Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter RH against Variational Omni+0.160%7-day average +0.018% · you sell dearer than you buy

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

Long on Variational Omni Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 7 days−0.150%−$15 · spread now +0.160%, 7d avg +0.018%

Together, before fees−0.151%+ Points / potential airdropVariational Omni: Active · Lighter RH: Points live · farm board−$15 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 RH is 0.142% dearer against Variational Omni than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of +0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni BTC	85,640.3	0.0100	pay 0.0100% / 8h	6h 27m	$156.2M	$559.1M	—
Short	Lighter RH BTC	85,777.6	0.0096	get 0.0012% / 1h	27m 42s	$23.6M	$146.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Variational Omni. 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 Variational OmnibpFee Lighter RHbpOrdersPrice spread, now +0.160%Rate

Funding earned: −$0.84
Price spread: +0.160% → +0.018%: $14.24
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter RH: 0 bp × 2 orders: $0
Net: $13.4
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Lighter RH: live order book, 7 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 Variational Omni RFQ quote, 1 min ago	0.52 bp	doesn't fit	0.6 bp −$6	3.5 bp −$346	doesn't fit
Sell Lighter RH live order book, 7 min ago	0.41 bp	0.4 bp $0	0.5 bp −$5	2.9 bp −$294	23.0 bp −$11.5K

BTC on 55 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 BTC	−0.0144%	1h	85,735	+0.111%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,780	+0.163%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,738.5	+0.115%	$364K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,749.3	+0.127%	$514K	$20.7M	6.7x	as long as short
dYdX BTC-USD	+0.0003%	1h	85,751.5	+0.130%	$16.8M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,769.7	+0.151%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	+0.059%	$340K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0034%	8h	85,748.7	+0.127%	$903.7M	$754.9M	125x	as long as short
Aster BTCUSDT	+0.0035%	8h	85,744.8	+0.122%	$509.6M	$1.14B	200x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,774.5	+0.157%	$8.2M	$42.1M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0054%	8h	85,749.5	+0.128%	—	$15.4M	—	as long as short
ApeX Omni BTCUSDT	+0.0056%	1h	85,655.9	+0.018%	$140.1M	$319.3M	100x	as long as short
Reya BTCRUSDPERP	+0.0057%	1h	85,737.8	+0.114%	$6.7M	$146.2M	40x	as long as short
HTX BTC-USDT	+0.0061%	8h	85,758	+0.137%	$2.27B	$952.8M	200x	as long as short
Nado BTC-PERP	+0.0061%	1h	85,693.6	+0.062%	$22.6M	$228.5M	50x	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,755.9	+0.135%	$2.95B	$5.09B	150x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,768.4	+0.150%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,765.2	+0.146%	$5.08B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0090%	8h	85,755	+0.134%	$9.34B	$24.37B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,762.6	+0.143%	$170.4M	$988.8M	50x	as long as short
Lighter RH BTCshort	+0.0096%	1h	85,777.6	+0.160%	$23.6M	$146.9M	50x
Popdex BTCUSDT	+0.0096%	1h	85,751	+0.129%	$8.4M	$51.9M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,725	+0.099%	$204K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,723.8	+0.097%	$3.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,825	+0.216%	$3.77B	$5.01B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,792.6	+0.178%	$40.3M	$571.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,764.2	+0.145%	$5.30B	$9.73B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,779.4	+0.162%	$2.54B	$12.37B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,770	+0.151%	$3.9M	$18.2M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,730.2	+0.105%	$7.3M	$98.2M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,769.9	+0.151%	$5.62B	$10.53B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,762.2	+0.142%	$35.4M	$164.0M	75x	as long as short
Variational Omni BTClong	+0.0100%	8h	85,640.3	long leg	$156.2M	$559.1M	—
edgeX BTCUSDC	+0.0100%	4h	85,721	+0.094%	$278.7M	$938.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,711.6	+0.083%	$215.2M	$165.9M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,731.4	+0.106%	$30.3M	$208.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,773.9	+0.156%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,734	+0.109%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,747	+0.125%	$187K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,763.8	+0.144%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,810.1	+0.198%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,768.5	+0.150%	$30.0M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,703.8	+0.074%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,766	+0.147%	$60.0M	$337.5M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,765.5	+0.146%	$153.5M	$480.3M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,587.5	−0.062%	$583.6M	$150.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,737.7	+0.114%	$44.0M	$228.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,725.6	+0.100%	—	$101.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,801.5	+0.188%	$131.2M	$5.18B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,727.4	+0.102%	$696K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,787.3	+0.172%	$188.9M	$965.0M	100x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	85,690.8	+0.059%	$78K	$219K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0201%	1h	85,814.3	+0.203%	$894.4M	$1.53B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0192%	1h	85,753.7	+0.132%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	85,735	+0.111%	$10.0M	$770.4M	6.4x	as long as short