Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.009%

Price spread now: edgeX against Lighter RH+0.007%50s7-day average −0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$110.106% of the position

Long on Lighter RH Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.229%−$23 on $10k

Price spread, last 7 days−0.043%−$4 · spread now +0.007%, 7d avg −0.051%

Together, before fees−0.272%+ Points / potential airdropLighter RH: Points live · edgeX: Active · farm board−$27 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: edgeX is 0.058% dearer against Lighter RH than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.051%. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH BTC	86,030	0.0096	pay 0.0012% / 1h	10m 39s	$23.8M	$118.8M	50x
Short	edgeX BTCUSDC	86,036.2	0.0100	get 0.0050% / 4h	10m 39s	$289.8M	$715.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 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 Lighter RHbpFee edgeXbpOrdersPrice spread, now +0.007%Rate

Funding earned: $0.84
Price spread: +0.007% → −0.051%: $5.78
Slippage, 4 orders: −$1.6
Fee Lighter RH: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$3.98
Costs to cover: 0.106%
Break-even: 40.2 days

Slippage from Lighter RH: live order book, 7 min ago; edgeX: 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 RH live order book, 7 min ago	0.56 bp	1.0 bp −$1	1.1 bp −$11	3.1 bp −$315	25.0 bp −$12.5K
Sell edgeX live order book, 2 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	4.7 bp −$475	5.8 bp −$2,894

BTC on 56 exchanges

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
Perpl BTC	−0.0223%	43m	86,014.7	−0.018%	$466K	$13.2M	6.7x	as long as short
Phoenix BTC	−0.0150%	1h	86,038	+0.009%	$2.1M	$7.7M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,878	−0.177%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0058%	8h	86,016.5	−0.016%	$421.0M	$552.3M	150x	as long as short
SoDEX BTC-USD	−0.0033%	1h	86,026	−0.005%	$65.9M	$186.4M	40x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,024.5	−0.006%	$363K	$1.8M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	86,034.5	+0.005%	$16.9M	$13.2M	50x	as long as short
Injective BTC/USDC PERP	+0.0001%	1h	86,020	−0.012%	$440K	$32.4M	52x	as long as short
Aster BTCUSDT	+0.0003%	8h	86,009.9	−0.023%	$510.3M	$814.8M	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,027.5	−0.003%	$37.0M	—	200x	as long as short

Show all 56 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0019%	1h	86,050.3	+0.024%	$193.7M	$723.5M	100x	as long as short
Popdex BTCUSDT	+0.0032%	1h	86,002	−0.033%	$8.6M	$46.1M	100x	as long as short
Phemex BTCUSDT	+0.0037%	8h	86,021.4	−0.010%	$173.2M	$469.3M	150x	as long as short
KuCoin XBTUSDTM	+0.0050%	8h	86,024.1	−0.007%	$952.1M	$625.9M	125x	as long as short
Binance BTCUSDT	+0.0061%	8h	86,011.1	−0.022%	$9.41B	$19.84B	150x	as long as short
Bybit BTCUSDT	+0.0061%	8h	86,015.4	−0.017%	$5.16B	$7.93B	150x	as long as short
MEXC BTC_USDT	+0.0061%	8h	86,011.1	−0.022%	$5.19B	$4.77B	500x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,015.1	−0.017%	$2.4M	$6.8M	20x	as long as short
Gate BTC_USDT	+0.0073%	8h	86,016.3	−0.016%	$5.52B	$8.85B	200x	as long as short
Bitget BTCUSDT	+0.0076%	8h	86,006.6	−0.027%	$3.00B	$3.80B	150x	as long as short
HTX BTC-USDT	+0.0080%	8h	86,007.9	−0.026%	$2.27B	$737.7M	200x	as long as short
Bullet BTC-USD	+0.0081%	1h	86,016.3	−0.016%	$222K	$3.2M	20x	as long as short
Nado BTC-PERP	+0.0090%	1h	86,005.1	−0.029%	$23.0M	$188.9M	50x	as long as short
Variational Omni BTC	+0.0092%	8h	85,989.7	−0.047%	$157.6M	$474.7M	—	as long as short
Lighter BTC	+0.0096%	1h	86,031.6	+0.002%	$174.2M	$855.0M	50x	as long as short
Lighter RH BTClong	+0.0096%	1h	86,030	long leg	$23.8M	$118.8M	50x
Katana Perps BTC-USD	+0.0100%	8h	85,981	−0.057%	$219K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,058.1	+0.033%	$5.7M	$7.0M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,059.1	+0.034%	$40.0M	$566.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,005.4	−0.029%	$2.64B	$9.01B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,024	−0.007%	$4.0M	$14.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,017.4	−0.015%	$4.7M	$90.6M	40x	as long as short
BingX BTC-USDC	+0.0100%	8h	85,986.7	−0.050%	—	$16.1M	—	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,013.5	−0.019%	$39.3M	$200.5M	75x	as long as short
edgeX BTCUSDCshort	+0.0100%	4h	86,036.2	+0.007%	$289.8M	$715.7M	100x
GRVT BTC_USDT_Perp	+0.0100%	8h	86,055.6	+0.030%	$216.2M	$133.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,092.3	+0.072%	$138.0M	$284.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,070	+0.046%	$30.2M	$227.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,105.2	+0.087%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,004	−0.030%	$11.0M	$11.8M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,003.7	−0.031%	$2.6M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,041.3	+0.013%	$143K	$608K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,085	+0.064%	$29.1M	$44.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,015.2	−0.017%	$3.3M	$6.8M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,063.9	+0.039%	$717.2M	$65.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,972.6	−0.067%	$47.4M	$181.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,017.1	−0.015%	—	$76.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0128%	1h	86,065.4	+0.041%	$113.1M	$4.96B	50x	as long as short
Hyperliquid BTC	+0.0155%	1h	86,113	+0.096%	$3.98B	$4.16B	40x	as long as short
Kalshi KXBTCPERP	+0.0158%	8h	86,038	+0.009%	$13.2M	$731.6M	6.4x	as long as short
RISEx BTC/USDC	+0.0165%	1h	86,034.9	+0.006%	$9.0M	$35.3M	25x	as long as short
Reya BTCRUSDPERP	+0.0178%	1h	85,988.5	−0.048%	$6.6M	$121.4M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0179%	1h	86,082.1	+0.061%	$818.6M	$1.47B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0245%	1h	86,024.1	−0.007%	$15.8M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0262%	1h	86,053.6	+0.027%	$79K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0280%	1h	86,101.9	+0.084%	$690K	$6.8M	30x	as long as short