Funding you earn now, next payment 08:00 UTC−0.0070%/8h= −7.6% APRnext payment −$0.09 per $10,000 · paid last 24h −0.004%
Price spread now: Kraken Futures against Lighter RH−0.035%7-day average −0.002% · you buy dearer than you sell
Net, funding: paid 7d − costs−$14as in the Funding arb table
Net, price: spread back to 7d avg − costs−$15as in the Price arb table
costs, in and out, $10k−$120.121% of the position
Funding, last 7 days−0.015%−$2 on $10k
+Price spread, last 4 days (all we have)+0.030%+$3 · spread now −0.035%, 7d avg −0.002%
=Together, before fees+0.014%+ Points / potential airdropLighter RH: Points live · farm board+$1 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Kraken Futures is 0.033% cheaper against Lighter RH than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.002%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter RH BTC | 85,187.6 | 0.0096 | pay 0.0012% / 1h | 22m 24s | $23.6M | $148.6M | 50x |
| Short | Kraken Futures PF_XBTUSD | 85,158.1 | 0.0026 | get 0.0003% / 1h | 22m 24s | $185.5M | $955.3M | 100x |
Lighter RH BTC
Kraken Futures PF_XBTUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures 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
- −$14.65
- Price spread: −0.035% → −0.002%
- −$3.29
- Slippage, 4 orders
- −$2.13
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$30.06
- Costs to cover
- 0.121%
- Break-even
- never at this rate
Slippage from Lighter RH: live order book, 7 min ago; Kraken Futures: 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 | 0.19 bp | 1.4 bp −$1 | 1.8 bp −$18 | 4.1 bp −$411 | 26.6 bp −$13.3K |
| Sell Kraken Futures live order book, 2 min ago | 0.06 bp | 5.5 bp −$5 | 5.9 bp −$59 | 6.8 bp −$680 | 9.1 bp −$4,528 |
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 | |
|---|---|---|---|---|---|---|---|---|
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,198 | +0.012% | $8K | $3K | 50x | as long as short |
| Phoenix BTC | −0.0034% | 1h | 85,216 | +0.033% | $2.3M | $10.8M | 40x | as long as short |
| BloFin BTC-USDT | −0.0021% | 8h | 85,168.7 | −0.022% | $421.6M | $685.2M | 150x | as long as short |
| KuCoin XBTUSDTM | −0.0019% | 8h | 85,153.9 | −0.040% | $927.0M | $777.7M | 125x | as long as short |
| Aster BTCUSDT | −0.0002% | 8h | 85,150.7 | −0.043% | $508.8M | $1.08B | 200x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,176.7 | −0.013% | $342K | $2.3M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,162 | −0.030% | $36.4M | — | 200x | as long as short |
| dYdX BTC-USD | +0.0005% | 1h | 85,179.3 | −0.010% | $16.7M | $21.0M | 50x | as long as short |
| Kraken Futures PF_XBTUSDshort | +0.0026% | 1h | 85,158.1 | −0.035% | $185.5M | $955.3M | 100x | |
| ApeX Omni BTCUSDT | +0.0050% | 1h | 85,181.3 | −0.007% | $139.5M | $312.5M | 100x | as long as short |
Hotstuff BTC-PERP
Phoenix BTC
BloFin BTC-USDT
KuCoin XBTUSDTM
Aster BTCUSDT
01 Exchange BTCUSD
gTrade (Gains Network) BTC/USD
dYdX BTC-USD
ApeX Omni BTCUSDTShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDC | +0.0064% | 8h | 85,126.9 | −0.071% | — | $17.4M | — | as long as short |
| Injective BTC/USDC PERP | +0.0067% | 1h | 85,248 | +0.071% | $302K | $25.3M | 52x | as long as short |
| Bybit BTCUSDT | +0.0080% | 8h | 85,145.8 | −0.049% | $5.11B | $10.03B | 150x | as long as short |
| Nado BTC-PERP | +0.0085% | 1h | 85,174.1 | −0.016% | $24.0M | $220.8M | 50x | as long as short |
| Bitget BTCUSDT | +0.0095% | 8h | 85,144.6 | −0.050% | $2.97B | $5.20B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,189.8 | +0.003% | $168.5M | $1.02B | 50x | as long as short |
| Lighter RH BTClong | +0.0096% | 1h | 85,187.6 | long leg | $23.6M | $148.6M | 50x | |
| Popdex BTCUSDT | +0.0096% | 1h | 85,170 | −0.021% | $8.4M | $57.7M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,145.9 | −0.049% | $2.4M | $6.7M | 20x | as long as short |
| MEXC BTC_USDT | +0.0099% | 8h | 85,160.4 | −0.032% | $5.02B | $5.76B | 500x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,147 | −0.048% | $268K | $8.7M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,221.4 | +0.040% | $5.8M | $9.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,243 | +0.065% | $3.74B | $5.08B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,204.1 | +0.019% | $40.3M | $606.1M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,157.6 | −0.035% | $9.37B | $25.14B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,150.1 | −0.044% | $2.59B | $12.24B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,169 | −0.022% | $3.8M | $17.3M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,186.6 | −0.001% | $4.7M | $97.4M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,294.4 | +0.125% | $693.5M | $241.4M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,152.6 | −0.041% | $5.47B | $11.12B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,173.6 | −0.016% | $36.9M | $187.9M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,162.5 | −0.029% | $155.8M | $550.5M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,170.3 | −0.020% | $282.5M | $956.1M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,184 | −0.004% | $213.9M | $159.1M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,154.9 | −0.038% | $30.0M | $211.9M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,230.2 | +0.050% | — | $10.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,167 | −0.024% | $10.9M | $14.9M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,160 | −0.032% | $198K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,154.2 | −0.039% | $2.6M | $9.8M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,181.3 | −0.007% | $193K | $796K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,139.3 | −0.057% | $29.6M | $45.7M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,176.7 | −0.013% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,150 | −0.044% | $59.7M | $336.6M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,172 | −0.018% | $2.25B | $971.0M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,182.5 | −0.006% | $158.8M | $516.1M | 150x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,127.5 | −0.071% | $45.4M | $241.2M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,163.1 | −0.029% | — | $106.7M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,185.5 | −0.002% | $111.7M | $5.47B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0141% | 1h | 85,146.7 | −0.048% | $6.6M | $143.6M | 40x | as long as short |
| Deribit BTC-PERPETUAL | +0.0164% | 1h | 85,190.7 | +0.004% | $840.5M | $1.67B | 50x | as long as short |
| Kalshi KXBTCPERP | +0.0170% | 8h | 85,189 | +0.002% | $12.1M | $737.1M | 6.4x | as long as short |
| RISEx BTC/USDC | +0.0174% | 1h | 85,191 | +0.004% | $8.8M | $42.9M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0174% / S −0.0147% | 1h | 85,158.1 | −0.035% | $13.0M | — | 200x | as long as short |
| Hibachi BTC/USDT-P | +0.0232% | 1h | 85,192.1 | +0.005% | $679K | $7.7M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0291% | 1h | 85,226.7 | +0.046% | $81K | $254K | 20x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,195.5 | +0.009% | $456K | $18.4M | 6.7x | as long as short |
BingX BTC-USDC
Injective BTC/USDC PERP
Bybit BTCUSDT
Nado BTC-PERP
Bitget BTCUSDT
Lighter BTC
Popdex BTCUSDT
Aevo BTC-PERP
MEXC BTC_USDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Binance BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
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
SoDEX BTC-USD
HTX BTC-USDT
Phemex BTCUSDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Reya BTCRUSDPERP
Deribit BTC-PERPETUAL
Kalshi KXBTCPERP
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD
Perpl BTC