Funding you earn now, next payment 00:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.01 per $10,000 · paid last 24h −0.005%
Price spread now: Backpack against Lighter RH−0.022%7-day average −0.019% · you buy dearer than you sell
Net, funding: paid 7d − costs−$28as in the Funding arb table
Net, price: spread back to 7d avg − costs−$12as in the Price arb table
costs, in and out, $10k−$120.116% of the position
Funding, last 7 days−0.163%−$16 on $10k
+Price spread, last 7 days−0.536%−$54 · spread now −0.022%, 7d avg −0.019%
=Together, before fees−0.699%+ Points / potential airdropLighter RH: Points live · farm board−$70 on $10k · with fees, hour by hour
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter RH BTC | 86,470.7 | 0.0096 | pay 0.0012% / 1h | 28m 58s | $24.0M | $152.2M | 50x |
| Short | Backpack BTC_USDC_PERP | 86,451.9 | 0.0100 | get 0.0013% / 1h | 28m 58s | $38.2M | $155.7M | 75x |
Lighter RH BTC
Backpack BTC_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Lighter RH. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $0.84
- Price spread: −0.022% → −0.019%
- −$0.25
- Slippage, 4 orders
- −$1.61
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$11.02
- Costs to cover
- 0.116%
- Break-even
- 98.8 days
Slippage from Lighter RH: live order book, 5 min ago; Backpack: 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 RH live order book, 5 min ago | 0.64 bp | 0.9 bp −$1 | 1.0 bp −$10 | 3.1 bp −$306 | 23.2 bp −$11.6K |
| Sell Backpack live order book, 5 min ago | 0.01 bp | 5.0 bp −$5 | 5.0 bp −$50 | 5.6 bp −$559 | 41.6 bp −$20.8K |
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 | −0.0118% | 1h | 86,477 | +0.007% | $2.2M | $11.8M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,455 | −0.018% | $9K | $3K | 50x | as long as short |
| Injective BTC/USDC PERP | −0.0035% | 1h | 86,568 | +0.113% | $333K | $26.8M | 52x | as long as short |
| RISEx BTC/USDC | −0.0024% | 1h | 86,473.2 | +0.003% | $8.3M | $42.9M | 25x | as long as short |
| 01 Exchange BTCUSD | −0.0016% | 1h | 86,488.3 | +0.020% | $358K | $2.5M | 50x | as long as short |
| Aster BTCUSDT | −0.0001% | 8h | 86,453.4 | −0.020% | $501.7M | $1.15B | 200x | as long as short |
| Perpl BTC | 0.0000% | 43m | 86,478.3 | +0.009% | $416K | $23.1M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 86,484.8 | +0.016% | $36.8M | — | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0017% | 8h | 86,453.7 | −0.020% | $850.1M | $715.5M | 125x | as long as short |
| Reya BTCRUSDPERP | +0.0031% | 1h | 86,456.6 | −0.016% | $6.7M | $145.5M | 40x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
Injective BTC/USDC PERP
RISEx BTC/USDC
01 Exchange BTCUSD
Aster BTCUSDT
Perpl BTC
gTrade (Gains Network) BTC/USD
KuCoin XBTUSDTM
Reya BTCRUSDPERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDT | +0.0042% | 8h | 86,453.8 | −0.020% | — | $1.59B | — | as long as short |
| Phemex BTCUSDT | +0.0051% | 8h | 86,464.1 | −0.008% | $150.7M | $478.6M | 150x | as long as short |
| Bitget BTCUSDT | +0.0052% | 8h | 86,447.1 | −0.027% | $2.96B | $5.13B | 150x | as long as short |
| Deribit BTC-PERPETUAL | +0.0056% | 1h | 86,503.7 | +0.038% | $914.7M | $1.48B | 50x | as long as short |
| dYdX BTC-USD | +0.0067% | 1h | 86,493.3 | +0.026% | $16.9M | $21.2M | 50x | as long as short |
| Binance BTCUSDT | +0.0070% | 8h | 86,452.6 | −0.021% | $9.42B | $24.57B | 150x | as long as short |
| MEXC BTC_USDT | +0.0070% | 8h | 86,447.5 | −0.027% | $5.16B | $5.66B | 500x | as long as short |
| Aevo BTC-PERP | +0.0072% | 1h | 86,454.3 | −0.019% | $2.4M | $1.3M | 20x | as long as short |
| Gate BTC_USDT | +0.0083% | 8h | 86,455.1 | −0.018% | $5.87B | $10.76B | 200x | as long as short |
| SoDEX BTC-USD | +0.0086% | 1h | 86,465 | −0.007% | $60.5M | $337.9M | 40x | as long as short |
| Lighter BTC | +0.0096% | 1h | 86,462.3 | −0.010% | $170.3M | $1.01B | 50x | as long as short |
| Lighter RH BTClong | +0.0096% | 1h | 86,470.7 | long leg | $24.0M | $152.2M | 50x | |
| Popdex BTCUSDT | +0.0096% | 1h | 86,462 | −0.010% | $8.5M | $52.4M | 100x | as long as short |
| Bybit BTCUSDT | +0.0098% | 8h | 86,452.8 | −0.021% | $5.26B | $9.81B | 150x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,444 | −0.031% | $200K | $7.1M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,495.3 | +0.028% | $4.8M | $8.5M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 86,459.6 | −0.013% | $21.9M | $234.7M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 86,526 | +0.064% | $3.79B | $5.11B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 86,498.6 | +0.032% | $41.1M | $529.8M | 50x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 86,458.6 | −0.014% | $2.55B | $12.73B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,473 | +0.003% | $3.9M | $18.7M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,503.5 | +0.038% | $7.5M | $95.2M | 40x | as long as short |
| Backpack BTC_USDC_PERPshort | +0.0100% | 1h | 86,451.9 | −0.022% | $38.2M | $155.7M | 75x | |
| Variational Omni BTC | +0.0100% | 8h | 86,474.8 | +0.005% | $157.5M | $568.1M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,477.1 | +0.007% | $279.3M | $947.6M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 86,485.6 | +0.017% | $217.2M | $171.6M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 86,488.9 | +0.021% | $141.4M | $323.2M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,471 | 0.000% | $30.7M | $205.4M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,507.1 | +0.042% | — | $11.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,459 | −0.014% | $11.1M | $13.8M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 86,456.7 | −0.016% | $190K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 86,469 | −0.002% | $2.4M | $9.0M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 86,494.5 | +0.028% | $140K | $663K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 86,495.8 | +0.029% | $30.5M | $62.6M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 86,450.6 | −0.023% | $3.4M | $5.4M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 86,450 | −0.024% | $2.29B | $969.5M | 200x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,464.9 | −0.007% | $572.1M | $16.9M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,434.1 | −0.042% | $45.5M | $227.3M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,485.2 | +0.017% | — | $98.9M | 500x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0110% | 1h | 86,493.6 | +0.027% | $194.0M | $952.3M | 100x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 86,503.8 | +0.038% | $132.3M | $5.66B | 50x | as long as short |
| Aftermath Perps BTCUSD | +0.0143% | 1h | 86,519.6 | +0.056% | $79K | $218K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0184% | 1h | 86,500.8 | +0.035% | $728K | $8.1M | 30x | as long as short |
| BloFin BTC-USDT | +0.0190% | 8h | 86,461 | −0.011% | $415.5M | $658.7M | 150x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0195% / S −0.0218% | 1h | 86,474.9 | +0.005% | $15.0M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0208% | 8h | 86,488 | +0.020% | $9.7M | $746.3M | 6.4x | as long as short |
BingX BTC-USDT
Phemex BTCUSDT
Bitget BTCUSDT
Deribit BTC-PERPETUAL
dYdX BTC-USD
Binance BTCUSDT
MEXC BTC_USDT
Aevo BTC-PERP
Gate BTC_USDT
SoDEX BTC-USD
Lighter BTC
Popdex BTCUSDT
Bybit BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Nado BTC-PERP
Hyperliquid BTC
Pacifica BTC
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Kraken Futures PF_XBTUSD
Coinbase International BTC-PERP-INTX
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
BloFin BTC-USDT
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP