Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter RH against Orderly−0.003%7-day average +0.021% · you buy dearer than you sell

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

Long on Orderly Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.020%−$2 on $10k

Price spread, last 3 days (all we have)+0.082%+$8 · spread now −0.003%, 7d avg +0.021%

Together, before fees+0.062%+ Points / potential airdropLighter RH: Points live · farm board+$6 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 RH is 0.024% cheaper against Orderly than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_BTC_USDC	86,829.6	0.0100	pay 0.0100% / 8h	2h 23m	$2.5M	$8.5M	100x
Short	Lighter RH BTC	86,827.1	0.0096	get 0.0012% / 1h	23m 32s	$24.1M	$153.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Orderly. 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 OrderlybpFee Lighter RHbpOrdersPrice spread, now −0.003%Rate

Funding earned: −$0.84
Price spread: −0.003% → +0.021%: −$2.42
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$9.26
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Lighter RH: live order book, 6 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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter RH live order book, 6 min ago	0.48 bp	0.5 bp $0	0.6 bp −$6	3.1 bp −$308	26.1 bp −$13.1K

Orderly: 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
Aftermath Perps BTCUSD	−0.0235%	1h	86,720.9	−0.125%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,780.5	−0.057%	$430K	$24.8M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,781	−0.056%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,801	−0.033%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0069%	1h	86,828.6	−0.001%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,785.2	−0.051%	$364K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,844.3	+0.017%	$934.6M	$1.45B	50x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	86,751.7	−0.090%	$848.8M	$706.9M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,766.5	−0.073%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0010%	8h	86,798.4	−0.036%	$507.0M	$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
Phemex BTCUSDT	+0.0021%	8h	86,810.2	−0.022%	$150.4M	$471.6M	150x	as long as short
Reya BTCRUSDPERP	+0.0021%	1h	86,740.5	−0.103%	$6.7M	$144.4M	40x	as long as short
BingX BTC-USDC	+0.0025%	8h	86,751.4	−0.090%	—	$15.2M	—	as long as short
Bitget BTCUSDT	+0.0034%	8h	86,754	−0.087%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.220%	$315K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,811.2	−0.021%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0057%	8h	86,745.3	−0.097%	$5.18B	$5.69B	500x	as long as short
Binance BTCUSDT	+0.0057%	8h	86,766.5	−0.073%	$9.45B	$24.35B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,762.8	−0.077%	$9.2M	$41.9M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0080%	8h	86,764.5	−0.075%	$2.56B	$12.74B	100x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,804.2	−0.029%	$5.86B	$10.66B	200x	as long as short
Bybit BTCUSDT	+0.0085%	8h	86,762.5	−0.077%	$5.29B	$9.70B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,819	−0.012%	$172.1M	$1.01B	50x	as long as short
Lighter RH BTCshort	+0.0096%	1h	86,827.1	−0.003%	$24.1M	$153.7M	50x
Popdex BTCUSDT	+0.0096%	1h	86,755	−0.086%	$8.5M	$52.3M	100x	as long as short
Variational Omni BTC	+0.0097%	8h	86,726.9	−0.118%	$159.3M	$566.6M	—	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,754	−0.087%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,847	+0.020%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,810.2	−0.022%	$21.8M	$235.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,836	+0.007%	$3.82B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,831.6	+0.002%	$41.0M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,753	−0.088%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,829.4	0.000%	$7.5M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.290%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,808.6	−0.024%	$38.2M	$148.5M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,653.8	−0.202%	$280.0M	$950.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,676.9	−0.176%	$217.6M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,687.3	−0.164%	$141.5M	$322.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,775.2	−0.063%	$30.8M	$204.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,829	−0.001%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,762	−0.078%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,748.3	−0.094%	$197K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDClong	+0.0100%	8h	86,829.6	long leg	$2.5M	$8.5M	100x
Bluefin BTC-PERP	+0.0100%	1h	86,841.9	+0.014%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,818.2	−0.013%	$30.1M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,790.9	−0.045%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,810	−0.023%	$60.6M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,797	−0.038%	$2.31B	$958.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,749.6	−0.092%	$46.3M	$228.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,820.2	−0.011%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,842.7	+0.015%	$188.8M	$932.9M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,861.3	+0.037%	$132.2M	$5.87B	50x	as long as short
Kalshi KXBTCPERP	+0.0133%	8h	86,833	+0.004%	$9.6M	$726.2M	6.4x	as long as short
BloFin BTC-USDT	+0.0177%	8h	86,751.2	−0.090%	$417.2M	$654.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,756.7	−0.084%	$15.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	86,782.6	−0.054%	$618K	$7.1M	30x	as long as short