BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0199%/8h= −21.8% APRnext payment −$0.25 per $10,000 · paid last 24h −0.016%

Price spread now: Phoenix against Lighter RH−0.056%7-day average +0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$90.087% of the position

Long on Lighter RH Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.102%−$10 on $10k

Price spread, last 7 days+0.121%+$12 · spread now −0.056%, 7d avg +0.045%

Together, before fees+0.019%+ Points / potential airdropLighter RH: Points live · farm board+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Phoenix is 0.101% cheaper against Lighter RH than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.045%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.102% in total (about -5.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.25 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH BTC	86,631.7	0.0096	pay 0.0012% / 1h	29m 02s	$24.0M	$153.5M	50x
Short	Phoenix BTC	86,583	−0.0103	pay 0.0013% / 1h	29m 02s	$2.2M	$12.4M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.056%Rate

Funding earned: −$41.8
Price spread: −0.056% → +0.045%: −$10.08
Slippage, 4 orders: −$1.72
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$60.6
Costs to cover: 0.087%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 5 min ago; Phoenix: 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	0.58 bp	0.8 bp −$1	1.1 bp −$11	3.4 bp −$341	26.1 bp −$13.1K
Sell Phoenix live order book, 5 min ago	0.06 bp	3.6 bp −$4	5.0 bp −$50	9.6 bp −$957	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
Aftermath Perps BTCUSD	−0.0235%	1h	86,602.7	−0.033%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,617.3	−0.017%	$428K	$24.8M	6.7x	as long as short
Phoenix BTCshort	−0.0103%	1h	86,583	−0.056%	$2.2M	$12.4M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,612	−0.023%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0079%	1h	86,626.4	−0.006%	$17.6M	$20.5M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,623	−0.010%	$362K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,648.8	+0.020%	$935.2M	$1.44B	50x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	86,614.5	−0.020%	$843.9M	$704.8M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,619.4	−0.014%	$36.8M	—	200x	as long as short
Aster BTCUSDT	+0.0007%	8h	86,619.4	−0.014%	$505.9M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,593.9	−0.044%	$6.7M	$144.4M	40x	as long as short
BingX BTC-USDT	+0.0023%	8h	86,619.4	−0.014%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0026%	8h	86,613.5	−0.021%	$149.7M	$471.2M	150x	as long as short
Bitget BTCUSDT	+0.0031%	8h	86,639.5	+0.009%	$2.95B	$5.07B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	+0.008%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0053%	8h	86,614	−0.020%	$5.19B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0054%	8h	86,633.8	+0.002%	$9.44B	$24.31B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,613.8	−0.021%	$2.4M	$1.3M	20x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,604.4	−0.031%	$9.2M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0075%	8h	86,652	+0.023%	$2.56B	$12.71B	100x	as long as short
Gate BTC_USDT	+0.0076%	8h	86,635.8	+0.005%	$5.86B	$10.64B	200x	as long as short
Bybit BTCUSDT	+0.0082%	8h	86,634.8	+0.004%	$5.27B	$9.67B	150x	as long as short
Variational Omni BTC	+0.0095%	8h	86,614.5	−0.020%	$160.3M	$564.8M	—	as long as short
Lighter BTC	+0.0096%	1h	86,631.4	0.000%	$172.0M	$1.01B	50x	as long as short
Lighter RH BTClong	+0.0096%	1h	86,631.7	long leg	$24.0M	$153.5M	50x
Popdex BTCUSDT	+0.0096%	1h	86,597	−0.040%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,584	−0.055%	$193K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,647.3	+0.018%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,596.6	−0.041%	$21.7M	$235.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,691	+0.068%	$3.82B	$5.13B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,629.4	−0.003%	$40.9M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,600	−0.037%	$3.9M	$18.5M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,667.3	+0.041%	$7.5M	$93.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.062%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,617.9	−0.016%	$38.1M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,587	−0.052%	$279.7M	$950.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,622.1	−0.011%	$217.5M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,626.6	−0.006%	$141.4M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,606.5	−0.029%	$30.8M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,656.4	+0.029%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,597	−0.040%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,599.8	−0.037%	$195K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,630.8	−0.001%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,641.5	+0.011%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,620.4	−0.013%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,612.9	−0.022%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,614	−0.020%	$60.5M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,598.6	−0.038%	$2.30B	$956.9M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,623.6	−0.009%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,616.1	−0.018%	—	$98.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,656.1	+0.028%	$188.8M	$930.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,661.3	+0.034%	$132.0M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0124%	8h	86,625	−0.008%	$9.0M	$723.8M	6.4x	as long as short
BloFin BTC-USDT	+0.0174%	8h	86,596.5	−0.041%	$417.0M	$653.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,611.9	−0.023%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,641.4	+0.011%	$614K	$7.1M	30x	as long as short