Funding you earn now, next payment 09:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.015%
Price spread now: Lighter RH against Phemex+0.015%7-day average +0.019% · you sell dearer than you buy
Net, funding: paid 7d − costs−$5as in the Funding arb table
Net, price: spread back to 7d avg − costs−$14as in the Price arb table
costs, in and out, $10k−$140.136% of the position
Funding, last 7 days+0.086%+$9 on $10k
+Price spread, last 4 days (all we have)+0.181%+$18 · spread now +0.015%, 7d avg +0.019%
=Together, before fees+0.267%+ Points / potential airdropLighter RH: Points live · farm board+$27 on $10k · with fees, hour by hour
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phemex BTCUSDT | 85,469.4 | 0.0100 | pay 0.0100% / 8h | 7h 49m | $160.6M | $517.4M | 150x |
| Short | Lighter RH BTC | 85,482.3 | 0.0096 | get 0.0012% / 1h | 49m 04s | $23.6M | $133.7M | 50x |
Phemex BTCUSDT
Lighter RH BTCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter RH against Phemex. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$0.84
- Price spread: +0.015% → +0.019%
- −$0.43
- Slippage, 4 orders
- −$1.63
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Net
- −$14.9
- Costs to cover
- 0.136%
- Break-even
- never at this rate
Slippage from Phemex: live order book, 5 min ago; Lighter RH: live order book, 5 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 Phemex live order book, 5 min ago | 0.01 bp | 6.0 bp −$6 | 7.0 bp −$70 | 8.9 bp −$892 | doesn't fit |
| Sell Lighter RH live order book, 5 min ago | 0.34 bp | 0.9 bp −$1 | 1.0 bp −$10 | 3.3 bp −$329 | 23.4 bp −$11.7K |
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 | |
|---|---|---|---|---|---|---|---|---|
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,465 | −0.005% | $8K | $2K | 50x | as long as short |
| BloFin BTC-USDT | −0.0020% | 8h | 85,461.7 | −0.009% | $422.8M | $681.9M | 150x | as long as short |
| Injective BTC/USDC PERP | −0.0006% | 1h | 85,467 | −0.003% | $307K | $23.3M | 52x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,481.8 | +0.015% | $344K | $2.3M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,476.9 | +0.009% | $36.6M | — | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0007% | 8h | 85,464.4 | −0.006% | $932.4M | $775.9M | 125x | as long as short |
| Aster BTCUSDT | +0.0028% | 8h | 85,463.5 | −0.007% | $502.4M | $1.08B | 200x | as long as short |
| dYdX BTC-USD | +0.0030% | 1h | 85,475.8 | +0.007% | $16.7M | $21.0M | 50x | as long as short |
| Deribit BTC-PERPETUAL | +0.0066% | 1h | 85,501.7 | +0.038% | $831.0M | $1.66B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0068% | 1h | 85,480.8 | +0.013% | $186.3M | $949.4M | 100x | as long as short |
Hotstuff BTC-PERP
BloFin BTC-USDT
Injective BTC/USDC PERP
01 Exchange BTCUSD
gTrade (Gains Network) BTC/USD
KuCoin XBTUSDTM
Aster BTCUSDT
dYdX BTC-USD
Deribit BTC-PERPETUAL
Kraken Futures PF_XBTUSDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTC | +0.0075% | 1h | 85,516 | +0.055% | $2.3M | $10.4M | 40x | as long as short |
| BingX BTC-USDC | +0.0080% | 8h | 85,448.5 | −0.024% | — | $17.4M | — | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,480.5 | +0.013% | $170.3M | $941.1M | 50x | as long as short |
| Lighter RH BTCshort | +0.0096% | 1h | 85,482.3 | +0.015% | $23.6M | $133.7M | 50x | |
| Popdex BTCUSDT | +0.0096% | 1h | 85,473 | +0.004% | $8.7M | $58.4M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,459.1 | −0.012% | $2.4M | $6.7M | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,452 | −0.020% | $265K | $8.7M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,509.1 | +0.046% | $5.7M | $9.6M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 85,471.1 | +0.002% | $24.1M | $220.2M | 50x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,500.4 | +0.036% | $40.1M | $605.5M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,462.7 | −0.008% | $9.41B | $25.13B | 150x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,455.4 | −0.016% | $5.09B | $10.01B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,458.1 | −0.013% | $2.61B | $12.22B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,488 | +0.022% | $3.9M | $17.3M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,485.1 | +0.018% | $4.6M | $97.5M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,382 | −0.102% | $697.9M | $180.4M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,468.8 | −0.001% | $5.50B | $9.86B | 200x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,466.4 | −0.004% | $5.05B | $5.72B | 500x | as long as short |
| Bitget BTCUSDT | +0.0100% | 8h | 85,460.7 | −0.010% | $2.98B | $5.17B | 150x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,462.5 | −0.008% | $37.8M | $193.8M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,465.8 | −0.004% | $155.8M | $547.5M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,416.6 | −0.062% | $283.2M | $960.3M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,448.6 | −0.024% | $214.4M | $157.3M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,449.8 | −0.023% | $136.7M | $313.1M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,472.1 | +0.003% | $30.1M | $217.7M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,541.3 | +0.084% | — | $9.7M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,261 | −0.244% | $10.9M | $14.9M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,470 | +0.001% | $199K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,469.2 | 0.000% | $2.7M | $9.9M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,513.8 | +0.052% | $194K | $796K | 40x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,481.5 | +0.014% | $2.9M | $6.3M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,468 | −0.002% | $59.8M | $336.7M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,469.3 | 0.000% | $2.26B | $975.1M | 200x | as long as short |
| Phemex BTCUSDTlong | +0.0100% | 8h | 85,469.4 | long leg | $160.6M | $517.4M | 150x | |
| Extended BTC-USD | +0.0104% | 1h | 85,446.8 | −0.026% | $45.7M | $241.7M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,455.5 | −0.016% | — | $107.4M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,516 | +0.055% | $111.6M | $5.47B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0147% | 1h | 85,458.1 | −0.013% | $6.6M | $139.6M | 40x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0174% / S −0.0148% | 1h | 85,474.6 | +0.006% | $13.0M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0187% | 8h | 85,498 | +0.033% | $10.7M | $739.4M | 6.4x | as long as short |
| RISEx BTC/USDC | +0.0194% | 1h | 85,496.7 | +0.032% | $8.9M | $42.8M | 25x | as long as short |
| Derive BTC-PERP | +0.0240% | 1h | 85,554.9 | +0.100% | $28.9M | $49.3M | 15x | as long as short |
| Hyperliquid BTC | +0.0240% | 1h | 85,550 | +0.094% | $3.82B | $5.14B | 40x | as long as short |
| Aftermath Perps BTCUSD | +0.0291% | 1h | 85,442.2 | −0.032% | $81K | $246K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0336% | 1h | 85,530.4 | +0.071% | $686K | $7.7M | 30x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,484.3 | +0.017% | $468K | $18.4M | 6.7x | as long as short |
Phoenix BTC
BingX BTC-USDC
Lighter BTC
Popdex BTCUSDT
Aevo BTC-PERP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Nado BTC-PERP
Pacifica BTC
Binance BTCUSDT
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate BTC_USDT
MEXC BTC_USDT
Bitget BTCUSDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Reya BTCRUSDPERP
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
RISEx BTC/USDC
Derive BTC-PERP
Hyperliquid BTC
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
Perpl BTC