Funding you earn now, next payment 03:00 UTC+0.0275%/8h= +30.1% APRnext payment +$0.34 per $10,000 · paid last 24h +0.030%
Price spread now: Lighter against Phoenix+0.056%7-day average −0.041% · you sell dearer than you buy
Net, funding: paid 7d − costs+$3as in the Funding arb table
Net, price: spread back to 7d avg − costs+$2as in the Price arb table
costs, in and out, $10k−$80.081% of the position
Funding, last 7 days+0.109%+$11 on $10k
+Price spread, last 7 days−0.100%−$10 · spread now +0.056%, 7d avg −0.041%
=Together, before fees+0.009%+ Points / potential airdropLighter: Season 3 · farm board+$1 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Lighter is 0.096% dearer against Phoenix than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.041%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.109% in total (about 5.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.34 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix BTC | 85,565 | −0.0179 | get 0.0022% / 1h | 1m 12s | $2.1M | $10.3M | 40x |
| Short | Lighter BTC | 85,612.8 | 0.0096 | get 0.0012% / 1h | 1m 12s | $172.1M | $1.02B | 50x |
Phoenix BTC
Lighter BTCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against Phoenix. 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
- $57.81
- Price spread: +0.056% → −0.041%
- $9.65
- Slippage, 4 orders
- −$1.05
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- $59.41
- Costs to cover
- 0.081%
- Break-even
- from the start
Slippage from Phoenix: 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 Phoenix live order book, 3 min ago | 0.06 bp | 3.6 bp −$4 | 4.9 bp −$49 | 10.1 bp −$1,012 | doesn't fit |
| Sell Lighter live order book, 8 min ago | 0.01 bp | 0.8 bp −$1 | 0.9 bp −$9 | 1.7 bp −$169 | 4.4 bp −$2,204 |
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 BTClong | −0.0179% | 1h | 85,565 | long leg | $2.1M | $10.3M | 40x | |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,581 | +0.019% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0048% | 1h | 85,591.7 | +0.031% | $367K | $2.3M | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0035% | 8h | 85,592.4 | +0.032% | $921.7M | $752.1M | 125x | as long as short |
| BloFin BTC-USDT | −0.0020% | 8h | 85,600 | +0.041% | $417.7M | $670.1M | 150x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 85,592.1 | +0.032% | $36.6M | — | 200x | as long as short |
| dYdX BTC-USD | +0.0010% | 1h | 85,564.7 | 0.000% | $16.8M | $21.3M | 50x | as long as short |
| Nado BTC-PERP | +0.0011% | 1h | 85,579.7 | +0.017% | $25.1M | $221.9M | 50x | as long as short |
| Aster BTCUSDT | +0.0014% | 8h | 85,591.1 | +0.031% | $515.9M | $1.10B | 200x | as long as short |
| Arcus BTC-USD | +0.0021% | 1h | 85,574.4 | +0.011% | $4.2M | $98.2M | 40x | as long as short |
Hotstuff BTC-PERP
01 Exchange BTCUSD
KuCoin XBTUSDTM
BloFin BTC-USDT
gTrade (Gains Network) BTC/USD
dYdX BTC-USD
Nado BTC-PERP
Aster BTCUSDT
Arcus BTC-USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDC | +0.0063% | 8h | 85,600.4 | +0.041% | — | $17.1M | — | as long as short |
| Bluefin BTC-PERP | +0.0066% | 1h | 85,627.1 | +0.073% | $207K | $739K | 40x | as long as short |
| Phemex BTCUSDT | +0.0069% | 8h | 85,606.1 | +0.048% | $148.5M | $489.1M | 150x | as long as short |
| Bitget BTCUSDT | +0.0079% | 8h | 85,603 | +0.044% | $2.95B | $5.08B | 150x | as long as short |
| Deribit BTC-PERPETUAL | +0.0084% | 1h | 85,618.7 | +0.063% | $886.8M | $1.58B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0088% | 1h | 85,577.2 | +0.014% | $6.6M | $146.9M | 40x | as long as short |
| Lighter BTCshort | +0.0096% | 1h | 85,612.8 | +0.056% | $172.1M | $1.02B | 50x | |
| Lighter RH BTC | +0.0096% | 1h | 85,596.5 | +0.037% | $23.9M | $149.5M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,587 | +0.026% | $8.4M | $53.6M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,574.5 | +0.011% | $2.5M | $1.7M | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,552 | −0.015% | $204K | $8.1M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,631.5 | +0.078% | $5.2M | $9.1M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,695 | +0.152% | $3.79B | $5.01B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,614.8 | +0.058% | $40.2M | $581.6M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,607.4 | +0.050% | $9.37B | $24.18B | 150x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,613.1 | +0.056% | $5.21B | $9.80B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,615.3 | +0.059% | $2.58B | $12.15B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,502 | −0.074% | $3.8M | $17.8M | 25x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,487.5 | −0.091% | $672.1M | $698.9M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,612.3 | +0.055% | $5.52B | $10.78B | 200x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,608.7 | +0.051% | $5.07B | $5.66B | 500x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,593.4 | +0.033% | $35.2M | $177.2M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,565.9 | +0.001% | $153.8M | $564.4M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,523.8 | −0.048% | $279.4M | $922.5M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,554.3 | −0.013% | $214.7M | $167.9M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,562.4 | −0.003% | $139.9M | $314.9M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,544.2 | −0.024% | $30.2M | $208.8M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,632.2 | +0.078% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,578 | +0.015% | $11.1M | $14.2M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,585.7 | +0.024% | $193K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,584.1 | +0.022% | $2.4M | $8.8M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,573 | +0.009% | $30.0M | $50.0M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,563.9 | −0.001% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,578 | +0.015% | $60.0M | $336.1M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,584.3 | +0.023% | $2.27B | $942.8M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,549.7 | −0.018% | $44.6M | $230.9M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,575.2 | +0.012% | — | $107.5M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,610.2 | +0.053% | $117.5M | $5.20B | 50x | as long as short |
| Injective BTC/USDC PERP | +0.0150% | 1h | 85,610 | +0.053% | $340K | $26.9M | 52x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0170% | 1h | 85,598.1 | +0.039% | $187.6M | $953.6M | 100x | as long as short |
| RISEx BTC/USDC | +0.0194% | 1h | 85,610.2 | +0.053% | $8.4M | $42.7M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0202% / S −0.0178% | 1h | 85,590.2 | +0.030% | $13.1M | — | 200x | as long as short |
| Aftermath Perps BTCUSD | +0.0212% | 1h | 85,541.1 | −0.028% | $78K | $220K | 20x | as long as short |
| Kalshi KXBTCPERP | +0.0220% | 8h | 85,623 | +0.068% | $10.3M | $754.9M | 6.4x | as long as short |
| Hibachi BTC/USDT-P | +0.0256% | 1h | 85,597.9 | +0.038% | $702K | $7.8M | 30x | as long as short |
| Perpl BTC | +0.0335% | 43m | 85,574.1 | +0.011% | $496K | $18.7M | 6.7x | as long as short |
BingX BTC-USDC
Bluefin BTC-PERP
Phemex BTCUSDT
Bitget BTCUSDT
Deribit BTC-PERPETUAL
Reya BTCRUSDPERP
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Binance BTCUSDT
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Bulk BTC-USD
Gate BTC_USDT
MEXC BTC_USDT
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
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Injective BTC/USDC PERP
Kraken Futures PF_XBTUSD
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Aftermath Perps BTCUSD
Kalshi KXBTCPERP
Hibachi BTC/USDT-P
Perpl BTC