BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0199%/8h= +21.8% APRnext payment +$0.25 per $10,000 · paid last 24h +0.016%

Price spread now: Lighter RH against Phoenix+0.065%75s7-day average −0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs+$2as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$90.087% of the position

Long on Phoenix Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.102%+$10 on $10k

Price spread, last 7 days−0.131%−$13 · spread now +0.065%, 7d avg −0.045%

Together, before fees−0.028%+ Points / potential airdropLighter RH: Points live · farm board−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Lighter RH is 0.110% dearer against Phoenix than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.045%. The two prices were read 75 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.102% in total (about 5.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.25 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	86,583	−0.0103	get 0.0013% / 1h	28m 22s	$2.2M	$12.4M	40x
Short	Lighter RH BTC	86,639.7	0.0096	get 0.0012% / 1h	28m 22s	$24.0M	$153.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Phoenix. 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 PhoenixbpFee Lighter RHbpOrdersPrice spread, now +0.065%Rate

Funding earned: $41.8
Price spread: +0.065% → −0.045%: $11.01
Slippage, 4 orders: −$1.72
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Lighter RH: 0 bp × 2 orders: $0
Net: $44.08
Costs to cover: 0.087%
Break-even: from the start

Slippage from Phoenix: live order book, 6 min ago; Lighter RH: live order book, 6 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, 6 min ago	0.06 bp	3.7 bp −$4	6.2 bp −$62	11.9 bp −$1,190	doesn't fit
Sell Lighter RH live order book, 6 min ago	0.58 bp	0.6 bp −$1	0.7 bp −$7	2.7 bp −$272	22.3 bp −$11.2K

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
Aftermath Perps BTCUSD	−0.0235%	1h	86,626.7	+0.050%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,651.2	+0.079%	$428K	$24.8M	6.7x	as long as short
Phoenix BTClong	−0.0103%	1h	86,583	long leg	$2.2M	$12.4M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,628	+0.052%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0080%	1h	86,626.4	+0.050%	$17.6M	$20.5M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,655.1	+0.083%	$362K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,658.9	+0.088%	$935.3M	$1.44B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,631.2	+0.056%	$844.1M	$704.8M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,647.7	+0.075%	$36.8M	—	200x	as long as short
Aster BTCUSDT	+0.0007%	8h	86,611.3	+0.033%	$505.9M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,625.4	+0.049%	$6.7M	$144.4M	40x	as long as short
BingX BTC-USDT	+0.0023%	8h	86,627.7	+0.052%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0024%	8h	86,636.9	+0.062%	$149.9M	$471.4M	150x	as long as short
Bitget BTCUSDT	+0.0032%	8h	86,628	+0.052%	$2.95B	$5.07B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	+0.065%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0053%	8h	86,626.5	+0.050%	$5.19B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0054%	8h	86,621.3	+0.044%	$9.44B	$24.30B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,626.8	+0.051%	$2.4M	$1.3M	20x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,649.7	+0.077%	$9.1M	$42.0M	25x	as long as short
Gate BTC_USDT	+0.0076%	8h	86,630.9	+0.055%	$5.86B	$10.64B	200x	as long as short
OKX BTC-USDT-SWAP	+0.0076%	8h	86,636.1	+0.061%	$2.56B	$12.71B	100x	as long as short
Bybit BTCUSDT	+0.0082%	8h	86,636.2	+0.061%	$5.27B	$9.67B	150x	as long as short
Variational Omni BTC	+0.0095%	8h	86,614.5	+0.036%	$160.3M	$564.8M	—	as long as short
Lighter BTC	+0.0096%	1h	86,635.2	+0.060%	$172.0M	$1.01B	50x	as long as short
Lighter RH BTCshort	+0.0096%	1h	86,639.7	+0.065%	$24.0M	$153.5M	50x
Popdex BTCUSDT	+0.0096%	1h	86,639	+0.065%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,632	+0.057%	$193K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,690.7	+0.124%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,638.1	+0.064%	$21.7M	$235.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,707	+0.143%	$3.82B	$5.13B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,670.7	+0.101%	$40.9M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,647	+0.074%	$3.9M	$18.5M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,710.7	+0.147%	$7.5M	$93.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.006%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,617.9	+0.040%	$38.1M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,587	+0.005%	$279.7M	$950.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,622.1	+0.045%	$217.5M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,626.6	+0.050%	$141.4M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,606.5	+0.027%	$30.8M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,686.9	+0.120%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,642	+0.068%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,627	+0.051%	$196K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,642.3	+0.068%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,653.2	+0.081%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,636.1	+0.061%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,643.8	+0.070%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,619	+0.042%	$60.5M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,626.4	+0.050%	$2.30B	$957.0M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,610.9	+0.032%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,660.6	+0.090%	—	$98.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,651.4	+0.079%	$188.7M	$931.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,664.1	+0.094%	$131.9M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0126%	8h	86,660	+0.089%	$8.9M	$723.6M	6.4x	as long as short
BloFin BTC-USDT	+0.0174%	8h	86,596.5	+0.016%	$417.0M	$653.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,641.1	+0.067%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,636.4	+0.062%	$614K	$7.1M	30x	as long as short