Funding you earn now, next payment 07:00 UTC+0.0075%/8h= +8.3% APRnext payment +$0.09 per $10,000 · paid last 24h +0.037%
Price spread now: Phoenix against Lighter−0.077%7-day average +0.040% · you buy dearer than you sell
Net, funding: paid 7d − costs−$3as in the Funding arb table
Net, price: spread back to 7d avg − costs−$36as in the Price arb table
costs, in and out, $10k−$240.243% of the position
Funding, last 7 days+0.212%+$21 on $10k
+Price spread, last 4 days (all we have)−0.271%−$27 · spread now −0.077%, 7d avg +0.040%
=Together, before fees−0.060%+ Points / potential airdropLighter: Season 3 · farm board−$6 on $10k · with fees, hour by hour
Funding pays, the price is against you. Phoenix is 0.117% cheaper against Lighter than usual: you would sell low and buy high (spread −0.077% now, against its 7-day average of +0.040%). If the spread goes back, that is −$12 on $10k: about 5.2 days of funding at the current rate (+$2 a day).
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter COIN | 195.53 | 0.0088 | pay 0.0011% / 1h | 19m 28s | $364K | $2.3M | 10x |
| Short | Phoenix COIN | 195.38 | 0.0163 | get 0.0020% / 1h | 19m 28s | $4K | $283K | 10x |
Lighter COIN
Phoenix COINFunding 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
- $15.85
- Price spread: −0.077% → +0.040%
- −$11.71
- Slippage, 4 orders
- −$17.27
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$20.12
- Costs to cover
- 0.243%
- Break-even
- 15.9 days
Slippage from Lighter: live order book, 12 min ago; Phoenix: live order book, 13 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, 12 min ago | 0.10 bp | 0.8 bp −$1 | 3.5 bp −$35 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 13 min ago | 3.58 bp | 11.6 bp −$12 | 24.5 bp −$245 | doesn't fit | doesn't fit |
COIN 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective COIN/USDC PERP | −0.0440% | 1h | 195.45 | −0.041% | $43K | $48K | 30x | as long as short |
| Bitget COINUSDT | −0.0343% | 8h | 195.83 | +0.153% | $6.3M | $10.5M | 20x | as long as short |
| Vest COIN-USD-PERP | −0.0040% | 1h | 195.11 | −0.215% | — | $326K | 25x | as long as short |
| Aster COINUSDT | 0.0000% | 8h | 195.54 | +0.004% | $341K | $890K | 20x | as long as short |
| Bybit COINUSDT | 0.0000% | 8h | 195.72 | +0.097% | $4.7M | $6.2M | 50x | as long as short |
| OKX COIN-USDT-SWAP | 0.0000% | 8h | 195.70 | +0.087% | $3.0M | $4.7M | 20x | as long as short |
| Gate COIN_USDT | 0.0000% | 8h | 195.72 | +0.097% | $1.2M | $7.4M | 50x | as long as short |
| Variational Omni COIN | 0.0000% | 8h | 195.54 | +0.003% | $711K | $972K | — | as long as short |
| GRVT COIN_USDT_Perp | 0.0000% | 8h | 195.57 | +0.019% | $18K | $2.8M | 10x | as long as short |
| Binance COINUSDT | +0.0006% | 8h | 195.80 | +0.138% | $15.0M | $82.1M | 20x | as long as short |
Injective COIN/USDC PERP
Bitget COINUSDT
Vest COIN-USD-PERP
Aster COINUSDT
Bybit COINUSDT
OKX COIN-USDT-SWAP
Gate COIN_USDT
Variational Omni COIN
GRVT COIN_USDT_Perp
Binance COINUSDTShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Extended COIN_24_5-USD | +0.0008% | 1h | 195.67 | +0.071% | $106K | $857K | 10x | as long as short |
| BloFin COIN-USDT | +0.0014% | 8h | 195.64 | +0.056% | $188K | $435K | 20x | as long as short |
| Lighter RH COIN | +0.0032% | 1h | 195.58 | +0.026% | $464K | $1.5M | 10x | as long as short |
| Arcus COIN-USD | +0.0040% | 1h | 195.78 | +0.128% | $17K | $58K | 5x | as long as short |
| tradeXYZ xyz:COIN | +0.0050% | 1h | 195.54 | +0.005% | $15.1M | $12.9M | 10x | as long as short |
| Polymarket Perps COIN-USD | +0.0050% | 1h | 195.59 | +0.031% | $135K | $1.4M | 10x | as long as short |
| SoDEX COIN-USD | +0.0050% | 1h | 195.55 | +0.010% | $88 | $3K | 10x | as long as short |
| Ondo Perps COIN-USD.P | +0.0050% | 1h | 195.51 | −0.010% | $445K | $2.8M | 10x | as long as short |
| QFEX COIN-USD | +0.0065% | 1h | 195.64 | +0.056% | $1.3M | $2.9M | 10x | as long as short |
| Lighter COINlong | +0.0088% | 1h | 195.53 | long leg | $364K | $2.3M | 10x | |
| KuCoin COINUSDTM | +0.0100% | 8h | 195.54 | +0.005% | $985K | $140K | 20x | as long as short |
| ApeX Omni COINUSDT | +0.0100% | 1h | 195.43 | −0.051% | $88K | $287K | 50x | as long as short |
| Orderly PERP_COIN_USDC_mythos | +0.0100% | 8h | 195.45 | −0.041% | $565 | $4K | 10x | as long as short |
| Aevo COIN-PERP | +0.0104% | 1h | 195.61 | +0.041% | $115 | — | 10x | as long as short |
| Phoenix COINshort | +0.0163% | 1h | 195.38 | −0.077% | $4K | $283K | 10x | |
| edgeX COINUSDC | +0.0750% | 4h | 195.48 | −0.025% | $50K | $295K | 10x | as long as short |
Extended COIN_24_5-USD
BloFin COIN-USDT
Lighter RH COIN
Arcus COIN-USD
tradeXYZ xyz:COIN
Polymarket Perps COIN-USD
SoDEX COIN-USD
Ondo Perps COIN-USD.P
QFEX COIN-USD
KuCoin COINUSDTM
ApeX Omni COINUSDT
Orderly PERP_COIN_USDC_mythos
Aevo COIN-PERP
edgeX COINUSDC