Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h 0.000%

Price spread now: Lighter against Paradex−0.051%7-day average +0.001% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$70.071% of the position

Long on Paradex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.001%$0 on $10k

Price spread, last 7 days+0.058%+$6 · spread now −0.051%, 7d avg +0.001%

Together, before fees+0.058%+ Points / potential airdropParadex: Active · Lighter: Season 3 · 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 is 0.051% cheaper against Paradex than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex BTC-USD-PERP	85,553.5	0.0100	pay 0.0100% / 8h	4h 26m	$4.8M	$8.9M	50x
Short	Lighter BTC	85,510.1	0.0096	get 0.0012% / 1h	26m 05s	$173.0M	$1.01B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Paradex. 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 ParadexbpFee LighterbpOrdersPrice spread, now −0.051%Rate

Funding earned: −$0.8
Price spread: −0.051% → +0.001%: −$5.14
Slippage, 4 orders: −$3.08
Fee Paradex: 2 bp × 2 orders: −$4
Fee Lighter: 0 bp × 2 orders: $0
Net: −$13.02
Costs to cover: 0.071%
Break-even: never at this rate

Slippage from Paradex: live order book, 3 min ago; Lighter: live order book, 8 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 Paradex live order book, 3 min ago	0.42 bp	2.4 bp −$2	2.4 bp −$24	doesn't fit	doesn't fit
Sell Lighter live order book, 8 min ago	0.15 bp	0.4 bp $0	0.6 bp −$6	1.5 bp −$153	4.4 bp −$2,211

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	−0.0179%	1h	85,566	+0.015%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,526	−0.032%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,474.7	−0.092%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0024%	8h	85,470.1	−0.097%	$416.2M	$667.2M	150x	as long as short
KuCoin XBTUSDTM	−0.0018%	8h	85,483.4	−0.082%	$921.4M	$750.8M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,481.5	−0.084%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	85,497.6	−0.065%	$515.4M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0016%	1h	85,497.7	−0.065%	$16.7M	$21.3M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,455.7	−0.114%	$4.9M	$97.9M	40x	as long as short
Nado BTC-PERP	+0.0027%	1h	85,488.8	−0.076%	$25.1M	$222.0M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0062%	8h	85,491.7	−0.072%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0073%	8h	85,504.5	−0.057%	$147.5M	$487.2M	150x	as long as short
Bitget BTCUSDT	+0.0077%	8h	85,482.8	−0.083%	$2.94B	$5.07B	150x	as long as short
Reya BTCRUSDPERP	+0.0082%	1h	85,461.9	−0.107%	$6.7M	$146.7M	40x	as long as short
MEXC BTC_USDT	+0.0095%	8h	85,509.5	−0.051%	$5.05B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0096%	8h	85,510.8	−0.050%	$9.36B	$24.12B	150x	as long as short
Lighter BTCshort	+0.0096%	1h	85,510.1	−0.051%	$173.0M	$1.01B	50x
Lighter RH BTC	+0.0096%	1h	85,522.1	−0.037%	$23.9M	$149.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,473	−0.094%	$8.4M	$52.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,477.4	−0.089%	$2.4M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,449	−0.122%	$210K	$8.1M	50x	as long as short
Paradex BTC-USD-PERPlong	+0.0100%	8h	85,553.5	long leg	$4.8M	$8.9M	50x
Hyperliquid BTC	+0.0100%	1h	85,578	+0.029%	$3.74B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,516.9	−0.043%	$40.7M	$580.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,510.7	−0.050%	$5.21B	$9.81B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,515.7	−0.044%	$2.58B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,474	−0.093%	$3.8M	$18.2M	25x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,515	−0.045%	$5.51B	$10.71B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,492.5	−0.071%	$35.6M	$176.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,455.5	−0.114%	$153.7M	$564.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,549.1	−0.005%	$279.5M	$920.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,566.3	+0.015%	$214.8M	$169.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,559.3	+0.007%	$139.9M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,467	−0.101%	$30.2M	$208.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,530	−0.028%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,465	−0.103%	$11.0M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,464	−0.105%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,475.7	−0.091%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,519.3	−0.040%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,474.3	−0.093%	$29.9M	$50.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,494.2	−0.069%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,498	−0.065%	$59.9M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,499.4	−0.063%	$2.26B	$942.3M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,369.3	−0.215%	$653.8M	$618.7M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,460.3	−0.109%	$44.7M	$230.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,484.8	−0.080%	—	$107.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,554.3	+0.001%	$117.1M	$5.18B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0123%	1h	85,541.1	−0.015%	$884.2M	$1.56B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,475	−0.092%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,529.7	−0.028%	$187.6M	$955.3M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,499.8	−0.063%	$8.2M	$42.5M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,476.1	−0.090%	$13.4M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0204%	1h	85,505.7	−0.056%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,486.5	−0.078%	$703K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,528	−0.030%	$10.4M	$756.8M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,495.6	−0.068%	$501K	$18.8M	6.7x	as long as short