Funding you earn now, next payment 22:00 UTC−0.0642%/8h= −70.3% APRnext payment −$0.80 per $10,000 · paid last 24h +0.005%
Price spread now: Backpack against Phoenix+0.168%80s7-day average −0.103% · you sell dearer than you buy
Net, funding: paid 7d − costs−$42as 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−$440.441% of the position
Funding, last 7 days+0.018%+$2 on $10k
+Price spread, last 3 days (all we have)−1.047%−$105 · spread now +0.168%, 7d avg −0.103%
=The price spread pays, funding is against you. Backpack is 0.271% dearer against Phoenix than usual: you sell high and buy low (spread +0.168% now, against its 7-day average of −0.103%): +$27 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 34 hours. The two prices were read 80 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 0.018% in total (about 1.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.80 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 LIT | 4.7125 | −0.0034 | get 0.0004% / 1h | 41m 58s | $245K | $327K | 5x |
| Short | Backpack LIT_USDC_PERP | 4.7204 | −0.0676 | pay 0.0084% / 1h | 41m 58s | $663K | $1.4M | 5x |
Phoenix LIT
Backpack LIT_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack 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
- −$134.77
- Price spread: +0.168% → −0.103%
- $27.07
- Slippage, 4 orders
- −$27.11
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$151.8
- Costs to cover
- 0.441%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 39 min ago; Backpack: live order book, 2 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, 39 min ago | 2.10 bp | 16.1 bp −$16 | 58.0 bp −$580 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 2 min ago | 0.53 bp | 6.2 bp −$6 | 15.4 bp −$154 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Gate LIT_USDT | −0.0988% | 4h | 4.7190 | +0.138% | $2.8M | $4.5M | 50x | as long as short |
| Deribit LIT_USDC-PERPETUAL | −0.0760% | 1h | 4.7182 | +0.121% | $41K | $40K | 10x | as long as short |
| Backpack LIT_USDC_PERPshort | −0.0676% | 1h | 4.7204 | +0.168% | $663K | $1.4M | 5x | |
| Orderly PERP_LIT_USDC | −0.0631% | 4h | 4.7114 | −0.023% | $32K | $2K | 10x | as long as short |
| 01 Exchange LITUSD | −0.0544% | 1h | 4.7110 | −0.032% | $33K | $4K | 5x | as long as short |
| Phemex LITUSDT | −0.0537% | 4h | 4.7160 | +0.074% | $1.3M | $2.7M | 20x | as long as short |
| OKX LIT-USDT-SWAP | −0.0422% | 4h | 4.7199 | +0.157% | $25.3M | $62.1M | 50x | as long as short |
| Bullet LIT-USD | −0.0349% | 1h | 4.7167 | +0.088% | $85K | $81K | 20x | as long as short |
| Bybit LITUSDT | −0.0303% | 4h | 4.7210 | +0.180% | $42.7M | $30.4M | 75x | as long as short |
| KuCoin LITUSDTM | −0.0290% | 4h | 4.7232 | +0.227% | $5.2M | $1.1M | 30x | as long as short |
Gate LIT_USDT
Deribit LIT_USDC-PERPETUAL
Orderly PERP_LIT_USDC
01 Exchange LITUSD
Phemex LITUSDT
OKX LIT-USDT-SWAP
Bullet LIT-USD
Bybit LITUSDT
KuCoin LITUSDTMShow all 42 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aftermath Perps LITUSD | −0.0223% | 1h | 4.7157 | +0.067% | $10K | $202K | 10x | as long as short |
| GRVT LIT_USDT_Perp | −0.0200% | 4h | 4.7104 | −0.046% | $899K | $1.9M | 10x | as long as short |
| Coinbase International LIT-PERP-INTX | −0.0152% | 1h | 4.7721 | +1.265% | $660K | $388K | 50x | as long as short |
| RISEx LIT/USDC | −0.0082% | 1h | 4.7187 | +0.132% | $786K | $2.1M | 5x | as long as short |
| Nado LIT-PERP | −0.0049% | 1h | 4.7124 | −0.001% | $2.1M | $1.7M | 10x | as long as short |
| Phoenix LITlong | −0.0034% | 1h | 4.7125 | long leg | $245K | $327K | 5x | |
| Paradex LIT-USD-PERP | −0.0002% | 8h | 4.7119 | −0.013% | $6K | $2K | 5x | as long as short |
| dYdX LIT-USD | 0.0000% | 1h | 4.7145 | +0.042% | $34K | — | 5x | as long as short |
| gTrade (Gains Network) LIT/USD | L +0.0003% / S −0.0003% | 1h | 4.7232 | +0.228% | $35K | — | 150x | as long as short |
| Injective LIT/USDC PERP | +0.0033% | 1h | 4.8040 | +1.942% | $422 | $178K | 5.5x | as long as short |
| MEXC LIT_USDT | +0.0054% | 4h | 4.7217 | +0.195% | $5.6M | $4.2M | 100x | as long as short |
| edgeX LITUSDC | +0.0054% | 4h | 4.7112 | −0.028% | $287K | $312K | 10x | as long as short |
| Binance LITUSDT | +0.0057% | 4h | 4.7176 | +0.108% | $74.8M | $81.1M | 75x | as long as short |
| SoDEX LIT-USD | +0.0071% | 1h | 4.7175 | +0.106% | $1K | $467K | 5x | as long as short |
| Aevo LIT-PERP | +0.0072% | 1h | 4.7174 | +0.105% | $148K | $44K | 3x | as long as short |
| Lighter LIT | +0.0096% | 1h | 4.7229 | +0.221% | $59.4M | $29.4M | 5x | as long as short |
| Hyperliquid LIT | +0.0100% | 1h | 4.7257 | +0.280% | $210.7M | $44.8M | 5x | as long as short |
| Aster LITUSDT | +0.0100% | 4h | 4.7241 | +0.246% | $12.6M | $2.5M | 50x | as long as short |
| Pacifica LIT | +0.0100% | 1h | 4.7159 | +0.072% | $580K | $1.8M | 10x | as long as short |
| Arcus LIT-USD | +0.0100% | 1h | 4.7164 | +0.083% | $116K | $447K | 5x | as long as short |
| Bulk LIT-USD | +0.0100% | 1h | 4.7055 | −0.149% | $118K | $5K | 10x | as long as short |
| Bitget LITUSDT | +0.0100% | 4h | 4.7240 | +0.244% | $6.7M | $2.7M | 20x | as long as short |
| ApeX Omni LITUSDT | +0.0100% | 1h | 4.7130 | +0.011% | $55K | $78K | 50x | as long as short |
| Polymarket Perps LIT-USD | +0.0100% | 1h | 4.7163 | +0.081% | $445K | $104K | 10x | as long as short |
| Derive LIT-PERP | +0.0100% | 1h | 4.7219 | +0.200% | $2K | $729 | 6.7x | as long as short |
| SunX LIT-USDT | +0.0100% | 4h | 4.7176 | +0.108% | $4K | $1.2M | 20x | as long as short |
| HTX LIT-USDT | +0.0100% | 4h | 4.7222 | +0.206% | $189K | $330K | 30x | as long as short |
| Extended LIT-USD | +0.0104% | 1h | 4.7191 | +0.140% | $5.2M | $5.1M | 25x | as long as short |
| BloFin LIT-USDT | +0.0219% | 4h | 4.7141 | +0.034% | $1.5M | $2.1M | 75x | as long as short |
| Perpl LIT | +0.0335% | 43m | 4.7191 | +0.140% | $32K | $839K | 33x | as long as short |
| GMX LIT/USD [ETH-USDC] | L +0.0356% / S −0.0155% | 1h | 4.7228 | +0.218% | $59K | — | 50x | as long as short |
| Lighter RH LIT | +0.0384% | 1h | 4.7268 | +0.303% | $3.7M | $13.5M | 5x | as long as short |
Aftermath Perps LITUSD
GRVT LIT_USDT_Perp
Coinbase International LIT-PERP-INTX
RISEx LIT/USDC
Nado LIT-PERP
Paradex LIT-USD-PERP
dYdX LIT-USD
gTrade (Gains Network) LIT/USD
Injective LIT/USDC PERP
MEXC LIT_USDT
edgeX LITUSDC
Binance LITUSDT
SoDEX LIT-USD
Aevo LIT-PERP
Lighter LIT
Hyperliquid LIT
Aster LITUSDT
Pacifica LIT
Arcus LIT-USD
Bulk LIT-USD
Bitget LITUSDT
ApeX Omni LITUSDT
Polymarket Perps LIT-USD
Derive LIT-PERP
SunX LIT-USDT
HTX LIT-USDT
Extended LIT-USD
BloFin LIT-USDT
Perpl LIT
GMX LIT/USD [ETH-USDC]
Lighter RH LIT