Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0018%/8h= −2.0% APRpaid last 24h −0.008%

Price spread now: OKX against Lighter+0.021%7-day average −0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

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

costs, in and out, $10k−$110.110% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.031%−$3 on $10k

Price spread, last 7 days−0.023%−$2 · spread now +0.021%, 7d avg −0.009%

Together, before fees−0.055%+ Points / potential airdropLighter: Season 3 · farm board−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.029% dearer against Lighter than usual: you sell high and buy low (spread +0.021% now, against its 7-day average of −0.009%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BTC	86,765.1	0.0096	pay 0.0012% / 1h	26m 19s	$171.9M	$1.01B	50x
Short	OKX BTC-USDT-SWAP	86,783.1	0.0078	get 0.0078% / 8h	2h 26m	$2.56B	$12.74B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.021%Rate

Funding earned: −$3.74
Price spread: +0.021% → −0.009%: $2.94
Slippage, 4 orders: −$0.95
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$11.76
Costs to cover: 0.110%
Break-even: never at this rate

Slippage from Lighter: live order book, 8 min ago; OKX: live order book, 3 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, 8 min ago	0.01 bp	0.0 bp $0	0.1 bp −$1	0.5 bp −$52	2.8 bp −$1,407
Sell OKX live order book, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	6.6 bp −$660	8.1 bp −$4,061

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	−0.0235%	1h	86,655	−0.127%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,737.5	−0.032%	$431K	$24.8M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,583	−0.210%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,653	−0.129%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0075%	1h	86,733.4	−0.037%	$17.6M	$20.5M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,756.3	−0.010%	$364K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,785.2	+0.023%	$935.2M	$1.45B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,728.8	−0.042%	$845.0M	$704.6M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,782.1	+0.020%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0008%	8h	86,743.7	−0.025%	$506.6M	$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	86,736.1	−0.033%	$6.7M	$144.4M	40x	as long as short
Phemex BTCUSDT	+0.0023%	8h	86,747.9	−0.020%	$150.3M	$471.8M	150x	as long as short
BingX BTC-USDT	+0.0025%	8h	86,758.4	−0.008%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0032%	8h	86,758.5	−0.008%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.145%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0055%	8h	86,756.5	−0.010%	$5.19B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0055%	8h	86,770.5	+0.006%	$9.45B	$24.32B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,754	−0.013%	$2.4M	$1.3M	20x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,726	−0.045%	$9.2M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAPshort	+0.0078%	8h	86,783.1	+0.021%	$2.56B	$12.74B	100x
Gate BTC_USDT	+0.0079%	8h	86,771.1	+0.007%	$5.86B	$10.64B	200x	as long as short
Bybit BTCUSDT	+0.0083%	8h	86,764.8	0.000%	$5.27B	$9.68B	150x	as long as short
Variational Omni BTC	+0.0095%	8h	86,614.5	−0.174%	$160.3M	$564.8M	—	as long as short
Lighter BTClong	+0.0096%	1h	86,765.1	long leg	$171.9M	$1.01B	50x
Lighter RH BTC	+0.0096%	1h	86,716.2	−0.056%	$24.0M	$153.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,731	−0.039%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,723	−0.049%	$195K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,752.1	−0.015%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,698.7	−0.077%	$21.8M	$235.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,815	+0.058%	$3.82B	$5.13B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,757.7	−0.009%	$41.0M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,718	−0.054%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,787.2	+0.025%	$7.8M	$94.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.216%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,681.7	−0.096%	$38.2M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,587	−0.205%	$279.7M	$950.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,622.1	−0.165%	$217.5M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,626.6	−0.160%	$141.4M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,625.2	−0.161%	$30.8M	$205.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,777.7	+0.015%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,739	−0.030%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,756.5	−0.010%	$198K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,783.6	+0.021%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,793.6	+0.033%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,758.8	−0.007%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,741.8	−0.027%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,751	−0.016%	$60.6M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,759.1	−0.007%	$2.30B	$958.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,738.1	−0.031%	$46.3M	$228.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,759.8	−0.006%	—	$98.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,783.4	+0.021%	$188.5M	$932.5M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,796	+0.036%	$132.3M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0126%	8h	86,695	−0.081%	$9.0M	$723.7M	6.4x	as long as short
BloFin BTC-USDT	+0.0175%	8h	86,679.4	−0.099%	$417.3M	$653.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0179% / S −0.0201%	1h	86,773.4	+0.010%	$14.7M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,666.7	−0.113%	$614K	$7.1M	30x	as long as short