Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:07 UTC+0.0351%/8h= +38.4% APRpaid last 24h −0.047%

Price spread now: Perpl against Lighter RH−0.042%7-day average +0.001% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter RH Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.272%+$27 on $10k

Price spread, last 7 days+0.083%+$8 · spread now −0.042%, 7d avg +0.001%

Together, before fees+0.355%+ Points / potential airdropLighter RH: Points live · Perpl: Active · farm board+$36 on $10k · with fees, hour by hour

Funding pays, the price is against you. Perpl is 0.043% cheaper against Lighter RH than usual: you would sell low and buy high (spread −0.042% now, against its 7-day average of +0.001%). If the spread goes back, that is −$4 on $10k: about 10 hours of funding at the current rate (+$11 a day). At the pace of the last 7 days (+0.272% in total) that is about 26 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH BTC	85,958.5	0.0096	pay 0.0012% / 1h	16m 14s	$23.2M	$136.5M	50x
Short	Perpl BTC	85,922.7	0.0447	get 0.0040% / 43m	31m 14s	$481K	$17.0M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Lighter RH. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpOrdersPrice spread, now −0.042%Rate

Funding earned: $73.61
Price spread: −0.042% → +0.001%: −$4.27
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: $55.53
Costs to cover: 0.138%
Break-even: 1.7 days

Slippage unknown: Lighter RH: live order book, 3 min ago; Perpl: no order-book sample. Net counts fees only.

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	0.41 bp	0.6 bp −$1	0.9 bp −$9	3.4 bp −$340	25.0 bp −$12.5K
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0549%	1h	86,121.7	+0.190%	$195K	$684K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,949	−0.011%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,950	−0.010%	$424.0M	$623.5M	150x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,981.2	+0.026%	$354K	$2.1M	50x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,924	−0.040%	$308K	$26.8M	52x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,960	+0.002%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0025%	8h	86,044	+0.099%	$925.2M	$687.1M	125x	as long as short
Aster BTCUSDT	+0.0043%	8h	86,063.5	+0.122%	$506.5M	$995.3M	200x	as long as short
dYdX BTC-USD	+0.0044%	1h	85,967.8	+0.011%	$16.8M	$19.5M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	86,088.9	+0.152%	$188.5M	$874.1M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,933	−0.030%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDC	+0.0080%	8h	86,044.4	+0.100%	—	$17.1M	—	as long as short
Nado BTC-PERP	+0.0086%	1h	85,974.1	+0.018%	$22.4M	$210.2M	50x	as long as short
Bybit BTCUSDT	+0.0089%	8h	86,066.3	+0.125%	$5.11B	$9.17B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,078.6	+0.140%	$173.1M	$960.0M	50x	as long as short
Lighter RH BTClong	+0.0096%	1h	85,958.5	long leg	$23.2M	$136.5M	50x
Popdex BTCUSDT	+0.0096%	1h	85,974	+0.018%	$8.8M	$52.3M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,068.5	+0.128%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,966	+0.009%	$249K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,008.6	+0.058%	$5.8M	$9.0M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,991.2	+0.038%	$40.4M	$591.1M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,068.6	+0.128%	$9.43B	$23.20B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,074.1	+0.134%	$2.61B	$10.86B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,977	+0.022%	$3.9M	$16.5M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,988.7	+0.035%	$4.7M	$95.2M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,078.4	+0.139%	$5.50B	$10.09B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,072.6	+0.133%	$5.10B	$5.83B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	86,074.1	+0.134%	$2.99B	$4.62B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,948.3	−0.012%	$37.8M	$187.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,817.8	−0.164%	$156.4M	$529.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,822.2	−0.159%	$287.2M	$971.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,846.1	−0.131%	$215.6M	$155.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,826.9	−0.153%	$137.1M	$305.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,905.6	−0.062%	$30.3M	$214.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,091.9	+0.155%	—	$9.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,057	+0.115%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,074.6	+0.135%	$211K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,066.5	+0.126%	$2.6M	$9.4M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,444.6	−0.598%	$28.8M	$52.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,971.6	+0.015%	$3.1M	$7.0M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,064	+0.123%	$60.2M	$258.0M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,065	+0.124%	$2.27B	$916.0M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,072.8	+0.133%	$167.2M	$500.6M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,869.6	−0.103%	$707.4M	$169.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,043	+0.098%	$46.4M	$225.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,990.2	+0.037%	—	$94.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,111	+0.177%	$112.7M	$5.33B	50x	as long as short
Reya BTCRUSDPERP	+0.0152%	1h	85,897.3	−0.071%	$6.6M	$134.6M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0153%	1h	86,112.8	+0.179%	$830.1M	$1.61B	50x	as long as short
Hyperliquid BTC	+0.0156%	1h	86,129	+0.198%	$3.88B	$4.77B	40x	as long as short
Kalshi KXBTCPERP	+0.0189%	8h	85,942	−0.019%	$11.0M	$726.4M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,967.7	+0.011%	$9.0M	$40.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0198% / S −0.0174%	1h	85,957.3	−0.001%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0328%	1h	85,948	−0.012%	$698K	$7.4M	30x	as long as short
Aftermath Perps BTCUSD	+0.0363%	1h	85,841.8	−0.136%	$81K	$256K	20x	as long as short
Perpl BTCshort	+0.0447%	43m	85,922.7	−0.042%	$481K	$17.0M	6.7x