Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.020%

Price spread now: edgeX against Lighter−0.106%49s7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$100.096% of the position

Long on Lighter Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.215%−$22 on $10k

Price spread, last 7 days+0.085%+$8 · spread now −0.106%, 7d avg −0.049%

Together, before fees−0.130%+ Points / potential airdropLighter: Season 3 · edgeX: Active · farm board−$13 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: edgeX is 0.058% cheaper against Lighter than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.049%. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BTC	85,652.8	0.0096	pay 0.0012% / 1h	58m 32s	$172.4M	$1.01B	50x
Short	edgeX BTCUSDC	85,561.6	0.0100	get 0.0050% / 4h	3h 58m	$279.5M	$922.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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

Position, each leg$Hold fordaysFee LighterbpFee edgeXbpOrdersPrice spread, now −0.106%Rate

Funding earned: $0.84
Price spread: −0.106% → −0.049%: −$5.79
Slippage, 4 orders: −$0.57
Fee Lighter: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$14.52
Costs to cover: 0.096%
Break-even: 128.0 days

Slippage from Lighter: live order book, 6 min ago; edgeX: 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	0.07 bp	0.5 bp $0	0.7 bp −$7	1.4 bp −$143	3.8 bp −$1,887
Sell edgeX live order book, 1 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	4.7 bp −$468	5.6 bp −$2,799

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	−0.0179%	1h	85,565	−0.103%	$2.1M	$10.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,657	+0.005%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0036%	8h	85,623.6	−0.034%	$923.3M	$753.8M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,665	+0.014%	$418.0M	$675.1M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,645.3	−0.009%	$367K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,680	+0.032%	$16.8M	$21.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,668	+0.018%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0015%	8h	85,635.4	−0.020%	$516.2M	$1.10B	200x	as long as short
SoDEX BTC-USD	+0.0042%	1h	85,649	−0.004%	$60.0M	$336.1M	40x	as long as short
Injective BTC/USDC PERP	+0.0044%	1h	85,690	+0.043%	$340K	$26.9M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BTCUSDT	+0.0062%	8h	85,652.3	−0.001%	$148.6M	$489.2M	150x	as long as short
Nado BTC-PERP	+0.0062%	1h	85,656.6	+0.004%	$25.1M	$222.4M	50x	as long as short
BingX BTC-USDT	+0.0063%	8h	85,644.2	−0.010%	—	$1.54B	—	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,639.3	−0.016%	$2.96B	$5.10B	150x	as long as short
Reya BTCRUSDPERP	+0.0088%	1h	85,658.2	+0.006%	$6.6M	$146.9M	40x	as long as short
Lighter BTClong	+0.0096%	1h	85,652.8	long leg	$172.4M	$1.01B	50x
Lighter RH BTC	+0.0096%	1h	85,653.8	+0.001%	$23.9M	$147.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,632	−0.024%	$8.7M	$53.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,645.8	−0.008%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,607	−0.053%	$202K	$8.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,706.1	+0.062%	$5.2M	$9.1M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,679.9	+0.032%	$40.5M	$582.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,630.7	−0.026%	$9.38B	$24.25B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,629	−0.028%	$5.19B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,635.4	−0.020%	$2.59B	$12.17B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,639	−0.016%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,634.2	−0.022%	$4.4M	$98.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,487.5	−0.193%	$672.1M	$698.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,641.2	−0.014%	$5.52B	$10.70B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,640.8	−0.014%	$5.06B	$5.62B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,630.7	−0.026%	$35.7M	$177.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,565.9	−0.101%	$153.8M	$564.4M	—	as long as short
edgeX BTCUSDCshort	+0.0100%	4h	85,561.6	−0.106%	$279.5M	$922.8M	100x
GRVT BTC_USDT_Perp	+0.0100%	8h	85,554.3	−0.115%	$214.7M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,562.4	−0.106%	$139.9M	$314.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,615.4	−0.044%	$30.2M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,706.7	+0.063%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,661	+0.010%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,662	+0.011%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,650.5	−0.003%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,698.2	+0.053%	$207K	$739K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,646.7	−0.007%	$30.0M	$50.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,625.1	−0.032%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,642.3	−0.012%	$2.27B	$946.6M	200x	as long as short
Hyperliquid BTC	+0.0102%	1h	85,721	+0.080%	$3.79B	$5.01B	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,614.4	−0.045%	$44.8M	$231.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,642	−0.013%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,687.9	+0.041%	$117.2M	$5.21B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,672.5	+0.023%	$187.6M	$955.1M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0146%	1h	85,697.5	+0.052%	$886.7M	$1.58B	50x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,662.8	+0.012%	$8.9M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,672.8	+0.023%	$13.2M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0211%	1h	85,582.8	−0.082%	$78K	$220K	20x	as long as short
Kalshi KXBTCPERP	+0.0220%	8h	85,696	+0.050%	$12.0M	$757.3M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,621.2	−0.037%	$702K	$7.8M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,682.6	+0.035%	$506K	$18.8M	6.7x	as long as short