Funding you earn now, next payment 00:00 UTC+0.0008%/8h= +0.9% APRnext payment +$0.01 per $10,000 · paid last 24h 0.000%
Price spread now: Extended against Lighter−0.024%7-day average −0.046% · you buy dearer than you sell
Net, funding: paid 7d − costs−$4as in the Funding arb table
Net, price: spread back to 7d avg − costs−$4as in the Price arb table
costs, in and out, $10k−$60.061% of the position
Funding, last 7 days+0.026%+$3 on $10k
+Price spread, last 7 days+0.014%+$1 · spread now −0.024%, 7d avg −0.046%
=Together, before fees+0.040%+ Points / potential airdropLighter: Season 3 · Extended: Active · farm board+$4 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: Extended is 0.022% dearer against Lighter than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.046%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter BTC | 86,582.1 | 0.0096 | pay 0.0012% / 1h | 3m 48s | $170.0M | $1.02B | 50x |
| Short | Extended BTC-USD | 86,561.2 | 0.0104 | get 0.0013% / 1h | 3m 48s | $45.8M | $225.0M | 50x |
Lighter BTC
Extended BTC-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Extended 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
- $1.68
- Price spread: −0.024% → −0.046%
- $2.21
- Slippage, 4 orders
- −$1.14
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Extended: 2.5 bp × 2 orders
- −$5
- Net
- −$2.24
- Costs to cover
- 0.061%
- Break-even
- 16.4 days
Slippage from Lighter: live order book, 5 min ago; Extended: live order book, 5 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, 5 min ago | 0.02 bp | 0.0 bp $0 | 0.5 bp −$5 | 1.1 bp −$107 | 3.5 bp −$1,767 |
| Sell Extended live order book, 5 min ago | 0.06 bp | 2.6 bp −$3 | 2.6 bp −$26 | 2.6 bp −$261 | 8.3 bp −$4,127 |
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 | −0.160% | $2.2M | $11.8M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,513 | −0.080% | $9K | $3K | 50x | as long as short |
| Injective BTC/USDC PERP | −0.0035% | 1h | 86,345 | −0.274% | $332K | $26.9M | 52x | as long as short |
| RISEx BTC/USDC | −0.0024% | 1h | 86,571.7 | −0.012% | $8.3M | $42.7M | 25x | as long as short |
| 01 Exchange BTCUSD | −0.0016% | 1h | 86,581.3 | −0.001% | $360K | $2.4M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 86,550.9 | −0.036% | $412K | $22.4M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0005% | 1h | 86,592.6 | +0.012% | $36.9M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0012% | 8h | 86,581.1 | −0.001% | $502.2M | $1.15B | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0024% | 8h | 86,584.3 | +0.003% | $835.3M | $728.5M | 125x | as long as short |
| Reya BTCRUSDPERP | +0.0037% | 1h | 86,575.5 | −0.008% | $6.7M | $145.6M | 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-USDC | +0.0044% | 8h | 86,566.2 | −0.018% | — | $15.5M | — | as long as short |
| Phemex BTCUSDT | +0.0054% | 8h | 86,572.9 | −0.011% | $151.9M | $478.9M | 150x | as long as short |
| Bitget BTCUSDT | +0.0056% | 8h | 86,572.6 | −0.011% | $2.97B | $5.12B | 150x | as long as short |
| dYdX BTC-USD | +0.0064% | 1h | 86,559.6 | −0.026% | $17.0M | $21.2M | 50x | as long as short |
| Aevo BTC-PERP | +0.0072% | 1h | 86,567.9 | −0.016% | $2.5M | $1.4M | 20x | as long as short |
| MEXC BTC_USDT | +0.0075% | 8h | 86,576 | −0.007% | $5.16B | $5.69B | 500x | as long as short |
| Binance BTCUSDT | +0.0075% | 8h | 86,576.7 | −0.006% | $9.45B | $24.54B | 150x | as long as short |
| Gate BTC_USDT | +0.0081% | 8h | 86,572 | −0.012% | $5.85B | $10.82B | 200x | as long as short |
| Lighter BTClong | +0.0096% | 1h | 86,582.1 | long leg | $170.0M | $1.02B | 50x | |
| Lighter RH BTC | +0.0096% | 1h | 86,584 | +0.002% | $23.8M | $153.3M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 86,578 | −0.005% | $8.5M | $52.3M | 100x | as long as short |
| Bybit BTCUSDT | +0.0099% | 8h | 86,573.8 | −0.010% | $5.27B | $9.79B | 150x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,540 | −0.049% | $195K | $7.1M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,592.1 | +0.012% | $4.8M | $8.5M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 86,531.5 | −0.058% | $21.7M | $233.9M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 86,651 | +0.080% | $3.80B | $5.10B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 86,580.7 | −0.002% | $41.1M | $538.1M | 50x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 86,585.9 | +0.004% | $2.55B | $12.75B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,568 | −0.016% | $3.9M | $18.4M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,588.6 | +0.008% | $7.3M | $96.2M | 40x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 86,577.1 | −0.006% | $38.1M | $155.7M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 86,474 | −0.125% | $157.6M | $567.5M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,494.6 | −0.101% | $279.4M | $947.7M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 86,461.1 | −0.140% | $217.1M | $172.4M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 86,505.5 | −0.088% | $141.8M | $323.3M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,504 | −0.090% | $30.7M | $207.1M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,604.7 | +0.026% | — | $11.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,582 | 0.000% | $11.1M | $14.0M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 86,577.4 | −0.005% | $193K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 86,570.7 | −0.013% | $2.5M | $9.3M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 86,616.8 | +0.040% | $141K | $663K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 86,605.7 | +0.027% | $30.5M | $62.6M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 86,543 | −0.045% | $3.4M | $5.3M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 86,565 | −0.020% | $60.5M | $338.0M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 86,564.1 | −0.021% | $2.30B | $968.5M | 200x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,452.9 | −0.149% | $572.2M | $12.3M | 40x | as long as short |
| Extended BTC-USDshort | +0.0104% | 1h | 86,561.2 | −0.024% | $45.8M | $225.0M | 50x | |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,545.6 | −0.042% | — | $100.0M | 500x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0110% | 1h | 86,600 | +0.021% | $193.6M | $953.0M | 100x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 86,617.2 | +0.041% | $132.2M | $5.64B | 50x | as long as short |
| Aftermath Perps BTCUSD | +0.0160% | 1h | 86,521.6 | −0.070% | $78K | $219K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0184% | 1h | 86,531.8 | −0.058% | $717K | $8.1M | 30x | as long as short |
| BloFin BTC-USDT | +0.0195% | 8h | 86,487.6 | −0.109% | $415.0M | $659.1M | 150x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0200% / S −0.0225% | 1h | 86,583 | +0.001% | $15.0M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0209% | 8h | 86,577 | −0.006% | $10.4M | $754.5M | 6.4x | as long as short |
| Deribit BTC-PERPETUAL | +0.0254% | 1h | 86,619.9 | +0.044% | $912.9M | $1.49B | 50x | as long as short |
BingX BTC-USDC
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
Jupiter Perps WBTC-PERP
Kraken Futures PF_XBTUSD
Coinbase International BTC-PERP-INTX
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
BloFin BTC-USDT
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Deribit BTC-PERPETUAL