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: Polymarket Perps against Lighter+0.003%7-day average −0.020% · you sell dearer than you buy

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

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

costs, in and out, $10k−$90.093% of the position

Long on Lighter Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.026%+$3 on $10k

Price spread, last 7 days−0.005%−$1 · spread now +0.003%, 7d avg −0.020%

Together, before fees+0.020%+ Points / potential airdropLighter: Season 3 · farm board+$2 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: Polymarket Perps is 0.024% dearer against Lighter than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.020%.

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 09s	$172.1M	$1.01B	50x
Short	Polymarket Perps BTC-USD	86,629	0.0100	get 0.0013% / 1h	34m 09s	$11.1M	$13.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.003%Rate

Funding earned: $0.84
Price spread: +0.003% → −0.020%: $2.35
Slippage, 4 orders: −$1.27
Fee Lighter: 0 bp × 2 orders: $0
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$6.08
Costs to cover: 0.093%
Break-even: 57.7 days

Slippage from Lighter: live order book, 5 min ago; Polymarket Perps: live order book, 5 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, 5 min ago	0.38 bp	0.4 bp $0	0.5 bp −$5	0.9 bp −$86	3.4 bp −$1,701
Sell Polymarket Perps live order book, 5 min ago	0.06 bp	4.5 bp −$4	5.8 bp −$58	7.7 bp −$774	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
Aftermath Perps BTCUSD	−0.0229%	1h	86,609.7	−0.019%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,658.9	+0.038%	$428K	$24.9M	6.7x	as long as short
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	86,606.4	−0.023%	$845.2M	$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	86,604.4	−0.025%	$505.7M	$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	86,604.3	−0.025%	—	$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	86,605.6	−0.024%	$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	86,610.1	−0.019%	$5.19B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0053%	8h	86,627.8	+0.002%	$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	86,635.9	+0.011%	$2.56B	$12.70B	100x	as long as short
Gate BTC_USDT	+0.0073%	8h	86,613.8	−0.014%	$5.86B	$10.63B	200x	as long as short
Bybit BTCUSDT	+0.0081%	8h	86,625	−0.002%	$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	86,684	+0.067%	$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	86,613.2	−0.015%	$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-USDshort	+0.0100%	1h	86,629	+0.003%	$11.1M	$13.7M	50x
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