Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.01 per $10,000 · paid last 24h +0.008%
Price spread now: Derive against Lighter−0.006%7-day average −0.018% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.067%−$7 on $10k
+Price spread, last 3 days (all we have)−0.065%−$7 · spread now −0.006%, 7d avg −0.018%
=Together, before fees−0.133%+ Points / potential airdropLighter: Season 3 · farm board−$13 on $10k · with fees, hour by hour
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter BTC | 86,365.6 | 0.0096 | pay 0.0012% / 1h | 12m 57s | $170.5M | $1.01B | 50x |
| Short | Derive BTC-PERP | 86,360.3 | 0.0100 | get 0.0013% / 1h | 12m 57s | $30.6M | $62.2M | 15x |
Lighter BTC
Derive BTC-PERPFunding history
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Range statsloading…
Price spread between the two exchanges
Derive against Lighter. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
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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: −0.006% → −0.018%
- $1.14
- Slippage, 4 orders
- no order book: not counted
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Derive: 3 bp × 2 orders
- −$6
- Net
- −$4.02
- Costs to cover
- 0.060%
- Break-even
- 40.5 days
Slippage unknown: Lighter: live order book, 6 min ago; Derive: no order-book sample. Net counts fees only.
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 | 0.10 bp | 0.2 bp $0 | 0.5 bp −$5 | 1.6 bp −$158 | 4.0 bp −$2,018 |
| Sell Derive no order-book sample | — | — | — | — | — |
Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | |
|---|---|---|---|---|---|---|---|---|
| Bluefin BTC-PERP | −0.0681% | 1h | 86,371.4 | +0.007% | $140K | $620K | 40x | as long as short |
| Phoenix BTC | −0.0159% | 1h | 86,402 | +0.042% | $2.2M | $11.8M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,361 | −0.005% | $9K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0016% | 1h | 86,365.8 | 0.000% | $360K | $2.4M | 50x | as long as short |
| Aster BTCUSDT | −0.0011% | 8h | 86,345.9 | −0.023% | $503.2M | $1.15B | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0003% | 8h | 86,347.2 | −0.021% | $850.8M | $712.2M | 125x | as long as short |
| dYdX BTC-USD | +0.0005% | 1h | 86,406.9 | +0.048% | $17.0M | $21.1M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 86,369.7 | +0.005% | $36.8M | — | 200x | as long as short |
| RISEx BTC/USDC | +0.0006% | 1h | 86,365.4 | 0.000% | $8.4M | $42.8M | 25x | as long as short |
| Deribit BTC-PERPETUAL | +0.0012% | 1h | 86,388.6 | +0.027% | $917.8M | $1.49B | 50x | as long as short |
Bluefin BTC-PERP
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
Aster BTCUSDT
KuCoin XBTUSDTM
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
RISEx BTC/USDC
Deribit BTC-PERPETUALShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Reya BTCRUSDPERP | +0.0023% | 1h | 86,338.4 | −0.031% | $6.7M | $145.0M | 40x | as long as short |
| Injective BTC/USDC PERP | +0.0024% | 1h | 86,360 | −0.006% | $332K | $26.8M | 52x | as long as short |
| Aftermath Perps BTCUSD | +0.0033% | 1h | 86,441 | +0.087% | $81K | $218K | 20x | as long as short |
| BingX BTC-USDC | +0.0036% | 8h | 86,333 | −0.038% | — | $15.3M | — | as long as short |
| Phemex BTCUSDT | +0.0040% | 8h | 86,357.5 | −0.009% | $150.0M | $476.9M | 150x | as long as short |
| Bitget BTCUSDT | +0.0046% | 8h | 86,352.8 | −0.015% | $2.95B | $5.10B | 150x | as long as short |
| Binance BTCUSDT | +0.0064% | 8h | 86,350.4 | −0.018% | $9.42B | $24.44B | 150x | as long as short |
| MEXC BTC_USDT | +0.0064% | 8h | 86,350.9 | −0.017% | $5.14B | $5.70B | 500x | as long as short |
| Aevo BTC-PERP | +0.0064% | 1h | 86,340.1 | −0.029% | $2.4M | $1.3M | 20x | as long as short |
| Gate BTC_USDT | +0.0079% | 8h | 86,352.1 | −0.016% | $5.84B | $10.75B | 200x | as long as short |
| Bybit BTCUSDT | +0.0093% | 8h | 86,353.1 | −0.014% | $5.25B | $9.78B | 150x | as long as short |
| Lighter BTClong | +0.0096% | 1h | 86,365.6 | long leg | $170.5M | $1.01B | 50x | |
| Lighter RH BTC | +0.0096% | 1h | 86,377.5 | +0.014% | $24.1M | $152.5M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 86,352 | −0.016% | $8.4M | $52.4M | 100x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,339 | −0.031% | $201K | $6.9M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,399.2 | +0.039% | $4.8M | $8.5M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 86,365.8 | 0.000% | $21.7M | $234.5M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 86,422 | +0.065% | $3.80B | $5.10B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 86,400.2 | +0.040% | $40.7M | $513.8M | 50x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 86,357.7 | −0.009% | $2.53B | $12.71B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,365 | −0.001% | $3.9M | $18.6M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,419 | +0.062% | $7.8M | $94.8M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,498.7 | +0.154% | $571.7M | $18.6M | 40x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 86,348.3 | −0.020% | $37.8M | $155.0M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 86,394.8 | +0.034% | $155.5M | $568.5M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,426.9 | +0.071% | $279.3M | $949.8M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 86,418.2 | +0.061% | $217.1M | $176.0M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 86,418.4 | +0.061% | $141.3M | $323.7M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,380 | +0.017% | $30.7M | $203.8M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,406.9 | +0.048% | — | $11.6M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,350 | −0.018% | $11.1M | $13.8M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 86,352 | −0.016% | $190K | $3.4M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 86,352.5 | −0.015% | $2.4M | $8.7M | 100x | as long as short |
| Derive BTC-PERPshort | +0.0100% | 1h | 86,360.3 | −0.006% | $30.6M | $62.2M | 15x | |
| SunX BTC-USDT | +0.0100% | 8h | 86,339.2 | −0.031% | $3.4M | $5.4M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 86,350 | −0.018% | $60.4M | $337.3M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 86,346.4 | −0.022% | $2.29B | $968.6M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,335.9 | −0.034% | $45.5M | $226.2M | 50x | as long as short |
| Hibachi BTC/USDT-P | +0.0104% | 1h | 86,421.2 | +0.064% | $719K | $8.1M | 30x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,375.5 | +0.011% | — | $98.8M | 500x | as long as short |
| Perpl BTC | +0.0112% | 43m | 86,388.4 | +0.026% | $421K | $23.6M | 6.7x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 86,398.9 | +0.039% | $131.3M | $5.69B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0121% | 1h | 86,382.6 | +0.020% | $191.1M | $944.0M | 100x | as long as short |
| BloFin BTC-USDT | +0.0184% | 8h | 86,353.7 | −0.014% | $414.2M | $653.5M | 150x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0186% / S −0.0213% | 1h | 86,360.5 | −0.006% | $15.2M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0199% | 8h | 86,393 | +0.032% | $9.8M | $734.7M | 6.4x | as long as short |
Reya BTCRUSDPERP
Injective BTC/USDC PERP
Aftermath Perps BTCUSD
BingX BTC-USDC
Phemex BTCUSDT
Bitget BTCUSDT
Binance BTCUSDT
MEXC BTC_USDT
Aevo BTC-PERP
Gate BTC_USDT
Bybit BTCUSDT
Lighter RH BTC
Popdex 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
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
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Extended BTC-USD
Hibachi BTC/USDT-P
Jupiter Perps WBTC-PERP
Perpl BTC
Coinbase International BTC-PERP-INTX
Kraken Futures PF_XBTUSD
BloFin BTC-USDT
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP