BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0040%/8h= +4.4% APRnext payment +$0.05 per $10,000 · paid last 24h −0.001%

Price spread now: Lighter against Nado+0.035%7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$5as in the Price arb table

costs, in and out, $10k−$80.079% of the position

Long on Nado Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.003%$0 on $10k

Price spread, last 7 days−0.038%−$4 · spread now +0.035%, 7d avg +0.004%

Together, before fees−0.041%+ Points / potential airdropNado: Active · Lighter: Season 3 · farm board−$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Lighter is 0.031% dearer against Nado than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado BTC-PERP	85,773.4	0.0056	pay 0.0007% / 1h	25m 11s	$22.6M	$227.7M	50x
Short	Lighter BTC	85,803.4	0.0096	get 0.0012% / 1h	25m 11s	$170.5M	$989.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Nado. 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 NadobpFee LighterbpOrdersPrice spread, now +0.035%Rate

Funding earned: $8.36
Price spread: +0.035% → +0.004%: $3.09
Slippage, 4 orders: −$0.87
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: $3.58
Costs to cover: 0.079%
Break-even: 4.0 days

Slippage from Nado: live order book, 4 min ago; Lighter: 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 Nado live order book, 4 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	4.1 bp −$407	10.0 bp −$4,976
Sell Lighter live order book, 4 min ago	0.25 bp	0.4 bp $0	0.7 bp −$7	1.7 bp −$171	4.5 bp −$2,245

BTC on 55 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	−0.0144%	1h	85,733	−0.047%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,797	+0.028%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,768.3	−0.006%	$365K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,796.2	+0.027%	$514K	$20.7M	6.7x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,800	+0.031%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,817.8	+0.052%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	−0.096%	$340K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0033%	8h	85,781.2	+0.009%	$904.6M	$753.9M	125x	as long as short
Aster BTCUSDT	+0.0035%	8h	85,780.7	+0.009%	$516.8M	$1.14B	200x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,804.5	+0.036%	$8.2M	$42.1M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0055%	8h	85,795	+0.025%	—	$1.57B	—	as long as short
Nado BTC-PERPlong	+0.0056%	1h	85,773.4	long leg	$22.6M	$227.7M	50x
Reya BTCRUSDPERP	+0.0057%	1h	85,788.6	+0.018%	$6.7M	$146.3M	40x	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,785.2	+0.014%	$2.95B	$5.08B	150x	as long as short
ApeX Omni BTCUSDT	+0.0070%	1h	85,752.5	−0.024%	$140.2M	$319.5M	100x	as long as short
HTX BTC-USDT	+0.0073%	8h	85,788.6	+0.018%	$2.27B	$946.7M	200x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,799.4	+0.030%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0091%	8h	85,788.6	+0.018%	$5.07B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,788.2	+0.017%	$9.34B	$24.31B	150x	as long as short
Lighter BTCshort	+0.0096%	1h	85,803.4	+0.035%	$170.5M	$989.7M	50x
Lighter RH BTC	+0.0096%	1h	85,812.1	+0.045%	$23.6M	$147.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,782	+0.010%	$8.4M	$51.9M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,755	−0.021%	$202K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,781.3	+0.009%	$3.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,853	+0.093%	$3.77B	$5.01B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,799.8	+0.031%	$40.3M	$571.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,803.7	+0.035%	$5.31B	$9.74B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,793.9	+0.024%	$2.54B	$12.37B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,784	+0.012%	$4.0M	$18.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,755.4	−0.021%	$7.3M	$98.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,744.8	−0.033%	$590.5M	$195.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,799.2	+0.030%	$5.61B	$10.54B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,785.7	+0.014%	$35.4M	$164.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,799.4	+0.030%	$156.6M	$556.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,740.4	−0.038%	$278.7M	$939.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,752.4	−0.024%	$215.2M	$166.3M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,771.2	−0.003%	$30.3M	$208.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,842.5	+0.081%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,789	+0.018%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,804	+0.036%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,810.3	+0.043%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,844	+0.082%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,798.4	+0.029%	$30.0M	$56.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,771.5	−0.002%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,795	+0.025%	$60.1M	$337.3M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,794.5	+0.025%	$154.1M	$480.3M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,780.3	+0.008%	$44.0M	$228.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,793.6	+0.024%	—	$100.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,835	+0.072%	$131.2M	$5.16B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,815.6	+0.049%	$697K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,824.7	+0.060%	$188.6M	$963.2M	100x	as long as short
Aftermath Perps BTCUSD	+0.0166%	1h	85,739.1	−0.040%	$78K	$219K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0184%	1h	85,844.4	+0.083%	$894.6M	$1.53B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0192%	1h	85,807.2	+0.040%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	85,811	+0.044%	$10.2M	$770.1M	6.4x	as long as short