BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0092%/8h= −10.0% APRnext payment −$0.11 per $10,000 · paid last 24h −0.028%

Price spread now: gTrade (Gains Network) against Lighter+0.010%7-day average −0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$8as in the Price arb table

costs, in and out, $10k−$90.093% of the position

Long on Lighter Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.083%−$8 on $10k

Price spread, last 3 days (all we have)−0.010%−$1 · spread now +0.010%, 7d avg −0.003%

Together, before fees−0.093%+ Points / potential airdropLighter: Season 3 · farm board−$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.003%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BTC	86,822.6	0.0096	pay 0.0012% / 1h	23m 45s	$172.1M	$1.01B	50x
Short	gTrade (Gains Network) BTC/USD	86,831	L +0.0005% / S −0.0004%	get 0.0001% / 1h	23m 45s	$36.9M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.010%Rate

Funding earned: −$19.22
Price spread: +0.010% → −0.003%: $1.31
Slippage, 4 orders: −$2.3
Fee Lighter: 0 bp × 2 orders: $0
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$27.21
Costs to cover: 0.093%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; gTrade (Gains Network): virtual book (oracle venue), just now.

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	0.01 bp	0.1 bp $0	0.3 bp −$3	0.6 bp −$55	2.6 bp −$1,311
Sell gTrade (Gains Network) virtual book (oracle venue), just now	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,183

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
Aftermath Perps BTCUSD	−0.0236%	1h	86,700	−0.141%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,815.1	−0.009%	$431K	$24.8M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,583	−0.276%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,781	−0.048%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0071%	1h	86,784.5	−0.044%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,822.9	0.000%	$364K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,844.3	+0.025%	$934.6M	$1.45B	50x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	86,807.9	−0.017%	$849.5M	$706.9M	125x	as long as short
gTrade (Gains Network) BTC/USDshort	L +0.0005% / S −0.0004%	1h	86,831	+0.010%	$36.9M	—	200x
Aster BTCUSDT	+0.0009%	8h	86,798.9	−0.027%	$507.0M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,799.1	−0.027%	$6.8M	$144.4M	40x	as long as short
Phemex BTCUSDT	+0.0021%	8h	86,810.2	−0.014%	$150.4M	$471.6M	150x	as long as short
BingX BTC-USDC	+0.0025%	8h	86,805.4	−0.020%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0033%	8h	86,813.6	−0.010%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.211%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0056%	8h	86,810.4	−0.014%	$5.19B	$5.69B	500x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,811.2	−0.013%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0057%	8h	86,812.3	−0.012%	$9.45B	$24.34B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,802.1	−0.024%	$9.2M	$41.9M	25x	as long as short
Gate BTC_USDT	+0.0080%	8h	86,813.4	−0.011%	$5.86B	$10.65B	200x	as long as short
OKX BTC-USDT-SWAP	+0.0080%	8h	86,824.8	+0.003%	$2.56B	$12.75B	100x	as long as short
Bybit BTCUSDT	+0.0084%	8h	86,810.9	−0.013%	$5.28B	$9.69B	150x	as long as short
Lighter BTClong	+0.0096%	1h	86,822.6	long leg	$172.1M	$1.01B	50x
Lighter RH BTC	+0.0096%	1h	86,827.5	+0.006%	$24.0M	$153.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,790	−0.038%	$8.5M	$52.3M	100x	as long as short
Variational Omni BTC	+0.0097%	8h	86,726.9	−0.110%	$159.3M	$566.6M	—	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,780	−0.049%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,838	+0.018%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,799.9	−0.026%	$21.8M	$235.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,886	+0.073%	$3.83B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,822.1	−0.001%	$41.0M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,791	−0.036%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,861.5	+0.045%	$7.6M	$94.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.282%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,808.6	−0.016%	$38.2M	$148.5M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,653.8	−0.194%	$280.0M	$950.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,676.9	−0.168%	$217.6M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,687.3	−0.156%	$141.5M	$322.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,729.7	−0.107%	$30.8M	$205.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,835.8	+0.015%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,800	−0.026%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,811	−0.013%	$198K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,829.6	+0.008%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,841.9	+0.022%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,818.2	−0.005%	$30.1M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,790.9	−0.037%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,810	−0.015%	$60.6M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,797	−0.029%	$2.31B	$958.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,803.5	−0.022%	$46.3M	$228.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,820.2	−0.003%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,842.7	+0.023%	$188.8M	$932.9M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,861.3	+0.045%	$132.2M	$5.87B	50x	as long as short
Kalshi KXBTCPERP	+0.0133%	8h	86,833	+0.012%	$9.6M	$726.2M	6.4x	as long as short
BloFin BTC-USDT	+0.0177%	8h	86,751.2	−0.082%	$417.2M	$654.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0179% / S −0.0201%	1h	86,826.4	+0.004%	$14.7M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	86,782.6	−0.046%	$618K	$7.1M	30x	as long as short