Funding you earn now, next payment 01:00 UTC+0.0071%/8h= +7.7% APRnext payment +$0.09 per $10,000 · paid last 24h +0.028%
Price spread now: Deribit against Lighter+0.064%7-day average +0.035% · 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−$7as in the Price arb table
costs, in and out, $10k−$100.103% of the position
Funding, last 7 days−0.022%−$2 on $10k
+Price spread, last 3 days (all we have)−0.033%−$3 · spread now +0.064%, 7d avg +0.035%
=Together, before fees−0.055%+ Points / potential airdropLighter: Season 3 · farm board−$5 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Deribit is 0.029% dearer against Lighter than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.035%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter BTC | 86,267.6 | 0.0096 | pay 0.0012% / 1h | 13m 02s | $170.3M | $992.3M | 50x |
| Short | Deribit BTC-PERPETUAL | 86,322.7 | 0.0167 | get 0.0021% / 1h | 13m 02s | $902.3M | $1.51B | 50x |
Lighter BTC
Deribit BTC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit 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
- $14.81
- Price spread: +0.064% → +0.035%
- $2.93
- Slippage, 4 orders
- −$3.33
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- $7.41
- Costs to cover
- 0.103%
- Break-even
- 3.5 days
Slippage from Lighter: live order book, 6 min ago; Deribit: live order book, 1 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, 6 min ago | 0.01 bp | 0.1 bp $0 | 0.2 bp −$2 | 1.0 bp −$100 | 3.9 bp −$1,963 |
| Sell Deribit live order book, 1 min ago | 0.03 bp | 5.3 bp −$5 | 6.0 bp −$60 | 9.8 bp −$975 | 20.9 bp −$10.4K |
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 | 86,372 | +0.121% | $2.2M | $11.2M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,277 | +0.011% | $9K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0040% | 1h | 86,265.3 | −0.003% | $364K | $2.3M | 50x | as long as short |
| Bluefin BTC-PERP | −0.0017% | 1h | 86,306.6 | +0.045% | $144K | $667K | 40x | as long as short |
| Perpl BTC | 0.0000% | 43m | 86,304.7 | +0.043% | $570K | $21.2M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 86,294.3 | +0.031% | $36.9M | — | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0023% | 1h | 86,365 | +0.113% | $343K | $26.9M | 52x | as long as short |
| dYdX BTC-USD | +0.0027% | 1h | 86,318.1 | +0.058% | $16.9M | $20.5M | 50x | as long as short |
| Aster BTCUSDT | +0.0033% | 8h | 86,280.4 | +0.015% | $500.1M | $1.13B | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0043% | 8h | 86,231.7 | −0.042% | $830.1M | $716.6M | 125x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
Bluefin BTC-PERP
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 | +0.0048% | 1h | 86,257.1 | −0.012% | $6.7M | $145.8M | 40x | as long as short |
| BingX BTC-USDC | +0.0051% | 8h | 86,244.2 | −0.027% | — | $15.3M | — | as long as short |
| RISEx BTC/USDC | +0.0052% | 1h | 86,274.4 | +0.008% | $8.3M | $42.4M | 25x | as long as short |
| Bitget BTCUSDT | +0.0065% | 8h | 86,230 | −0.044% | $2.97B | $5.04B | 150x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 86,265.3 | −0.003% | $2.5M | $1.8M | 20x | as long as short |
| SoDEX BTC-USD | +0.0080% | 1h | 86,268 | 0.000% | $60.4M | $338.2M | 40x | as long as short |
| MEXC BTC_USDT | +0.0084% | 8h | 86,236.9 | −0.036% | $5.11B | $5.75B | 500x | as long as short |
| Binance BTCUSDT | +0.0084% | 8h | 86,226.4 | −0.048% | $9.39B | $24.22B | 150x | as long as short |
| Lighter BTClong | +0.0096% | 1h | 86,267.6 | long leg | $170.3M | $992.3M | 50x | |
| Lighter RH BTC | +0.0096% | 1h | 86,269.8 | +0.003% | $23.6M | $151.9M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 86,258 | −0.011% | $8.4M | $52.0M | 100x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,238 | −0.034% | $191K | $7.3M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,298.1 | +0.035% | $4.2M | $8.6M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 86,290.1 | +0.026% | $22.0M | $226.2M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 86,300 | +0.038% | $3.78B | $4.99B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 86,317.9 | +0.058% | $40.6M | $558.6M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 86,232.9 | −0.040% | $5.25B | $9.64B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 86,242.9 | −0.029% | $2.56B | $12.44B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,277 | +0.011% | $3.9M | $17.8M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,293.7 | +0.030% | $7.2M | $94.9M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,145.7 | −0.141% | $580.3M | $59.0M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 86,251 | −0.019% | $5.77B | $10.62B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 86,235.8 | −0.037% | $35.6M | $161.1M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 86,226.1 | −0.048% | $156.7M | $559.2M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,254.8 | −0.015% | $278.6M | $953.7M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 86,292.2 | +0.029% | $216.6M | $165.6M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 86,290.3 | +0.026% | $141.4M | $320.5M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,313.4 | +0.053% | $30.6M | $208.3M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,323.9 | +0.065% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,263 | −0.005% | $11.1M | $14.0M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 86,274 | +0.007% | $191K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 86,272 | +0.005% | $2.4M | $9.1M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 86,293.7 | +0.030% | $30.3M | $56.7M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 86,243.3 | −0.028% | $3.3M | $5.4M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 86,244.1 | −0.027% | $2.29B | $959.2M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 86,267.1 | −0.001% | $155.4M | $472.9M | 150x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,212.5 | −0.064% | $46.0M | $222.5M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,362.5 | +0.110% | — | $99.1M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0120% | 1h | 86,292 | +0.028% | $132.3M | $5.30B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0121% | 1h | 86,283.2 | +0.018% | $191.8M | $947.3M | 100x | as long as short |
| Hibachi BTC/USDT-P | +0.0160% | 1h | 86,317.2 | +0.058% | $713K | $7.9M | 30x | as long as short |
| Deribit BTC-PERPETUALshort | +0.0167% | 1h | 86,322.7 | +0.064% | $902.3M | $1.51B | 50x | |
| Aftermath Perps BTCUSD | +0.0168% | 1h | 86,309.4 | +0.048% | $77K | $217K | 20x | as long as short |
| BloFin BTC-USDT | +0.0204% | 8h | 86,271.5 | +0.005% | $415.8M | $641.8M | 150x | as long as short |
| Kalshi KXBTCPERP | +0.0205% | 8h | 86,307 | +0.046% | $10.4M | $766.0M | 6.4x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0207% / S −0.0222% | 1h | 86,287.8 | +0.023% | $14.5M | — | 200x | as long as short |
Reya BTCRUSDPERP
BingX BTC-USDC
RISEx BTC/USDC
Bitget BTCUSDT
Aevo BTC-PERP
SoDEX BTC-USD
MEXC BTC_USDT
Binance BTCUSDT
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
Gate BTC_USDT
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
HTX 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
Kalshi KXBTCPERP
GMX BTC/USD [WBTC.b-USDC]