BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0040%/8h= −4.4% APRnext payment −$0.05 per $10,000 · paid last 24h +0.001%

Price spread now: Nado against Lighter−0.024%47s7-day average −0.004% · you buy dearer than you sell

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

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

costs, in and out, $10k−$80.079% of the position

Long on Lighter Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.003%$0 on $10k

Price spread, last 7 days+0.027%+$3 · spread now −0.024%, 7d avg −0.004%

Together, before fees+0.030%+ Points / potential airdropLighter: Season 3 · Nado: Active · farm board+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.004%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. The two prices were read 47 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	85,794	0.0096	pay 0.0012% / 1h	24m 41s	$170.4M	$989.9M	50x
Short	Nado BTC-PERP	85,773.4	0.0056	get 0.0007% / 1h	24m 41s	$22.6M	$227.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.024%Rate

Funding earned: −$8.36
Price spread: −0.024% → −0.004%: −$1.99
Slippage, 4 orders: −$0.87
Fee Lighter: 0 bp × 2 orders: $0
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$18.22
Costs to cover: 0.079%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; Nado: 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	0.25 bp	0.2 bp $0	0.3 bp −$3	1.5 bp −$147	4.4 bp −$2,224
Sell Nado live order book, 5 min ago	0.06 bp	3.6 bp −$4	4.1 bp −$41	5.3 bp −$529	11.9 bp −$5,958

BTC on 55 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	−0.0144%	1h	85,733	−0.071%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,797	+0.003%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,768.3	−0.030%	$365K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,796.2	+0.003%	$514K	$20.7M	6.7x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,800	+0.007%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,817.8	+0.028%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	−0.120%	$340K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0033%	8h	85,775.2	−0.022%	$904.5M	$754.4M	125x	as long as short
Aster BTCUSDT	+0.0037%	8h	85,772.4	−0.025%	$516.7M	$1.14B	200x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,804.5	+0.012%	$8.2M	$42.1M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0055%	8h	85,782.3	−0.014%	—	$16.2M	—	as long as short
Nado BTC-PERPshort	+0.0056%	1h	85,773.4	−0.024%	$22.6M	$227.7M	50x
Reya BTCRUSDPERP	+0.0057%	1h	85,788.6	−0.006%	$6.7M	$146.3M	40x	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,792.9	−0.001%	$2.95B	$5.08B	150x	as long as short
ApeX Omni BTCUSDT	+0.0070%	1h	85,752.5	−0.048%	$140.2M	$319.5M	100x	as long as short
HTX BTC-USDT	+0.0073%	8h	85,788.6	−0.006%	$2.27B	$946.7M	200x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,799.4	+0.006%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0091%	8h	85,752	−0.049%	$5.07B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0092%	8h	85,781.5	−0.015%	$9.34B	$24.31B	150x	as long as short
Lighter BTClong	+0.0096%	1h	85,794	long leg	$170.4M	$989.9M	50x
Lighter RH BTC	+0.0096%	1h	85,799.6	+0.007%	$23.6M	$147.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,782	−0.014%	$8.4M	$51.9M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,755	−0.045%	$202K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,781.3	−0.015%	$3.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,852	+0.068%	$3.76B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,808	+0.016%	$40.3M	$571.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,787.7	−0.007%	$5.31B	$9.74B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,766.2	−0.032%	$2.54B	$12.36B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,784	−0.012%	$4.0M	$18.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,755.4	−0.045%	$7.3M	$98.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,744.8	−0.057%	$590.5M	$195.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,799.7	+0.007%	$5.61B	$10.54B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,785.7	−0.010%	$35.4M	$164.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,799.4	+0.006%	$156.6M	$556.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,740.4	−0.062%	$278.7M	$939.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,752.4	−0.049%	$215.2M	$166.3M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,771.2	−0.027%	$30.3M	$208.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,842.5	+0.056%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,789	−0.006%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,804	+0.012%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,810.3	+0.019%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,844	+0.058%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,798.4	+0.005%	$30.0M	$56.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,771.5	−0.026%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,795	+0.001%	$60.1M	$337.3M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,794.5	+0.001%	$154.1M	$480.3M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,760.3	−0.039%	$44.0M	$228.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,793.6	0.000%	—	$100.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,835	+0.048%	$131.2M	$5.16B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,815.6	+0.025%	$697K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,824.7	+0.036%	$188.6M	$963.2M	100x	as long as short
Aftermath Perps BTCUSD	+0.0166%	1h	85,739.1	−0.064%	$78K	$219K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0184%	1h	85,844.4	+0.059%	$894.6M	$1.53B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0192%	1h	85,807.2	+0.015%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	85,811	+0.020%	$10.2M	$770.1M	6.4x	as long as short