Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h 0.000%

Price spread now: Lighter RH against Paradex+0.046%58s7-day average 0.000% · 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—prices read too far apart to compare

costs, in and out, $10k−$80.076% of the position

Long on Paradex Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.004%$0 on $10k

Price spread, last 7 days−0.086%−$9 · spread now +0.046%, 7d avg 0.000%

Together, before fees−0.090%+ Points / potential airdropParadex: Active · Lighter RH: Points live · farm board−$9 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 0.046% dearer against Paradex than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of 0.000%. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex BTC-USD-PERP	86,409.6	0.0100	pay 0.0100% / 8h	7h 36m	$4.4M	$8.6M	50x
Short	Lighter RH BTC	86,449.7	0.0096	get 0.0012% / 1h	36m 45s	$23.7M	$149.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now +0.046%Rate

Funding earned: −$0.83
Price spread: +0.046% → 0.000%: $4.61
Slippage, 4 orders: −$3.57
Fee Paradex: 2 bp × 2 orders: −$4
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$3.78
Costs to cover: 0.076%
Break-even: never at this rate

Slippage from Paradex: live order book, 2 min ago; Lighter RH: live order book, 2 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, 2 min ago	0.74 bp	2.7 bp −$3	2.7 bp −$27	doesn't fit	doesn't fit
Sell Lighter RH live order book, 2 min ago	0.67 bp	1.4 bp −$1	1.7 bp −$17	4.0 bp −$400	25.7 bp −$12.8K

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	86,448	+0.044%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,403	−0.008%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,384.7	−0.029%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,400.2	−0.011%	$498K	$21.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,445.1	+0.041%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0020%	8h	86,427.8	+0.021%	$501.2M	$1.14B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,430	+0.024%	$333K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0024%	1h	86,450	+0.047%	$16.9M	$20.5M	50x	as long as short
Phemex BTCUSDT	+0.0025%	8h	86,423.1	+0.016%	$154.0M	$474.1M	150x	as long as short
KuCoin XBTUSDTM	+0.0038%	8h	86,442.4	+0.038%	$831.5M	$722.0M	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	+0.0044%	1h	86,408.8	−0.001%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDT	+0.0050%	8h	86,441.8	+0.037%	—	$1.58B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,403	−0.008%	$8.3M	$42.5M	25x	as long as short
Bitget BTCUSDT	+0.0062%	8h	86,433.8	+0.028%	$2.97B	$5.04B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0077%	1h	86,463.1	+0.062%	$903.4M	$1.51B	50x	as long as short
Binance BTCUSDT	+0.0077%	8h	86,436	+0.031%	$9.41B	$24.31B	150x	as long as short
MEXC BTC_USDT	+0.0078%	8h	86,435.6	+0.030%	$5.13B	$5.69B	500x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,403.9	−0.007%	$2.5M	$1.7M	20x	as long as short
Lighter BTC	+0.0096%	1h	86,449.7	+0.046%	$170.5M	$984.9M	50x	as long as short
Lighter RH BTCshort	+0.0096%	1h	86,449.7	+0.046%	$23.7M	$149.0M	50x
Popdex BTCUSDT	+0.0096%	1h	86,391	−0.021%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,367	−0.049%	$203K	$7.2M	50x	as long as short
Paradex BTC-USD-PERPlong	+0.0100%	8h	86,409.6	long leg	$4.4M	$8.6M	50x
Nado BTC-PERP	+0.0100%	1h	86,375.4	−0.040%	$21.9M	$229.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,507	+0.113%	$3.80B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,417.2	+0.009%	$40.7M	$551.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,444.7	+0.041%	$5.25B	$9.69B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,450	+0.047%	$2.56B	$12.52B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,379	−0.035%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,413.7	+0.005%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,348	−0.071%	$573.1M	$19.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,440.9	+0.036%	$5.82B	$10.52B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,424.4	+0.017%	$37.5M	$155.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,351.7	−0.067%	$158.4M	$564.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,397.1	−0.014%	$279.1M	$950.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,397.9	−0.013%	$217.0M	$165.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,396.8	−0.015%	$141.7M	$322.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,384.9	−0.029%	$30.7M	$208.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,440.3	+0.036%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,414	+0.005%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,428.6	+0.022%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,423.3	+0.016%	$2.5M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,457.3	+0.055%	$144K	$666K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,455.5	+0.053%	$30.5M	$58.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,362.2	−0.055%	$3.4M	$5.2M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,424	+0.017%	$60.4M	$338.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,402.8	−0.008%	$2.29B	$964.9M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,422.7	+0.015%	$45.8M	$222.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,409.7	0.000%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,463.1	+0.062%	$132.1M	$5.44B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,457.2	+0.055%	$192.3M	$941.8M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,395.8	−0.016%	$710K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0166%	1h	86,422.8	+0.015%	$78K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0197%	8h	86,425.1	+0.018%	$416.3M	$648.1M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0217%	1h	86,440.3	+0.036%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	86,428	+0.021%	$10.1M	$761.9M	6.4x	as long as short