Funding you earn now, next payment 08:00 UTC−0.0015%/8h= −1.6% APRnext payment −$0.02 per $10,000 · paid last 24h −0.010%
Price spread now: Phoenix against Lighter−0.073%7-day average +0.026% · you buy dearer than you sell
Net, funding: paid 7d − costs−$127as in the Funding arb table
Net, price: spread back to 7d avg − costs−$126as in the Price arb table
costs, in and out, $10k−$1161.161% of the position
Funding, last 7 days−0.110%−$11 on $10k
+Price spread, last 4 days (all we have)+0.304%+$30 · spread now −0.073%, 7d avg +0.026%
=Together, before fees+0.194%+ Points / potential airdropLighter: Season 3 · farm board+$19 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Phoenix is 0.099% cheaper against Lighter than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.026%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter CBRS | 206.06 | −0.0024 | get 0.0003% / 1h | 59m 27s | $90K | $1.1M | 10x |
| Short | Phoenix CBRS | 205.91 | −0.0039 | pay 0.0005% / 1h | 59m 27s | $1K | $108K | 10x |
Lighter CBRS
Phoenix CBRSFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Lighter. 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
- −$3.12
- Price spread: −0.073% → +0.026%
- −$9.88
- Slippage, 4 orders
- −$109.14
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$129.14
- Costs to cover
- 1.161%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 1 min ago; Phoenix: live order book, 25 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 Lighter live order book, 1 min ago | 4.61 bp | 9.1 bp −$9 | 15.1 bp −$151 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 25 min ago | 12.77 bp | 52.0 bp −$52 | 150.8 bp −$1,508 | doesn't fit | doesn't fit |
CBRS on 26 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 | |
|---|---|---|---|---|---|---|---|---|
| edgeX CBRSUSDC | −0.0303% | 4h | 206.08 | +0.010% | $23K | $222K | 10x | as long as short |
| Bitget CBRSUSDT | −0.0157% | 8h | 206.20 | +0.068% | $2.4M | $2.7M | 20x | as long as short |
| Phoenix CBRSshort | −0.0039% | 1h | 205.91 | −0.073% | $1K | $108K | 10x | |
| Lighter CBRSlong | −0.0024% | 1h | 206.06 | long leg | $90K | $1.1M | 10x | |
| BloFin CBRS-USDT | −0.0021% | 8h | 206.14 | +0.039% | $147K | $72K | 20x | as long as short |
| Aster CBRSUSDT | 0.0000% | 8h | 206.15 | +0.043% | $65K | $148K | 20x | as long as short |
| Extended CBRS_24_5-USD | 0.0000% | 1h | 206.14 | +0.038% | $44K | $387K | 10x | as long as short |
| Binance CBRSUSDT | 0.0000% | 8h | 206.16 | +0.047% | $10.2M | $32.2M | 25x | as long as short |
| Bybit CBRSUSDT | 0.0000% | 8h | 206.14 | +0.039% | $2.1M | $2.2M | 25x | as long as short |
| OKX CBRS-USDT-SWAP | 0.0000% | 8h | 206.14 | +0.039% | $2.2M | $3.5M | 25x | as long as short |
edgeX CBRSUSDC
Bitget CBRSUSDT
BloFin CBRS-USDT
Aster CBRSUSDT
Extended CBRS_24_5-USD
Binance CBRSUSDT
Bybit CBRSUSDT
OKX CBRS-USDT-SWAPShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Variational Omni CBRS | 0.0000% | 8h | 205.99 | −0.035% | $395K | $101K | — | as long as short |
| GRVT CBRS_USDT_Perp | 0.0000% | 8h | 206.12 | +0.030% | $649 | $220K | 10x | as long as short |
| SunX CBRS-USDT | 0.0000% | 8h | 206.39 | +0.160% | $1K | $2.7M | 10x | as long as short |
| Deribit CBRS_USDC-PERPETUAL | 0.0000% | 1h | 206.14 | +0.039% | $12K | $5K | 10x | as long as short |
| HTX CBRS-USDT | 0.0000% | 8h | 206.22 | +0.078% | $9K | $10K | 20x | as long as short |
| QFEX CBRS-USD | +0.0017% | 1h | 206.18 | +0.058% | $1.1M | $3.0M | 10x | as long as short |
| Vest CBRS-USD-PERP | +0.0020% | 1h | 205.92 | −0.068% | — | $107K | 10x | as long as short |
| tradeXYZ xyz:CBRS | +0.0049% | 1h | 205.94 | −0.058% | $42.2M | $4.0M | 10x | as long as short |
| Polymarket Perps CBRS-USD | +0.0050% | 1h | 206.07 | +0.005% | $51K | $471K | 10x | as long as short |
| Ondo Perps CBRS-USD.P | +0.0050% | 1h | 206.16 | +0.049% | $329K | $724K | 10x | as long as short |
| Orderly PERP_CBRS_USDC_mythos | +0.0100% | 8h | 206.21 | +0.073% | $816 | $2K | 10x | as long as short |
| KuCoin CBRSUSDTM | +0.0100% | 8h | 206.08 | +0.010% | $112K | $187K | 20x | as long as short |
| ApeX Omni CBRSUSDT | +0.0100% | 1h | 205.86 | −0.097% | $24K | $138K | 50x | as long as short |
| Aevo CBRS-PERP | +0.0104% | 1h | 206.08 | +0.008% | $239 | — | 10x | as long as short |
| Gate CBRS_USDT | +0.0121% | 8h | 206.40 | +0.165% | $2.9M | $3.1M | 50x | as long as short |
| Coinbase International CBRS-PERP-INTX | +0.0480% | 1h | 210.27 | +2.043% | $115K | $108K | 10x | as long as short |
Variational Omni CBRS
GRVT CBRS_USDT_Perp
SunX CBRS-USDT
Deribit CBRS_USDC-PERPETUAL
HTX CBRS-USDT
QFEX CBRS-USD
Vest CBRS-USD-PERP
tradeXYZ xyz:CBRS
Polymarket Perps CBRS-USD
Ondo Perps CBRS-USD.P
Orderly PERP_CBRS_USDC_mythos
KuCoin CBRSUSDTM
ApeX Omni CBRSUSDT
Aevo CBRS-PERP
Gate CBRS_USDT
Coinbase International CBRS-PERP-INTX