+0.049%7-day average +0.028% · you sell dearer than you buy
Net, funding: paid 7d − costs−$13as in the Funding arb table
Net, price: spread back to 7d avg − costs−$8as in the Price arb table
costs, in and out, $10k−$100.100% of the position
Funding, last 7 days−0.026%−$3 on $10k
+Price spread, last 3 days (all we have)−0.020%−$2 · spread now +0.049%, 7d avg +0.028%
=Together, before fees−0.046%+ Points / potential airdropLighter: Season 3 · farm board−$5 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Coinbase International is 0.021% dearer against Lighter than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.028%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter BTC | 86,503.2 | 0.0096 | pay 0.0012% / 1h | 5m 27s | $169.9M | $1.02B | 50x |
| Short | Coinbase International BTC-PERP-INTX | 86,545.4 | 0.0112 | get 0.0014% / 1h | 5m 27s | $132.1M | $5.64B | 50x |
Lighter BTC
Coinbase International BTC-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International 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
- $3.36
- Price spread: +0.049% → +0.028%
- $2.09
- Slippage, 4 orders
- −$0.02
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$4.57
- Costs to cover
- 0.100%
- Break-even
- 16.5 days
Slippage from Lighter: live order book, 9 min ago; Coinbase International: live order book, 4 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, 9 min ago | 0.01 bp | 0.0 bp $0 | 0.5 bp −$5 | 1.1 bp −$114 | 3.8 bp −$1,880 |
| Sell Coinbase International live order book, 4 min ago | 0.01 bp | 5.0 bp −$5 | 5.0 bp −$50 | 5.2 bp −$525 | 11.7 bp −$5,829 |
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 | −0.0118% | 1h | 86,444 | −0.068% | $2.2M | $11.8M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,486 | −0.020% | $9K | $3K | 50x | as long as short |
| Injective BTC/USDC PERP | −0.0035% | 1h | 86,345 | −0.183% | $332K | $26.9M | 52x | as long as short |
| RISEx BTC/USDC | −0.0024% | 1h | 86,507.4 | +0.005% | $8.3M | $42.7M | 25x | as long as short |
| 01 Exchange BTCUSD | −0.0016% | 1h | 86,506.8 | +0.004% | $360K | $2.4M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 86,504.2 | +0.001% | $412K | $22.5M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0005% | 1h | 86,510.6 | +0.009% | $36.8M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0012% | 8h | 86,497.8 | −0.006% | $501.7M | $1.15B | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0023% | 8h | 86,503.6 | 0.000% | $834.3M | $728.4M | 125x | as long as short |
| Reya BTCRUSDPERP | +0.0037% | 1h | 86,496.4 | −0.008% | $6.7M | $145.5M | 40x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
Injective BTC/USDC PERP
RISEx BTC/USDC
01 Exchange BTCUSD
Perpl BTC
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
KuCoin XBTUSDTM
Reya BTCRUSDPERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDT | +0.0044% | 8h | 86,492.4 | −0.012% | — | $1.59B | — | as long as short |
| Phemex BTCUSDT | +0.0056% | 8h | 86,503.6 | 0.000% | $151.5M | $478.8M | 150x | as long as short |
| Bitget BTCUSDT | +0.0056% | 8h | 86,496.4 | −0.008% | $2.97B | $5.12B | 150x | as long as short |
| dYdX BTC-USD | +0.0063% | 1h | 86,506.6 | +0.004% | $16.9M | $21.2M | 50x | as long as short |
| Aevo BTC-PERP | +0.0072% | 1h | 86,482.4 | −0.024% | $2.5M | $1.4M | 20x | as long as short |
| MEXC BTC_USDT | +0.0074% | 8h | 86,494.9 | −0.010% | $5.15B | $5.69B | 500x | as long as short |
| Binance BTCUSDT | +0.0075% | 8h | 86,495 | −0.009% | $9.44B | $24.54B | 150x | as long as short |
| Gate BTC_USDT | +0.0081% | 8h | 86,491 | −0.014% | $5.85B | $10.82B | 200x | as long as short |
| Lighter BTClong | +0.0096% | 1h | 86,503.2 | long leg | $169.9M | $1.02B | 50x | |
| Lighter RH BTC | +0.0096% | 1h | 86,512.7 | +0.011% | $23.8M | $153.2M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 86,495 | −0.009% | $8.5M | $52.3M | 100x | as long as short |
| Bybit BTCUSDT | +0.0099% | 8h | 86,495.2 | −0.009% | $5.26B | $9.79B | 150x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,478 | −0.029% | $196K | $7.1M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,529.5 | +0.030% | $4.8M | $8.5M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 86,512.9 | +0.011% | $21.7M | $233.8M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 86,573 | +0.081% | $3.80B | $5.10B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 86,525.9 | +0.026% | $41.1M | $538.1M | 50x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 86,513 | +0.011% | $2.55B | $12.74B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,502 | −0.001% | $3.9M | $18.4M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,524.8 | +0.025% | $7.2M | $96.2M | 40x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 86,499.4 | −0.004% | $38.0M | $156.2M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 86,474 | −0.034% | $157.6M | $567.5M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,494.6 | −0.010% | $279.4M | $947.7M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 86,461.1 | −0.049% | $217.1M | $172.4M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 86,505.5 | +0.003% | $141.8M | $323.3M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,504 | +0.001% | $30.7M | $207.1M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,544 | +0.047% | — | $11.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,493 | −0.012% | $11.1M | $13.9M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 86,495.3 | −0.009% | $192K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 86,492.6 | −0.012% | $2.5M | $9.3M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 86,527 | +0.028% | $141K | $663K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 86,521.9 | +0.022% | $30.5M | $62.6M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 86,482.5 | −0.024% | $3.4M | $5.3M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 86,494 | −0.011% | $60.5M | $338.1M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 86,492.4 | −0.012% | $2.30B | $968.3M | 200x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,452.9 | −0.058% | $572.2M | $12.3M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,478.1 | −0.029% | $45.8M | $225.4M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,555 | +0.060% | — | $100.0M | 500x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0110% | 1h | 86,534 | +0.036% | $193.0M | $953.1M | 100x | as long as short |
| Coinbase International BTC-PERP-INTXshort | +0.0112% | 1h | 86,545.4 | +0.049% | $132.1M | $5.64B | 50x | |
| Aftermath Perps BTCUSD | +0.0160% | 1h | 86,510.1 | +0.008% | $78K | $219K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0184% | 1h | 86,528.1 | +0.029% | $717K | $8.1M | 30x | as long as short |
| BloFin BTC-USDT | +0.0194% | 8h | 86,523.4 | +0.023% | $415.5M | $659.2M | 150x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0200% / S −0.0224% | 1h | 86,505.4 | +0.003% | $15.0M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0208% | 8h | 86,546 | +0.049% | $10.2M | $753.6M | 6.4x | as long as short |
| Deribit BTC-PERPETUAL | +0.0268% | 1h | 86,550 | +0.054% | $913.1M | $1.49B | 50x | as long as short |
BingX BTC-USDT
Phemex BTCUSDT
Bitget BTCUSDT
dYdX BTC-USD
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Gate BTC_USDT
Lighter RH BTC
Popdex BTCUSDT
Bybit BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Nado BTC-PERP
Hyperliquid BTC
Pacifica BTC
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus 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
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Kraken Futures PF_XBTUSD
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
BloFin BTC-USDT
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Deribit BTC-PERPETUAL