Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:46 UTC−0.0016%/8h= −1.7% APRpaid last 24h +0.042%

Price spread now: Lighter against Perpl−0.017%7-day average −0.008% · you buy dearer than you sell

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

Long on Perpl Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.299%−$30 on $10k

Price spread, last 7 days−0.083%−$8 · spread now −0.017%, 7d avg −0.008%

Together, before fees−0.381%+ Points / potential airdropPerpl: Active · Lighter: Season 3 · farm board−$38 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.008%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl BTC	86,344.1	0.0112	pay 0.0010% / 43m	23m 59s	$421K	$23.6M	6.7x
Short	Lighter BTC	86,329.8	0.0096	get 0.0012% / 1h	10m 59s	$170.4M	$1.01B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Perpl. 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 PerplbpFee LighterbpOrdersPrice spread, now −0.017%Rate

Funding earned: −$3.28
Price spread: −0.017% → −0.008%: −$0.89
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$17.97
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Perpl: 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 Perpl no order-book sample	—	—	—	—	—
Sell Lighter live order book, 8 min ago	0.10 bp	0.1 bp $0	0.6 bp −$6	1.3 bp −$133	3.8 bp −$1,925

Perpl: 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
Bluefin BTC-PERP	−0.0631%	1h	86,336.6	−0.009%	$140K	$620K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,356	+0.014%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,328	−0.019%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,332.1	−0.014%	$359K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0011%	8h	86,311.4	−0.038%	$503.0M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	86,313.3	−0.036%	$851.0M	$712.1M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,341.6	−0.003%	$36.8M	—	200x	as long as short
dYdX BTC-USD	+0.0005%	1h	86,353.5	+0.011%	$16.9M	$21.1M	50x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,333.3	−0.013%	$8.4M	$42.8M	25x	as long as short
Reya BTCRUSDPERP	+0.0023%	1h	86,314	−0.035%	$6.7M	$145.0M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0024%	1h	86,360	+0.018%	$332K	$26.8M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0027%	1h	86,357	+0.015%	$917.7M	$1.49B	50x	as long as short
BingX BTC-USDT	+0.0037%	8h	86,322.3	−0.025%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0042%	8h	86,323.2	−0.024%	$150.0M	$476.7M	150x	as long as short
Aftermath Perps BTCUSD	+0.0042%	1h	86,413.8	+0.081%	$81K	$218K	20x	as long as short
Bitget BTCUSDT	+0.0046%	8h	86,316.5	−0.032%	$2.94B	$5.11B	150x	as long as short
MEXC BTC_USDT	+0.0063%	8h	86,321.3	−0.026%	$5.13B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0064%	8h	86,320.9	−0.027%	$9.41B	$24.44B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,315.2	−0.034%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,322	−0.026%	$5.84B	$10.75B	200x	as long as short
Bybit BTCUSDT	+0.0093%	8h	86,322	−0.026%	$5.25B	$9.78B	150x	as long as short
Lighter BTCshort	+0.0096%	1h	86,329.8	−0.017%	$170.4M	$1.01B	50x
Lighter RH BTC	+0.0096%	1h	86,341.8	−0.003%	$24.1M	$152.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,326	−0.021%	$8.4M	$52.4M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,309	−0.041%	$201K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,370.3	+0.030%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,338	−0.007%	$21.6M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,391.1	+0.054%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,367.9	+0.028%	$40.7M	$513.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,325.8	−0.021%	$2.53B	$12.71B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,342	−0.002%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,384.7	+0.047%	$7.8M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,498.7	+0.179%	$571.7M	$18.6M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,317.1	−0.031%	$37.8M	$154.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,394.8	+0.059%	$155.5M	$568.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,350.3	+0.007%	$279.1M	$943.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,358.3	+0.016%	$217.0M	$174.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,353.6	+0.011%	$141.2M	$323.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,380	+0.042%	$30.7M	$203.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,372.2	+0.033%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,332	−0.014%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,320.9	−0.027%	$191K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,322.2	−0.025%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,338	−0.007%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,327.5	−0.019%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,322	−0.026%	$60.3M	$337.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,317.6	−0.031%	$2.29B	$968.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,303.3	−0.047%	$45.6M	$226.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,337.6	−0.007%	—	$98.8M	500x	as long as short
Perpl BTClong	+0.0112%	43m	86,344.1	long leg	$421K	$23.6M	6.7x
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,362.4	+0.021%	$131.3M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0120%	1h	86,390.4	+0.054%	$719K	$8.1M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,344.5	0.000%	$191.1M	$944.8M	100x	as long as short
BloFin BTC-USDT	+0.0184%	8h	86,337.9	−0.007%	$414.2M	$653.4M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0187% / S −0.0213%	1h	86,331.3	−0.015%	$15.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0199%	8h	86,352	+0.009%	$9.8M	$734.8M	6.4x	as long as short