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Funding arb · Price arb /

BTC

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 00:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%
Price spread now: Lighter against SunX−0.006%7-day average +0.025% · you buy dearer than you sell
Net, funding: paid 7d − costs−$10as in the Funding arb table
Net, price: spread back to 7d avg − costs−$15as in the Price arb table
costs, in and out, $10k−$120.119% of the position
Long on SunXShort on Lighter
What this pair did over the last
the charts below follow
Funding, last 7 days+0.019%+$2 on $10k
Price spread, last 3 days (all we have)+0.056%+$6 · spread now −0.006%, 7d avg +0.025%
Together, before fees+0.075%+ Points / potential airdropLighter: Season 3 · farm board+$7 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 is 0.031% cheaper against SunX than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.025%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongSunX BTC-USDT86,410.30.0100pay 0.0100% / 8h27m 22s$3.4M$5.4M100x
ShortLighter BTC86,404.90.0096get 0.0012% / 1h27m 22s$170.2M$1.01B50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Lighter against SunX. 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

Funding earned
−$0.84
Price spread: −0.006% → +0.025%
−$3.08
Slippage, 4 orders
−$3.94
Fee SunX: 4 bp × 2 orders
−$8
Fee Lighter: 0 bp × 2 orders
$0
Net
−$15.86
Costs to cover
0.119%
Break-even
never at this rate
Slippage from SunX: live order book, 11 min ago; Lighter: live order book, 7 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy SunX live order book, 11 min ago0.73 bp5.9 bp −$66.6 bp −$668.9 bp −$887doesn't fit
Sell Lighter live order book, 7 min ago0.01 bp0.6 bp −$10.6 bp −$61.2 bp −$1203.5 bp −$1,765

BTC on 56 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phoenix BTC−0.0118%1h86,477+0.077%$2.2M$11.8M40xas long as short
Hotstuff BTC-PERP−0.0080%1h86,425+0.017%$9K$3K50xas long as short
Injective BTC/USDC PERP−0.0035%1h86,568+0.183%$333K$26.8M52xas long as short
RISEx BTC/USDC−0.0024%1h86,417.8+0.009%$8.3M$42.8M25xas long as short
01 Exchange BTCUSD−0.0016%1h86,423.2+0.015%$359K$2.5M50xas long as short
Aster BTCUSDT−0.0001%8h86,429.3+0.022%$501.5M$1.15B200xas long as short
Perpl BTC0.0000%43m86,401.8−0.010%$415K$23.1M6.7xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0004%1h86,448.4+0.044%$36.8M—200xas long as short
KuCoin XBTUSDTM+0.0017%8h86,410.9+0.001%$849.8M$715.7M125xas long as short
Deribit BTC-PERPETUAL+0.0026%1h86,466.9+0.066%$914.6M$1.48B50xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Reya BTCRUSDPERP+0.0031%1h86,418.6+0.010%$6.7M$145.5M40xas long as short
BingX BTC-USDC+0.0042%8h86,420.3+0.012%—$15.4M—as long as short
Bitget BTCUSDT+0.0051%8h86,424.3+0.016%$2.96B$5.13B150xas long as short
Phemex BTCUSDT+0.0052%8h86,440.4+0.035%$150.8M$478.5M150xas long as short
dYdX BTC-USD+0.0066%1h86,448.3+0.044%$16.9M$21.2M50xas long as short
MEXC BTC_USDT+0.0069%8h86,419.2+0.010%$5.16B$5.66B500xas long as short
Binance BTCUSDT+0.0069%8h86,430.1+0.023%$9.42B$24.58B150xas long as short
Aevo BTC-PERP+0.0072%1h86,424.5+0.016%$2.4M$1.3M20xas long as short
Gate BTC_USDT+0.0082%8h86,430.7+0.024%$5.86B$10.77B200xas long as short
SoDEX BTC-USD+0.0084%1h86,431+0.024%$60.4M$337.9M40xas long as short
Lighter BTCshort+0.0096%1h86,404.9−0.006%$170.2M$1.01B50x
Lighter RH BTC+0.0096%1h86,431.1+0.024%$23.9M$152.2M50xas long as short
Popdex BTCUSDT+0.0096%1h86,411+0.001%$8.5M$52.4M100xas long as short
Bybit BTCUSDT+0.0098%8h86,431+0.024%$5.26B$9.81B150xas long as short
Katana Perps BTC-USD+0.0100%8h86,388−0.026%$200K$7.1M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,432.6+0.026%$4.8M$8.5M50xas long as short
Nado BTC-PERP+0.0100%1h86,430.1+0.023%$22.0M$234.7M50xas long as short
Hyperliquid BTC+0.0100%1h86,486+0.088%$3.79B$5.11B40xas long as short
Pacifica BTC+0.0100%1h86,431+0.024%$41.0M$529.8M50xas long as short
OKX BTC-USDT-SWAP+0.0100%8h86,439.1+0.033%$2.55B$12.73B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,411+0.001%$3.9M$18.6M25xas long as short
Arcus BTC-USD+0.0100%1h86,442.3+0.037%$7.5M$95.3M40xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,429.7+0.022%$38.2M$155.7M75xas long as short
Variational Omni BTC+0.0100%8h86,474.8+0.075%$157.5M$568.1M—as long as short
edgeX BTCUSDC+0.0100%4h86,448.6+0.044%$279.2M$945.2M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,485.6+0.087%$217.2M$171.6M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,461.9+0.060%$141.4M$323.1M100xas long as short
StandX BTC-USD+0.0100%1h86,471+0.070%$30.7M$205.5M40xas long as short
Vest BTC-PERP+0.0100%1h86,464+0.062%—$11.9M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,423+0.015%$11.1M$13.8M50xas long as short
Bullet BTC-USD+0.0100%1h86,417+0.008%$191K$3.3M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,435.6+0.029%$2.4M$9.0M100xas long as short
Bluefin BTC-PERP+0.0100%1h86,459.7+0.057%$140K$664K40xas long as short
Derive BTC-PERP+0.0100%1h86,460.9+0.059%$30.5M$62.6M15xas long as short
SunX BTC-USDTlong+0.0100%8h86,410.3long leg$3.4M$5.4M100x
HTX BTC-USDT+0.0100%8h86,430.1+0.023%$2.29B$969.5M200xas long as short
Bulk BTC-USD+0.0100%1h86,464.9+0.063%$572.1M$16.9M40xas long as short
Extended BTC-USD+0.0104%1h86,386.7−0.027%$45.5M$227.4M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,450.9+0.047%—$98.9M500xas long as short
Kraken Futures PF_XBTUSD+0.0110%1h86,461.5+0.059%$193.9M$952.2M100xas long as short
Coinbase International BTC-PERP-INTX+0.0112%1h86,478+0.078%$132.3M$5.65B50xas long as short
Aftermath Perps BTCUSD+0.0146%1h86,497.4+0.101%$78K$219K20xas long as short
Hibachi BTC/USDT-P+0.0184%1h86,493.4+0.096%$728K$8.1M30xas long as short
BloFin BTC-USDT+0.0190%8h86,461+0.059%$415.5M$658.7M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0196% / S −0.0218%1h86,442.8+0.038%$15.0M—200xas long as short
Kalshi KXBTCPERP+0.0207%8h86,470+0.069%$9.7M$746.6M6.4xas long as short