Funding you earn now, next payment 01:00 UTC+0.0248%/8h= +27.2% APRnext payment +$0.31 per $10,000 · paid last 24h −0.002%
Price spread now: Phoenix against Backpack−0.678%7-day average +0.097% · you buy dearer than you sell
Net, funding: paid 7d − costs−$47as in the Funding arb table
Net, price: spread back to 7d avg − costs−$122as in the Price arb table
costs, in and out, $10k−$450.448% of the position
Funding, last 7 days−0.019%−$2 on $10k
+Price spread, last 3 days (all we have)+1.275%+$127 · spread now −0.678%, 7d avg +0.097%
=Funding pays, the price is against you. Phoenix is 0.775% cheaper against Backpack than usual: you would sell low and buy high (spread −0.678% now, against its 7-day average of +0.097%). If the spread goes back, that is −$78 on $10k: about 10 days of funding at the current rate (+$7 a day).
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.019% in total (about -1.0% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.31 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 | Backpack LIT_USDC_PERP | 4.7198 | −0.0350 | get 0.0044% / 1h | 51m 03s | $684K | $1.4M | 5x |
| Short | Phoenix LIT | 4.6878 | −0.0102 | pay 0.0013% / 1h | 51m 03s | $203K | $352K | 5x |
Backpack LIT_USDC_PERP
Phoenix LITFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Backpack. 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
- $52.1
- Price spread: −0.678% → +0.097%
- −$77.52
- Slippage, 4 orders
- −$27.81
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$70.23
- Costs to cover
- 0.448%
- Break-even
- 16.4 days
Slippage from Backpack: live order book, 3 min ago; Phoenix: live order book, 15 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 Backpack live order book, 3 min ago | 0.64 bp | 7.0 bp −$7 | 18.2 bp −$182 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 15 min ago | 2.10 bp | 16.0 bp −$16 | 50.2 bp −$502 | doesn't fit | doesn't fit |
LIT on 42 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 | |
|---|---|---|---|---|---|---|---|---|
| 01 Exchange LITUSD | −0.0592% | 1h | 4.7087 | −0.235% | $33K | $4K | 5x | as long as short |
| Orderly PERP_LIT_USDC | −0.0474% | 4h | 4.7083 | −0.244% | $32K | $2K | 10x | as long as short |
| Deribit LIT_USDC-PERPETUAL | −0.0462% | 1h | 4.7157 | −0.087% | $41K | $40K | 10x | as long as short |
| Bullet LIT-USD | −0.0428% | 1h | 4.7123 | −0.159% | $85K | $72K | 20x | as long as short |
| Backpack LIT_USDC_PERPlong | −0.0350% | 1h | 4.7198 | long leg | $684K | $1.4M | 5x | |
| OKX LIT-USDT-SWAP | −0.0178% | 4h | 4.7177 | −0.044% | $25.6M | $64.0M | 50x | as long as short |
| GRVT LIT_USDT_Perp | −0.0152% | 4h | 4.6894 | −0.644% | $899K | $1.8M | 10x | as long as short |
| Gate LIT_USDT | −0.0140% | 4h | 4.7170 | −0.059% | $2.8M | $4.2M | 50x | as long as short |
| KuCoin LITUSDTM | −0.0138% | 4h | 4.7121 | −0.163% | $5.3M | $1.1M | 30x | as long as short |
| Phoenix LITshort | −0.0102% | 1h | 4.6878 | −0.678% | $203K | $352K | 5x |
01 Exchange LITUSD
Orderly PERP_LIT_USDC
Deribit LIT_USDC-PERPETUAL
Bullet LIT-USD
OKX LIT-USDT-SWAP
GRVT LIT_USDT_Perp
Gate LIT_USDT
KuCoin LITUSDTMShow all 42 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Coinbase International LIT-PERP-INTX | −0.0080% | 1h | 4.7147 | −0.108% | $667K | $387K | 50x | as long as short |
| dYdX LIT-USD | 0.0000% | 1h | 4.7082 | −0.245% | $34K | — | 5x | as long as short |
| gTrade (Gains Network) LIT/USD | L +0.0003% / S 0.0000% | 1h | 4.7160 | −0.081% | $472 | — | 150x | as long as short |
| Injective LIT/USDC PERP | +0.0033% | 1h | 4.8040 | +1.784% | $422 | $178K | 5.5x | as long as short |
| Paradex LIT-USD-PERP | +0.0040% | 8h | 4.7060 | −0.292% | $7K | $2K | 5x | as long as short |
| RISEx LIT/USDC | +0.0081% | 1h | 4.7166 | −0.067% | $786K | $2.0M | 5x | as long as short |
| Lighter LIT | +0.0096% | 1h | 4.7218 | +0.042% | $59.1M | $29.2M | 5x | as long as short |
| Bulk LIT-USD | +0.0096% | 1h | 4.6903 | −0.625% | $117K | $1K | 10x | as long as short |
| Nado LIT-PERP | +0.0100% | 1h | 4.7105 | −0.197% | $2.2M | $1.7M | 10x | as long as short |
| Hyperliquid LIT | +0.0100% | 1h | 4.7263 | +0.138% | $211.8M | $44.3M | 5x | as long as short |
| Aster LITUSDT | +0.0100% | 4h | 4.7225 | +0.057% | $12.6M | $2.1M | 50x | as long as short |
| Pacifica LIT | +0.0100% | 1h | 4.7086 | −0.237% | $583K | $1.6M | 10x | as long as short |
| Binance LITUSDT | +0.0100% | 4h | 4.7157 | −0.086% | $75.3M | $80.3M | 75x | as long as short |
| Bybit LITUSDT | +0.0100% | 4h | 4.7162 | −0.076% | $42.4M | $29.9M | 75x | as long as short |
| Arcus LIT-USD | +0.0100% | 1h | 4.7094 | −0.220% | $116K | $448K | 5x | as long as short |
| MEXC LIT_USDT | +0.0100% | 4h | 4.7123 | −0.159% | $5.4M | $4.0M | 100x | as long as short |
| Bitget LITUSDT | +0.0100% | 4h | 4.7210 | +0.025% | $6.7M | $2.7M | 20x | as long as short |
| edgeX LITUSDC | +0.0100% | 4h | 4.6843 | −0.753% | $285K | $305K | 10x | as long as short |
| ApeX Omni LITUSDT | +0.0100% | 1h | 4.6890 | −0.653% | $56K | $77K | 50x | as long as short |
| Polymarket Perps LIT-USD | +0.0100% | 1h | 4.7103 | −0.201% | $445K | $104K | 10x | as long as short |
| Derive LIT-PERP | +0.0100% | 1h | 4.7180 | −0.037% | $2K | — | 6.7x | as long as short |
| SunX LIT-USDT | +0.0100% | 4h | 4.7130 | −0.144% | $4K | $1.2M | 20x | as long as short |
| SoDEX LIT-USD | +0.0100% | 1h | 4.7135 | −0.133% | $1K | $457K | 5x | as long as short |
| HTX LIT-USDT | +0.0100% | 4h | 4.7065 | −0.282% | $188K | $354K | 30x | as long as short |
| Phemex LITUSDT | +0.0100% | 4h | 4.7120 | −0.165% | $1.4M | $2.7M | 20x | as long as short |
| Extended LIT-USD | +0.0104% | 1h | 4.7114 | −0.179% | $5.1M | $5.1M | 25x | as long as short |
| Aevo LIT-PERP | +0.0104% | 1h | 4.7111 | −0.185% | $147K | — | 3x | as long as short |
| Lighter RH LIT | +0.0168% | 1h | 4.7238 | +0.085% | $3.7M | $13.2M | 5x | as long as short |
| Aftermath Perps LITUSD | +0.0318% | 1h | 4.7082 | −0.245% | $9K | $209K | 10x | as long as short |
| BloFin LIT-USDT | +0.0340% | 4h | 4.7113 | −0.180% | $1.6M | $2.0M | 75x | as long as short |
| GMX LIT/USD [ETH-USDC] | L +0.0402% / S −0.0194% | 1h | 4.7168 | −0.064% | $64K | — | 50x | as long as short |
| Perpl LIT | +0.0447% | 43m | 4.7150 | −0.101% | $31K | $860K | 33x | as long as short |
Coinbase International LIT-PERP-INTX
dYdX LIT-USD
gTrade (Gains Network) LIT/USD
Injective LIT/USDC PERP
Paradex LIT-USD-PERP
RISEx LIT/USDC
Lighter LIT
Bulk LIT-USD
Nado LIT-PERP
Hyperliquid LIT
Aster LITUSDT
Pacifica LIT
Binance LITUSDT
Bybit LITUSDT
Arcus LIT-USD
MEXC LIT_USDT
Bitget LITUSDT
edgeX LITUSDC
ApeX Omni LITUSDT
Polymarket Perps LIT-USD
Derive LIT-PERP
SunX LIT-USDT
SoDEX LIT-USD
HTX LIT-USDT
Phemex LITUSDT
Extended LIT-USD
Aevo LIT-PERP
Lighter RH LIT
Aftermath Perps LITUSD
BloFin LIT-USDT
GMX LIT/USD [ETH-USDC]
Perpl LIT