BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.01 per $10,000 · paid last 24h −0.001%

Price spread now: Lighter against Ondo Perps+0.027%7-day average +0.003% · you sell dearer than you buy

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

Long on Ondo Perps Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.023%−$2 on $10k

Price spread, last 7 days+0.217%+$22 · spread now +0.027%, 7d avg +0.003%

Together, before fees+0.194%+ Points / potential airdropOndo Perps: Active · Lighter: Season 3 · farm board+$19 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: Lighter is 0.024% dearer against Ondo Perps than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps BTC-USD.P	86,210	0.0100	pay 0.0013% / 1h	11m 11s	$3.9M	$17.8M	25x
Short	Lighter BTC	86,233.2	0.0096	get 0.0012% / 1h	11m 11s	$170.2M	$992.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Ondo Perps. 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 Ondo PerpsbpFee LighterbpOrdersPrice spread, now +0.027%Rate

Funding earned: −$0.84
Price spread: +0.027% → +0.003%: $2.43
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Lighter: 0 bp × 2 orders: $0
Net: −$3.41
Costs to cover: 0.050%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Lighter: live order book, 8 min ago. 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Lighter live order book, 8 min ago	0.01 bp	1.4 bp −$1	1.6 bp −$16	2.1 bp −$210	4.7 bp −$2,370

Ondo Perps: 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
Phoenix BTC	−0.0129%	1h	86,372	+0.188%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,241	+0.036%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,222.6	+0.015%	$364K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	86,230.2	+0.023%	$567K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,240.9	+0.036%	$36.9M	—	200x	as long as short
Bluefin BTC-PERP	+0.0008%	1h	86,243	+0.038%	$144K	$667K	40x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,365	+0.180%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0025%	1h	86,219.9	+0.012%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0032%	8h	86,224.9	+0.017%	$499.8M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0044%	8h	86,214.3	+0.005%	$829.9M	$715.3M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0049%	1h	86,231.6	+0.025%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDT	+0.0052%	8h	86,221.9	+0.014%	—	$1.58B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,239	+0.034%	$8.2M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0065%	8h	86,219.8	+0.011%	$2.97B	$5.04B	150x	as long as short
SoDEX BTC-USD	+0.0077%	1h	86,211	+0.001%	$60.4M	$338.2M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,214.7	+0.005%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0084%	8h	86,215.1	+0.006%	$9.39B	$24.20B	150x	as long as short
MEXC BTC_USDT	+0.0085%	8h	86,214.8	+0.006%	$5.11B	$5.75B	500x	as long as short
Gate BTC_USDT	+0.0090%	8h	86,225.3	+0.018%	$5.76B	$10.63B	200x	as long as short
HTX BTC-USDT	+0.0094%	8h	86,204.2	−0.007%	$2.29B	$957.3M	200x	as long as short
Lighter BTCshort	+0.0096%	1h	86,233.2	+0.027%	$170.2M	$992.7M	50x
Lighter RH BTC	+0.0096%	1h	86,236.9	+0.031%	$23.6M	$152.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,240	+0.035%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,200	−0.012%	$199K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,247.6	+0.044%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,222.5	+0.014%	$22.0M	$225.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,300	+0.104%	$3.78B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,249.6	+0.046%	$40.6M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,226.6	+0.019%	$5.25B	$9.63B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,235.4	+0.029%	$2.56B	$12.41B	100x	as long as short
Ondo Perps BTC-USD.Plong	+0.0100%	1h	86,210	long leg	$3.9M	$17.8M	25x
Arcus BTC-USD	+0.0100%	1h	86,245	+0.041%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.075%	$580.3M	$59.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,209.1	−0.001%	$35.6M	$161.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,205.5	−0.005%	$156.7M	$558.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,254.8	+0.052%	$278.6M	$953.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,266	+0.065%	$216.6M	$165.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,290.3	+0.093%	$141.4M	$320.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,270	+0.070%	$30.6M	$208.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,275.2	+0.076%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,233	+0.027%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,225	+0.017%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,215.6	+0.006%	$2.4M	$9.0M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,230.5	+0.024%	$30.3M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,188.5	−0.025%	$3.3M	$5.4M	100x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,229.1	+0.022%	$155.5M	$473.0M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,194.2	−0.018%	$45.9M	$222.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,231.5	+0.025%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,258.1	+0.056%	$132.2M	$5.29B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,247.5	+0.044%	$191.8M	$948.1M	100x	as long as short
Hibachi BTC/USDT-P	+0.0152%	1h	86,228.9	+0.022%	$713K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0169%	1h	86,286.4	+0.089%	$77K	$217K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0201%	1h	86,264.9	+0.064%	$902.5M	$1.51B	50x	as long as short
BloFin BTC-USDT	+0.0204%	8h	86,210	0.000%	$415.5M	$641.1M	150x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,253	+0.050%	$10.5M	$766.0M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,234.3	+0.028%	$14.5M	—	200x	as long as short