BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0073%/8h= −8.0% APRnext payment −$0.09 per $10,000 · paid last 24h −0.022%

Price spread now: Injective against Lighter+0.081%96s7-day average +0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$12as 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−$90.089% of the position

Long on Lighter Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.034%−$3 on $10k

Price spread, last 3 days (all we have)−0.109%−$11 · spread now +0.081%, 7d avg +0.002%

Together, before fees−0.143%+ Points / potential airdropLighter: Season 3 · farm board−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.078% dearer against Lighter than usual: you sell high and buy low (spread +0.081% now, against its 7-day average of +0.002%): +$8 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.6 days. At the pace of the last 7 days (−0.034% in total) that is about 16 days. The two prices were read 96 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	86,288.3	0.0096	pay 0.0012% / 1h	15m 31s	$170.5M	$990.6M	50x
Short	Injective BTC/USDC PERP	86,358	0.0023	get 0.0003% / 1h	15m 31s	$343K	$26.9M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.081%Rate

Funding earned: −$15.34
Price spread: +0.081% → +0.002%: $7.84
Slippage, 4 orders: −$8.91
Fee Lighter: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$16.43
Costs to cover: 0.089%
Break-even: never at this rate

Slippage from Lighter: live order book, 9 min ago; Injective: live order book, 4 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, 9 min ago	0.23 bp	0.2 bp $0	0.3 bp −$3	1.2 bp −$120	4.0 bp −$1,980
Sell Injective live order book, 4 min ago	2.84 bp	5.2 bp −$5	13.0 bp −$130	doesn't fit	doesn't fit

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	86,239	−0.057%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,299	+0.012%	$9K	$3K	50x	as long as short
Bluefin BTC-PERP	−0.0065%	1h	86,267.2	−0.024%	$144K	$667K	40x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,286.3	−0.002%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	86,286.3	−0.002%	$538K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,249.2	−0.045%	$36.9M	—	200x	as long as short
dYdX BTC-USD	+0.0023%	1h	86,288.1	0.000%	$16.9M	$20.5M	50x	as long as short
Injective BTC/USDC PERPshort	+0.0023%	1h	86,358	+0.081%	$343K	$26.9M	52x
Aster BTCUSDT	+0.0031%	8h	86,289.5	+0.001%	$500.4M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0043%	8h	86,283.5	−0.006%	$831.5M	$718.4M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0048%	1h	86,289	+0.001%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDC	+0.0051%	8h	86,268.8	−0.023%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,287.3	−0.001%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0065%	8h	86,288.5	0.000%	$2.97B	$5.05B	150x	as long as short
SoDEX BTC-USD	+0.0075%	1h	86,258	−0.035%	$60.4M	$338.2M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,233.6	−0.063%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0083%	8h	86,290.9	+0.003%	$5.10B	$5.74B	500x	as long as short
Binance BTCUSDT	+0.0084%	8h	86,284.6	−0.004%	$9.40B	$24.32B	150x	as long as short
Lighter BTClong	+0.0096%	1h	86,288.3	long leg	$170.5M	$990.6M	50x
Lighter RH BTC	+0.0096%	1h	86,291.3	+0.003%	$23.6M	$151.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,283	−0.006%	$8.4M	$52.1M	100x	as long as short
Gate BTC_USDT	+0.0099%	8h	86,283.8	−0.005%	$5.77B	$10.61B	200x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,259	−0.034%	$196K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,308.5	+0.023%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,275.1	−0.015%	$22.0M	$227.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,362	+0.085%	$3.78B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,315.1	+0.031%	$40.6M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,296.9	+0.010%	$5.26B	$9.64B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,300.2	+0.014%	$2.56B	$12.46B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,280	−0.010%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,304.8	+0.019%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.165%	$580.3M	$59.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,244.5	−0.051%	$35.7M	$160.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,226.1	−0.072%	$156.7M	$559.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,200.2	−0.102%	$278.4M	$953.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,212.1	−0.088%	$216.4M	$165.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,240.1	−0.056%	$141.3M	$320.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,233.9	−0.063%	$30.6M	$208.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,318.1	+0.034%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,288	0.000%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,295.1	+0.008%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,221.5	−0.077%	$2.4M	$9.0M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,262.1	−0.030%	$30.3M	$56.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,207.5	−0.094%	$3.3M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,239.1	−0.057%	$2.29B	$959.3M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,265.8	−0.026%	$155.2M	$473.3M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,257.8	−0.035%	$46.0M	$222.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,210	−0.091%	—	$99.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,300	+0.014%	$132.3M	$5.33B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,294.7	+0.007%	$191.3M	$947.1M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,254.4	−0.039%	$712K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0169%	1h	86,303	+0.017%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0203%	8h	86,184.8	−0.120%	$415.3M	$641.0M	150x	as long as short
Kalshi KXBTCPERP	+0.0204%	8h	86,277	−0.013%	$10.5M	$765.8M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,247	−0.048%	$14.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0208%	1h	86,308.4	+0.023%	$902.2M	$1.51B	50x	as long as short