Funding you earn now, next payment 06:00 UTC−0.0073%/8h= −8.0% APRnext payment −$0.09 per $10,000 · paid last 24h −0.027%
Price spread now: Injective against Lighter RH+0.066%97s7-day average −0.001% · you sell dearer than you buy
Net, funding: paid 7d − costs−$9as 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−$50.054% of the position
Funding, last 7 days−0.038%−$4 on $10k
+Price spread, last 4 days (all we have)−0.131%−$13 · spread now +0.066%, 7d avg −0.001%
=Together, before fees−0.170%+ Points / potential airdropLighter RH: Points live · farm board−$17 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Injective is 0.067% dearer against Lighter RH than usual: you sell high and buy low (spread +0.066% now, against its 7-day average of −0.001%): +$7 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.1 days. At the pace of the last 7 days (−0.038% in total) that is about 12 days. The two prices were read 97 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 | 85,392.7 | 0.0096 | pay 0.0012% / 1h | 55m 23s | $23.9M | $147.2M | 50x |
| Short | Injective BTC/USDC PERP | 85,449 | 0.0023 | get 0.0003% / 1h | 55m 23s | $339K | $26.8M | 52x |
Lighter RH BTC
Injective BTC/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective 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
- −$15.34
- Price spread: +0.066% → −0.001%
- $6.69
- Slippage, 4 orders
- −$5.35
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- −$14.02
- Costs to cover
- 0.054%
- Break-even
- from the start
Slippage from Lighter RH: live order book, 4 min ago; Injective: live order book, 4 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, 4 min ago | 0.19 bp | 0.6 bp −$1 | 0.8 bp −$8 | 2.6 bp −$255 | 24.2 bp −$12.1K |
| Sell Injective live order book, 4 min ago | 1.35 bp | 3.0 bp −$3 | 12.2 bp −$122 | doesn't fit | 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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTC | −0.0140% | 1h | 85,413 | +0.024% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,388 | −0.006% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0053% | 8h | 85,345 | −0.056% | $920.3M | $760.2M | 125x | as long as short |
| BloFin BTC-USDT | −0.0031% | 8h | 85,453.7 | +0.071% | $422.3M | $676.6M | 150x | as long as short |
| 01 Exchange BTCUSD | −0.0024% | 1h | 85,369.8 | −0.027% | $381K | $2.3M | 50x | as long as short |
| Aster BTCUSDT | −0.0011% | 8h | 85,356.5 | −0.042% | $513.9M | $1.10B | 200x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,409.1 | +0.019% | $16.8M | $21.2M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,386.5 | −0.007% | $537K | $18.8M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,376.9 | −0.019% | $36.5M | — | 200x | as long as short |
| Injective BTC/USDC PERPshort | +0.0023% | 1h | 85,449 | +0.066% | $339K | $26.8M | 52x |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
01 Exchange BTCUSD
Aster BTCUSDT
dYdX BTC-USD
Perpl BTC
gTrade (Gains Network) BTC/USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado BTC-PERP | +0.0034% | 1h | 85,355.9 | −0.043% | $24.3M | $223.3M | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0056% | 1h | 85,420.5 | +0.033% | $187.5M | $956.5M | 100x | as long as short |
| BingX BTC-USDC | +0.0063% | 8h | 85,349.4 | −0.051% | — | $17.3M | — | as long as short |
| Bullet BTC-USD | +0.0066% | 1h | 85,355 | −0.044% | $204K | $3.3M | 20x | as long as short |
| Phemex BTCUSDT | +0.0072% | 8h | 85,402.1 | +0.011% | $149.1M | $499.0M | 150x | as long as short |
| Bitget BTCUSDT | +0.0080% | 8h | 85,353.1 | −0.046% | $2.95B | $5.14B | 150x | as long as short |
| Aevo BTC-PERP | +0.0088% | 1h | 85,394.7 | +0.002% | $2.6M | $6.2M | 20x | as long as short |
| SoDEX BTC-USD | +0.0089% | 1h | 85,398 | +0.006% | $59.9M | $335.9M | 40x | as long as short |
| Binance BTCUSDT | +0.0090% | 8h | 85,360.4 | −0.038% | $9.44B | $24.66B | 150x | as long as short |
| MEXC BTC_USDT | +0.0090% | 8h | 85,354.8 | −0.044% | $5.07B | $5.66B | 500x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,374 | −0.022% | $171.8M | $1.01B | 50x | as long as short |
| Lighter RH BTClong | +0.0096% | 1h | 85,392.7 | long leg | $23.9M | $147.2M | 50x | |
| Popdex BTCUSDT | +0.0096% | 1h | 85,357 | −0.042% | $8.4M | $55.3M | 100x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0096% | 1h | 85,437 | +0.052% | $117.2M | $5.28B | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,341 | −0.061% | $240K | $8.5M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,413.7 | +0.025% | $5.6M | $9.4M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,436 | +0.051% | $3.78B | $5.03B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,405.6 | +0.015% | $40.1M | $593.1M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,355.5 | −0.044% | $5.17B | $9.88B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,359.6 | −0.039% | $2.59B | $12.12B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,365 | −0.032% | $3.8M | $17.6M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,372.7 | −0.023% | $4.7M | $99.3M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,362.8 | −0.035% | $5.54B | $10.76B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,371.3 | −0.025% | $36.5M | $176.0M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,385.5 | −0.008% | $154.2M | $565.3M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,384 | −0.010% | $279.2M | $936.4M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,462 | +0.081% | $214.7M | $168.9M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,445.3 | +0.062% | $139.7M | $315.9M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,389 | −0.004% | $30.1M | $206.3M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,430.8 | +0.045% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,356 | −0.043% | $11.1M | $14.4M | 50x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,401.4 | +0.010% | $2.5M | $8.8M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,447.7 | +0.064% | $207K | $738K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,382.8 | −0.012% | $30.0M | $50.3M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,380.7 | −0.014% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,390.9 | −0.002% | $2.26B | $950.7M | 200x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,404.3 | +0.014% | $678.7M | $662.5M | 40x | as long as short |
| Deribit BTC-PERPETUAL | +0.0102% | 1h | 85,443 | +0.059% | $872.2M | $1.60B | 50x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,332.4 | −0.071% | $45.8M | $236.0M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,394.2 | +0.002% | — | $106.8M | 500x | as long as short |
| Reya BTCRUSDPERP | +0.0108% | 1h | 85,346.3 | −0.054% | $6.6M | $147.3M | 40x | as long as short |
| Kalshi KXBTCPERP | +0.0166% | 8h | 85,421 | +0.033% | $11.4M | $750.8M | 6.4x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0151% | 1h | 85,370.3 | −0.026% | $13.0M | — | 200x | as long as short |
| Hibachi BTC/USDT-P | +0.0232% | 1h | 85,416.7 | +0.028% | $695K | $7.9M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0247% | 1h | 85,430.2 | +0.044% | $79K | $225K | 20x | as long as short |
| RISEx BTC/USDC | +0.0257% | 1h | 85,399.7 | +0.008% | $8.7M | $43.0M | 25x | as long as short |
Nado BTC-PERP
Kraken Futures PF_XBTUSD
BingX BTC-USDC
Bullet BTC-USD
Phemex BTCUSDT
Bitget BTCUSDT
Aevo BTC-PERP
SoDEX BTC-USD
Binance BTCUSDT
MEXC BTC_USDT
Lighter BTC
Popdex BTCUSDT
Coinbase International BTC-PERP-INTX
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus 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
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Bulk BTC-USD
Deribit BTC-PERPETUAL
Extended BTC-USD
Jupiter Perps WBTC-PERP
Reya BTCRUSDPERP
Kalshi KXBTCPERP
GMX BTC/USD [WBTC.b-USDC]
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD
RISEx BTC/USDC