Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.016%

Price spread now: Phemex against Lighter RH+0.009%7-day average −0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$130.134% of the position

Long on Lighter RH Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.084%−$8 on $10k

Price spread, last 4 days (all we have)−0.050%−$5 · spread now +0.009%, 7d avg −0.020%

Together, before fees−0.134%+ Points / potential airdropLighter RH: Points live · farm board−$13 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: Phemex is 0.029% dearer against Lighter RH than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH BTC	85,324.7	0.0096	pay 0.0012% / 1h	39m 03s	$23.6M	$148.1M	50x
Short	Phemex BTCUSDT	85,332.4	0.0100	get 0.0100% / 8h	39m 03s	$159.0M	$514.6M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.009%Rate

Funding earned: $0.84
Price spread: +0.009% → −0.020%: $2.89
Slippage, 4 orders: −$1.42
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$9.69
Costs to cover: 0.134%
Break-even: 87.8 days

Slippage from Lighter RH: live order book, 5 min ago; Phemex: live order book, 5 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, 5 min ago	0.11 bp	0.1 bp $0	0.2 bp −$2	2.9 bp −$292	24.2 bp −$12.1K
Sell Phemex live order book, 5 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.0 bp −$698	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
Hotstuff BTC-PERP	−0.0080%	1h	85,339	+0.017%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,392	+0.079%	$2.3M	$10.8M	40x	as long as short
KuCoin XBTUSDTM	−0.0025%	8h	85,317.3	−0.009%	$929.5M	$775.3M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,311.6	−0.015%	$420.7M	$681.9M	150x	as long as short
Aster BTCUSDT	−0.0005%	8h	85,298.6	−0.031%	$511.6M	$1.08B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,312.8	−0.014%	$347K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,349.8	+0.029%	$466K	$18.3M	6.7x	as long as short
dYdX BTC-USD	+0.0004%	1h	85,342.5	+0.021%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,321.5	−0.004%	$36.5M	—	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,326.6	+0.002%	$186.1M	$953.0M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni BTCUSDT	+0.0063%	1h	85,387.6	+0.074%	$139.8M	$312.7M	100x	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,342	+0.020%	$338K	$24.7M	52x	as long as short
BingX BTC-USDT	+0.0067%	8h	85,312.7	−0.014%	—	$1.57B	—	as long as short
Bybit BTCUSDT	+0.0082%	8h	85,293.5	−0.037%	$5.13B	$9.98B	150x	as long as short
Nado BTC-PERP	+0.0083%	1h	85,327.8	+0.004%	$24.1M	$220.2M	50x	as long as short
Deribit BTC-PERPETUAL	+0.0085%	1h	85,354.6	+0.035%	$840.9M	$1.66B	50x	as long as short
Bitget BTCUSDT	+0.0092%	8h	85,302.1	−0.026%	$2.97B	$5.18B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,325.4	+0.001%	$168.7M	$1.02B	50x	as long as short
Lighter RH BTClong	+0.0096%	1h	85,324.7	long leg	$23.6M	$148.1M	50x
Popdex BTCUSDT	+0.0096%	1h	85,307	−0.021%	$8.4M	$57.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,309.5	−0.018%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0098%	8h	85,312.6	−0.014%	$5.05B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,305.9	−0.022%	$9.40B	$25.02B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,281	−0.051%	$271K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,386	+0.072%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,392.6	+0.080%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,338	+0.016%	$40.0M	$606.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,305.2	−0.023%	$2.60B	$12.20B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,312	−0.015%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,311.2	−0.016%	$4.7M	$96.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,311.4	−0.016%	$5.52B	$11.04B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,300.8	−0.028%	$37.4M	$185.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,361.8	+0.043%	$156.0M	$553.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,384	+0.069%	$283.1M	$956.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,395.4	+0.083%	$214.4M	$158.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,423	+0.115%	$30.1M	$210.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,394.9	+0.082%	—	$10.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,328	+0.004%	$11.0M	$14.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,327	+0.003%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,313.8	−0.013%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,356.5	+0.037%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,320.3	−0.005%	$29.9M	$45.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,320.9	−0.004%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,313	−0.014%	$59.7M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,312.5	−0.014%	$2.25B	$967.7M	200x	as long as short
Phemex BTCUSDTshort	+0.0100%	8h	85,332.4	+0.009%	$159.0M	$514.6M	150x
Bulk BTC-USD	+0.0100%	1h	85,299.3	−0.030%	$693.1M	$258.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,290.2	−0.040%	$45.4M	$241.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,312.1	−0.015%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,351.9	+0.032%	$112.2M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0138%	1h	85,320.1	−0.005%	$6.6M	$146.0M	40x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	85,345	+0.024%	$12.0M	$736.3M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,327.5	+0.003%	$8.8M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,326.7	+0.002%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,387.3	+0.073%	$683K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0298%	1h	85,396.7	+0.084%	$79K	$252K	20x	as long as short