BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.01 per $10,000 · paid last 24h +0.001%

Price spread now: Pacifica against Lighter+0.042%57s7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$8as 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−$90.090% of the position

Long on Lighter Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.011%+$1 on $10k

Price spread, last 7 days−0.039%−$4 · spread now +0.042%, 7d avg +0.012%

Together, before fees−0.028%+ Points / potential airdropLighter: Season 3 · Pacifica: Active · farm board−$3 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: Pacifica is 0.030% dearer against Lighter than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.012%. The two prices were read 57 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	86,683	0.0096	pay 0.0012% / 1h	52m 48s	$172.3M	$1.00B	50x
Short	Pacifica BTC	86,719.5	0.0100	get 0.0013% / 1h	52m 48s	$41.6M	$484.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now +0.042%Rate

Funding earned: $0.84
Price spread: +0.042% → +0.012%: $2.97
Slippage, 4 orders: −$1.05
Fee Lighter: 0 bp × 2 orders: $0
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$5.24
Costs to cover: 0.090%
Break-even: 50.7 days

Slippage from Lighter: live order book, 6 min ago; Pacifica: live order book, 1 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, 6 min ago	0.26 bp	0.4 bp $0	0.4 bp −$4	1.0 bp −$100	3.6 bp −$1,781
Sell Pacifica live order book, 1 min ago	0.06 bp	4.1 bp −$4	5.0 bp −$50	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
Perpl BTC	−0.0335%	43m	86,698.3	+0.018%	$425K	$25.4M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0190%	1h	86,813.6	+0.151%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,701	+0.021%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,676	−0.008%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0073%	1h	86,696.3	+0.015%	$18.1M	$19.9M	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,685.1	+0.002%	$845.8M	$708.4M	125x	as long as short
Bluefin BTC-PERP	−0.0001%	1h	86,682.8	0.000%	$160K	$575K	40x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,735	+0.060%	$361K	$2.5M	50x	as long as short
Kalshi KXBTCPERP	0.0000%	8h	86,746	+0.073%	$8.8M	$725.0M	6.4x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,743.2	+0.069%	$36.7M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BTCUSDT	+0.0015%	8h	86,654.2	−0.033%	$505.9M	$1.16B	200x	as long as short
BingX BTC-USDT	+0.0019%	8h	86,658.2	−0.029%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0021%	8h	86,698.8	+0.018%	$149.6M	$469.3M	150x	as long as short
Reya BTCRUSDPERP	+0.0021%	1h	86,718.9	+0.041%	$6.8M	$143.9M	40x	as long as short
Bitget BTCUSDT	+0.0026%	8h	86,673	−0.012%	$2.95B	$5.08B	150x	as long as short
MEXC BTC_USDT	+0.0046%	8h	86,650.9	−0.037%	$5.21B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0047%	8h	86,672.4	−0.012%	$9.45B	$24.34B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,709.2	+0.030%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.057%	$315K	$26.8M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0058%	8h	86,675.2	−0.009%	$2.58B	$12.72B	100x	as long as short
Gate BTC_USDT	+0.0061%	8h	86,658.4	−0.028%	$5.86B	$10.55B	200x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,740.7	+0.067%	$9.0M	$42.1M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0069%	1h	86,747	+0.074%	$922.1M	$1.38B	50x	as long as short
Bybit BTCUSDT	+0.0077%	8h	86,667.9	−0.017%	$5.28B	$9.69B	150x	as long as short
Variational Omni BTC	+0.0088%	8h	86,792.9	+0.127%	$161.2M	$563.4M	—	as long as short
GRVT BTC_USDT_Perp	+0.0095%	8h	86,798	+0.133%	$217.8M	$191.2M	50x	as long as short
Lighter BTClong	+0.0096%	1h	86,683	long leg	$172.3M	$1.00B	50x
Lighter RH BTC	+0.0096%	1h	86,694.6	+0.013%	$24.1M	$152.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,705	+0.025%	$8.5M	$52.1M	100x	as long as short
Orderly PERP_BTC_USDC	+0.0098%	8h	86,715.4	+0.037%	$2.5M	$8.4M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,738.5	+0.064%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,705	+0.025%	$202K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,711	+0.032%	$21.9M	$237.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,755	+0.083%	$3.85B	$5.09B	40x	as long as short
Pacifica BTCshort	+0.0100%	1h	86,719.5	+0.042%	$41.6M	$484.5M	50x
Ondo Perps BTC-USD.P	+0.0100%	1h	86,701	+0.021%	$3.9M	$18.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,800.8	+0.136%	$7.6M	$95.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,919.5	+0.273%	$573.8M	$23.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,700.6	+0.020%	$38.2M	$148.1M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,752.1	+0.080%	$280.2M	$945.8M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,805.9	+0.142%	$142.0M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,699	+0.018%	$30.8M	$205.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,780.3	+0.112%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,731	+0.055%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,722.6	+0.046%	$201K	$3.4M	20x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,704.9	+0.025%	$30.0M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,705.2	+0.026%	$3.4M	$5.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,696	+0.015%	$60.5M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,704.3	+0.025%	$2.30B	$954.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,678.4	−0.005%	$46.2M	$228.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,739.7	+0.065%	—	$98.1M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,738.2	+0.064%	$192.7M	$927.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,750.2	+0.078%	$132.2M	$5.93B	50x	as long as short
BloFin BTC-USDT	+0.0167%	8h	86,696.6	+0.016%	$419.6M	$641.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0200%	1h	86,733.9	+0.059%	$15.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	86,708.9	+0.030%	$748K	$7.0M	30x	as long as short