Funding you earn now, next payment 04:00 UTC+0.0077%/8h= +8.4% APRnext payment +$0.10 per $10,000 · paid last 24h +0.030%
Price spread now: Deribit against Lighter RH+0.044%7-day average +0.031% · you sell dearer than you buy
Net, funding: paid 7d − costs−$11as in the Funding arb table
Net, price: spread back to 7d avg − costs−$7as in the Price arb table
costs, in and out, $10k−$90.086% of the position
Funding, last 7 days−0.024%−$2 on $10k
+Price spread, last 4 days (all we have)−0.086%−$9 · spread now +0.044%, 7d avg +0.031%
=Together, before fees−0.111%+ Points / potential airdropLighter RH: Points live · farm board−$11 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.031%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter RH BTC | 85,503.6 | 0.0096 | pay 0.0012% / 1h | 45m 50s | $23.8M | $148.3M | 50x |
| Short | Deribit BTC-PERPETUAL | 85,541.2 | 0.0173 | get 0.0022% / 1h | 45m 50s | $893.6M | $1.53B | 50x |
Lighter RH BTC
Deribit BTC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit 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
- $16.08
- Price spread: +0.044% → +0.031%
- $1.29
- Slippage, 4 orders
- −$1.57
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- $8.79
- Costs to cover
- 0.086%
- Break-even
- 3.2 days
Slippage from Lighter RH: live order book, 3 min ago; Deribit: 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 RH live order book, 3 min ago | 0.50 bp | 0.6 bp −$1 | 1.3 bp −$13 | 2.8 bp −$282 | 22.4 bp −$11.2K |
| Sell Deribit live order book, 3 min ago | 0.03 bp | 3.5 bp −$4 | 4.6 bp −$46 | 7.8 bp −$776 | 15.3 bp −$7,638 |
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 | −0.0905% | 1h | 85,517.1 | +0.016% | $194K | $725K | 40x | as long as short |
| Phoenix BTC | −0.0179% | 1h | 85,568 | +0.075% | $2.2M | $10.3M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,464 | −0.046% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0040% | 1h | 85,483.2 | −0.024% | $366K | $2.3M | 50x | as long as short |
| BloFin BTC-USDT | −0.0031% | 8h | 85,469.1 | −0.040% | $417.7M | $665.3M | 150x | as long as short |
| KuCoin XBTUSDTM | −0.0003% | 8h | 85,476.6 | −0.032% | $918.1M | $750.2M | 125x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,499.7 | −0.005% | $16.7M | $21.2M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 85,480.9 | −0.027% | $36.5M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0013% | 8h | 85,499.7 | −0.005% | $515.2M | $1.10B | 200x | as long as short |
| Arcus BTC-USD | +0.0021% | 1h | 85,471.3 | −0.038% | $6.9M | $97.2M | 40x | as long as short |
Bluefin BTC-PERP
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
BloFin BTC-USDT
KuCoin XBTUSDTM
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
Arcus BTC-USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado BTC-PERP | +0.0058% | 1h | 85,420.4 | −0.097% | $22.6M | $219.1M | 50x | as long as short |
| BingX BTC-USDC | +0.0060% | 8h | 85,492.3 | −0.013% | — | $17.1M | — | as long as short |
| Bitget BTCUSDT | +0.0075% | 8h | 85,490.6 | −0.015% | $2.96B | $5.02B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0078% | 1h | 85,457.6 | −0.054% | $6.7M | $146.6M | 40x | as long as short |
| Aevo BTC-PERP | +0.0088% | 1h | 85,487.9 | −0.018% | $2.4M | $1.7M | 20x | as long as short |
| Binance BTCUSDT | +0.0088% | 8h | 85,510.8 | +0.008% | $9.35B | $24.01B | 150x | as long as short |
| MEXC BTC_USDT | +0.0089% | 8h | 85,510.5 | +0.008% | $5.04B | $5.58B | 500x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,511.4 | +0.009% | $173.6M | $1.00B | 50x | as long as short |
| Lighter RH BTClong | +0.0096% | 1h | 85,503.6 | long leg | $23.8M | $148.3M | 50x | |
| Popdex BTCUSDT | +0.0096% | 1h | 85,483 | −0.024% | $8.4M | $52.6M | 100x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,555 | +0.060% | $4.1M | $8.5M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,466 | −0.044% | $233K | $7.9M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,565 | +0.072% | $3.75B | $4.97B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,525.3 | +0.025% | $40.0M | $575.8M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,512.4 | +0.010% | $5.25B | $9.67B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,490.3 | −0.016% | $2.57B | $12.09B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,486 | −0.021% | $3.9M | $18.0M | 25x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,696.6 | +0.226% | $648.3M | $574.6M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,514.1 | +0.012% | $5.54B | $10.58B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,489.3 | −0.017% | $35.8M | $176.0M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,466.8 | −0.043% | $153.8M | $563.2M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,552.4 | +0.057% | $279.4M | $918.5M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,550.2 | +0.054% | $214.8M | $166.8M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,565.9 | +0.073% | $139.9M | $314.8M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,504.3 | +0.001% | $30.2M | $207.4M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,530.1 | +0.031% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,471 | −0.038% | $11.0M | $14.2M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,473 | −0.036% | $195K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,485.2 | −0.022% | $2.3M | $8.8M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,484.2 | −0.023% | $29.9M | $50.9M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,456.3 | −0.055% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,497 | −0.008% | $59.9M | $336.1M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,482.8 | −0.024% | $2.26B | $940.2M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,497.1 | −0.008% | $150.9M | $483.2M | 150x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,486.9 | −0.020% | $44.5M | $226.3M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,510.5 | +0.008% | — | $106.8M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,528.1 | +0.029% | $117.4M | $5.15B | 50x | as long as short |
| Injective BTC/USDC PERP | +0.0150% | 1h | 85,617 | +0.133% | $340K | $26.9M | 52x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0170% | 1h | 85,520.9 | +0.020% | $188.8M | $953.3M | 100x | as long as short |
| Deribit BTC-PERPETUALshort | +0.0173% | 1h | 85,541.2 | +0.044% | $893.6M | $1.53B | 50x | |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0151% | 1h | 85,478.9 | −0.029% | $13.4M | — | 200x | as long as short |
| Hibachi BTC/USDT-P | +0.0184% | 1h | 85,567.8 | +0.075% | $694K | $7.9M | 30x | as long as short |
| RISEx BTC/USDC | +0.0194% | 1h | 85,510.7 | +0.008% | $8.3M | $42.4M | 25x | as long as short |
| Aftermath Perps BTCUSD | +0.0206% | 1h | 85,587.4 | +0.098% | $78K | $219K | 20x | as long as short |
| Kalshi KXBTCPERP | +0.0217% | 8h | 85,505 | +0.002% | $10.4M | $759.0M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,485.3 | −0.021% | $498K | $18.9M | 6.7x | as long as short |
Nado BTC-PERP
BingX BTC-USDC
Bitget BTCUSDT
Reya BTCRUSDPERP
Aevo BTC-PERP
Binance BTCUSDT
MEXC BTC_USDT
Lighter BTC
Popdex BTCUSDT
Paradex BTC-USD-PERP
Katana Perps BTC-USD
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Bulk BTC-USD
Gate BTC_USDT
Backpack BTC_USDC_PERP
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
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Phemex BTCUSDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Injective BTC/USDC PERP
Kraken Futures PF_XBTUSD
GMX BTC/USD [WBTC.b-USDC]
Hibachi BTC/USDT-P
RISEx BTC/USDC
Aftermath Perps BTCUSD
Kalshi KXBTCPERP
Perpl BTC