Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:20 UTC−0.0319%/8h= −35.0% APRpaid last 24h −0.037%

Price spread now: Perpl against Lighter+0.038%7-day average +0.008% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.305%+$31 on $10k

Price spread, last 7 days+0.048%+$5 · spread now +0.038%, 7d avg +0.008%

Together, before fees+0.353%+ Points / potential airdropLighter: Season 3 · Perpl: Active · farm board+$35 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.030% dearer against Lighter than usual: you sell high and buy low (spread +0.038% now, against its 7-day average of +0.008%): +$3 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 7 hours. Mind the row above: over the last 7 days funding on this pair paid +0.305%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BTC	86,626.3	0.0096	pay 0.0012% / 1h	34m 18s	$172.1M	$1.01B	50x
Short	Perpl BTC	86,658.9	−0.0223	pay 0.0020% / 43m	21m 18s	$428K	$24.9M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpOrdersPrice spread, now +0.038%Rate

Funding earned: −$67.04
Price spread: +0.038% → +0.008%: $2.97
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$77.88
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 5 min ago; Perpl: no order-book sample. Net counts fees only.

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	0.38 bp	0.4 bp $0	0.5 bp −$5	0.9 bp −$86	3.4 bp −$1,701
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0229%	1h	86,609.7	−0.019%	$85K	$188K	20x	as long as short
Perpl BTCshort	−0.0223%	43m	86,658.9	+0.038%	$428K	$24.9M	6.7x
Phoenix BTC	−0.0103%	1h	86,539	−0.101%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0085%	1h	86,671.7	+0.052%	$17.6M	$20.6M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,648	+0.025%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,659.3	+0.038%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,643.9	+0.020%	$935.7M	$1.43B	50x	as long as short
KuCoin XBTUSDTM	+0.0001%	8h	86,638.4	+0.014%	$844.7M	$704.5M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,634.2	+0.009%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0008%	8h	86,640.6	+0.017%	$505.9M	$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	86,609.7	−0.019%	$6.7M	$144.3M	40x	as long as short
BingX BTC-USDC	+0.0022%	8h	86,601.2	−0.029%	—	$15.3M	—	as long as short
Phemex BTCUSDT	+0.0023%	8h	86,610.1	−0.019%	$149.5M	$471.2M	150x	as long as short
Bitget BTCUSDT	+0.0029%	8h	86,606.1	−0.023%	$2.95B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,621.3	−0.006%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.122%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0052%	8h	86,616.9	−0.011%	$5.19B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0053%	8h	86,615.9	−0.012%	$9.44B	$24.31B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,656.8	+0.035%	$9.2M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0070%	8h	86,610.5	−0.018%	$2.57B	$12.70B	100x	as long as short
Gate BTC_USDT	+0.0073%	8h	86,613.2	−0.015%	$5.86B	$10.63B	200x	as long as short
Bybit BTCUSDT	+0.0081%	8h	86,610.4	−0.018%	$5.27B	$9.67B	150x	as long as short
Variational Omni BTC	+0.0092%	8h	86,584.3	−0.048%	$160.0M	$567.1M	—	as long as short
Lighter BTClong	+0.0096%	1h	86,626.3	long leg	$172.1M	$1.01B	50x
Lighter RH BTC	+0.0096%	1h	86,631.6	+0.006%	$24.0M	$153.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,639	+0.015%	$8.5M	$52.1M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,707.5	+0.094%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,635	+0.010%	$195K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,644.7	+0.021%	$21.6M	$235.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,693	+0.077%	$3.82B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,686.5	+0.069%	$41.3M	$490.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,654	+0.032%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,716.2	+0.104%	$7.5M	$93.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,606.9	−0.022%	$571.9M	$22.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,633.4	+0.008%	$38.1M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,571.5	−0.063%	$279.6M	$949.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,662	+0.041%	$217.6M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,686.6	+0.070%	$141.7M	$322.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,593.6	−0.038%	$30.8M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,681.5	+0.064%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,629	+0.003%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,615.5	−0.012%	$194K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,630.6	+0.005%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,634.8	+0.010%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,618.4	−0.009%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,653.2	+0.031%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,610	−0.019%	$60.5M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,657.7	+0.036%	$2.30B	$957.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,596	−0.035%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,668	+0.048%	—	$98.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,644.4	+0.021%	$189.2M	$930.5M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,656	+0.034%	$132.0M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0123%	8h	86,669	+0.049%	$9.0M	$723.4M	6.4x	as long as short
BloFin BTC-USDT	+0.0172%	8h	86,606.7	−0.023%	$416.8M	$650.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,630	+0.004%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,617.4	−0.010%	$614K	$7.1M	30x	as long as short