BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0255%/8h= −27.9% APRnext payment −$0.32 per $10,000 · paid last 24h −0.017%

Price spread now: Phoenix against Lighter−0.067%7-day average +0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$80.078% of the position

Long on Lighter Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.098%−$10 on $10k

Price spread, last 7 days+0.135%+$13 · spread now −0.067%, 7d avg +0.044%

Together, before fees+0.037%+ Points / potential airdropLighter: Season 3 · farm board+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Phoenix is 0.111% cheaper against Lighter than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.044%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.098% in total (about -5.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.32 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BTC	86,661	0.0096	pay 0.0012% / 1h	42m 30s	$172.4M	$1.00B	50x
Short	Phoenix BTC	86,603	−0.0159	pay 0.0020% / 1h	42m 30s	$2.2M	$11.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.067%Rate

Funding earned: −$53.55
Price spread: −0.067% → +0.044%: −$11.11
Slippage, 4 orders: −$0.8
Fee Lighter: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$72.46
Costs to cover: 0.078%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 min ago; Phoenix: live order book, 2 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, 7 min ago	0.01 bp	0.0 bp $0	0.0 bp $0	0.6 bp −$64	3.4 bp −$1,716
Sell Phoenix live order book, 2 min ago	0.06 bp	3.7 bp −$4	4.5 bp −$45	9.2 bp −$915	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
Bluefin BTC-PERP	−0.1210%	1h	86,637.4	−0.027%	$141K	$618K	40x	as long as short
Aftermath Perps BTCUSD	−0.0175%	1h	86,597.5	−0.073%	$79K	$199K	20x	as long as short
Phoenix BTCshort	−0.0159%	1h	86,603	−0.067%	$2.2M	$11.8M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,620	−0.047%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0013%	1h	86,682.4	+0.025%	$17.5M	$20.3M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,682.4	+0.025%	$359K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0007%	8h	86,660	−0.001%	$505.8M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,615.3	−0.053%	$420K	$24.0M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,653.3	−0.009%	$925.6M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,630	−0.036%	$852.6M	$707.7M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,640	−0.024%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,677.2	+0.019%	$8.6M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,670.5	+0.011%	$6.7M	$144.8M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	−0.118%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0024%	8h	86,619.6	−0.048%	$149.6M	$473.0M	150x	as long as short
Hibachi BTC/USDT-P	+0.0024%	1h	86,651.1	−0.011%	$732K	$8.1M	30x	as long as short
BingX BTC-USDC	+0.0031%	8h	86,657.8	−0.004%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0041%	8h	86,677.2	+0.019%	$2.96B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,613.1	−0.055%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0060%	8h	86,669.2	+0.009%	$5.19B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,679.4	+0.021%	$9.44B	$24.30B	150x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,662.4	+0.002%	$5.86B	$10.64B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,675.9	+0.017%	$5.28B	$9.70B	150x	as long as short
Lighter BTClong	+0.0096%	1h	86,661	long leg	$172.4M	$1.00B	50x
Lighter RH BTC	+0.0096%	1h	86,686.4	+0.029%	$24.1M	$151.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,679	+0.021%	$8.5M	$52.1M	100x	as long as short
SoDEX BTC-USD	+0.0098%	1h	86,614	−0.054%	$60.5M	$336.9M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,652	−0.010%	$207K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,708.7	+0.055%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,666.6	+0.006%	$21.9M	$233.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,739	+0.090%	$3.82B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,691.7	+0.035%	$40.9M	$504.7M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,678.1	+0.020%	$2.55B	$12.70B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,690	+0.033%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,737.2	+0.088%	$7.4M	$93.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,527.4	−0.154%	$571.7M	$19.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,632.5	−0.033%	$38.5M	$153.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,560.2	−0.116%	$156.7M	$569.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,583.1	−0.090%	$279.6M	$943.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,610.1	−0.059%	$217.3M	$177.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,623.7	−0.043%	$141.6M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,593.7	−0.078%	$30.7M	$203.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,713.3	+0.060%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,678	+0.020%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,621	−0.046%	$193K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,624.3	−0.042%	$2.5M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,617.3	−0.050%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,615.5	−0.053%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,617.6	−0.050%	$2.30B	$958.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,654.1	−0.008%	$46.4M	$225.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,620.2	−0.047%	—	$98.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,664.3	+0.004%	$131.8M	$5.73B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,654.1	−0.008%	$191.5M	$936.4M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,618.8	−0.049%	$415.5M	$653.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0208%	1h	86,635.5	−0.029%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0191%	8h	86,649	−0.014%	$9.6M	$726.4M	6.4x	as long as short