Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0024%/8h= −2.7% APRpaid last 24h −0.016%

Price spread now: Phemex against Lighter−0.004%7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$130.125% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.074%−$7 on $10k

Price spread, last 4 days (all we have)−0.048%−$5 · spread now −0.004%, 7d avg −0.015%

Together, before fees−0.121%+ Points / potential airdropLighter: Season 3 · farm board−$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.015%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BTC	85,405.4	0.0096	pay 0.0012% / 1h	55m 55s	$171.9M	$1.01B	50x
Short	Phemex BTCUSDT	85,402.1	0.0072	get 0.0072% / 8h	2h 55m	$149.1M	$499.0M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.004%Rate

Funding earned: −$5.11
Price spread: −0.004% → −0.015%: $1.14
Slippage, 4 orders: −$0.51
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$16.49
Costs to cover: 0.125%
Break-even: never at this rate

Slippage from Lighter: live order book, 8 min ago; Phemex: 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	0.25 bp	0.3 bp $0	0.5 bp −$5	1.3 bp −$134	3.7 bp −$1,859
Sell Phemex live order book, 3 min ago	0.01 bp	6.0 bp −$6	6.6 bp −$66	8.7 bp −$869	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	−0.0140%	1h	85,413	+0.009%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,374	−0.037%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0053%	8h	85,381.2	−0.028%	$920.3M	$760.2M	125x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,453.7	+0.057%	$422.3M	$676.6M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,376	−0.034%	$381K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0011%	8h	85,380.3	−0.029%	$514.0M	$1.10B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,409.1	+0.004%	$16.8M	$21.2M	50x	as long as short
Perpl BTC	0.0000%	43m	85,370.2	−0.041%	$539K	$18.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,415.4	+0.012%	$36.5M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,449	+0.051%	$339K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0045%	1h	85,383.1	−0.026%	$24.3M	$223.2M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,420.5	+0.018%	$187.5M	$956.5M	100x	as long as short
BingX BTC-USDC	+0.0063%	8h	85,363.3	−0.049%	—	$17.3M	—	as long as short
Bullet BTC-USD	+0.0070%	1h	85,397.8	−0.009%	$202K	$3.3M	20x	as long as short
Phemex BTCUSDTshort	+0.0072%	8h	85,402.1	−0.004%	$149.1M	$499.0M	150x
Bitget BTCUSDT	+0.0080%	8h	85,389.4	−0.019%	$2.95B	$5.14B	150x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,394.7	−0.013%	$2.6M	$6.2M	20x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,380	−0.030%	$5.07B	$5.66B	500x	as long as short
SoDEX BTC-USD	+0.0089%	1h	85,398	−0.009%	$59.9M	$335.9M	40x	as long as short
Binance BTCUSDT	+0.0090%	8h	85,387.9	−0.020%	$9.44B	$24.66B	150x	as long as short
Lighter BTClong	+0.0096%	1h	85,405.4	long leg	$171.9M	$1.01B	50x
Lighter RH BTC	+0.0096%	1h	85,414.4	+0.011%	$23.9M	$147.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,373	−0.038%	$8.4M	$55.2M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,437	+0.037%	$117.2M	$5.28B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,349	−0.066%	$239K	$8.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,415	+0.011%	$5.6M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,462	+0.066%	$3.78B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,424.2	+0.022%	$40.1M	$593.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,387.6	−0.021%	$5.18B	$9.88B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,390.4	−0.018%	$2.59B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,420	+0.017%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,379.4	−0.030%	$4.7M	$99.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,385.2	−0.024%	$5.54B	$10.76B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,371.3	−0.040%	$36.5M	$176.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,385.5	−0.023%	$154.2M	$565.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,391.5	−0.016%	$279.0M	$933.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,417.2	+0.014%	$214.5M	$169.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,428.6	+0.027%	$139.6M	$316.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,439.9	+0.040%	$30.1M	$206.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,450.1	+0.052%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,373	−0.038%	$11.1M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,401.4	−0.005%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,447.7	+0.050%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,382.8	−0.026%	$30.0M	$50.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,380.7	−0.029%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,390.9	−0.017%	$2.26B	$950.7M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,404.3	−0.001%	$678.7M	$662.5M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0102%	1h	85,443	+0.044%	$872.2M	$1.60B	50x	as long as short
Extended BTC-USD	+0.0104%	1h	85,360.2	−0.053%	$45.8M	$236.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,406.2	+0.001%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0108%	1h	85,368.7	−0.043%	$6.6M	$147.3M	40x	as long as short
Kalshi KXBTCPERP	+0.0166%	8h	85,421	+0.018%	$11.4M	$750.8M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,407.3	+0.002%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,501.3	+0.112%	$695K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0243%	1h	85,437.5	+0.038%	$78K	$225K	20x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,409.3	+0.005%	$8.7M	$43.0M	25x	as long as short