Funding you earn now, next payment 23:00 UTC−0.0150%/8h= −16.4% APRnext payment −$0.19 per $10,000 · paid last 24h −0.040%
Price spread now: Lighter against Phoenix−0.049%74s7-day average −0.036% · you buy dearer than you sell
Net, funding: paid 7d − costs−$43as 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−$230.226% of the position
Funding, last 7 days−0.205%−$20 on $10k
+Price spread, last 3 days (all we have)+0.124%+$12 · spread now −0.049%, 7d avg −0.036%
=Together, before fees−0.081%+ Points / potential airdropLighter: Season 3 · farm board−$8 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.036%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate. The two prices were read 74 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix COIN | 202.05 | 0.0238 | pay 0.0030% / 1h | 21m 48s | $5K | $279K | 10x |
| Short | Lighter COIN | 201.95 | 0.0088 | get 0.0011% / 1h | 21m 48s | $377K | $2.0M | 10x |
Phoenix COIN
Lighter COINFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter 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
- −$31.44
- Price spread: −0.049% → −0.036%
- −$1.39
- Slippage, 4 orders
- −$15.64
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- −$55.48
- Costs to cover
- 0.226%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 51 min ago; Lighter: live order book, 5 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, 51 min ago | 2.97 bp | 10.6 bp −$11 | 22.1 bp −$221 | doesn't fit | doesn't fit |
| Sell Lighter live order book, 5 min ago | 0.59 bp | 0.7 bp −$1 | 1.9 bp −$19 | 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 | 201.90 | −0.074% | $45K | $49K | 30x | as long as short |
| Aster COINUSDT | 0.0000% | 8h | 201.96 | −0.045% | $370K | $839K | 20x | as long as short |
| Extended COIN_24_5-USD | 0.0000% | 1h | 201.94 | −0.053% | $119K | $446K | 10x | as long as short |
| Binance COINUSDT | 0.0000% | 8h | 201.98 | −0.035% | $15.6M | $76.6M | 20x | as long as short |
| Bybit COINUSDT | 0.0000% | 8h | 201.95 | −0.049% | $5.0M | $5.9M | 50x | as long as short |
| OKX COIN-USDT-SWAP | 0.0000% | 8h | 201.98 | −0.035% | $3.3M | $4.7M | 20x | as long as short |
| Gate COIN_USDT | 0.0000% | 8h | 201.97 | −0.040% | $1.3M | $7.0M | 50x | as long as short |
| Variational Omni COIN | 0.0000% | 8h | 202.02 | −0.014% | $840K | $1.1M | — | as long as short |
| GRVT COIN_USDT_Perp | 0.0000% | 8h | 202.04 | −0.004% | $12K | $2.0M | 10x | as long as short |
| Bitget COINUSDT | +0.0006% | 8h | 202.03 | −0.010% | $6.9M | $10.1M | 20x | as long as short |
Injective COIN/USDC PERP
Aster COINUSDT
Extended COIN_24_5-USD
Binance COINUSDT
Bybit COINUSDT
OKX COIN-USDT-SWAP
Gate COIN_USDT
Variational Omni COIN
GRVT COIN_USDT_Perp
Bitget COINUSDTShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| QFEX COIN-USD | +0.0032% | 1h | 202.00 | −0.025% | $1.4M | $4.0M | 10x | as long as short |
| Lighter RH COIN | +0.0032% | 1h | 201.93 | −0.059% | $434K | $1.8M | 10x | as long as short |
| Arcus COIN-USD | +0.0040% | 1h | 202.06 | +0.005% | $16K | $55K | 5x | as long as short |
| Vest COIN-USD-PERP | +0.0046% | 1h | 201.88 | −0.084% | — | $513K | 25x | as long as short |
| Polymarket Perps COIN-USD | +0.0050% | 1h | 201.89 | −0.079% | $129K | $1.2M | 10x | as long as short |
| SoDEX COIN-USD | +0.0050% | 1h | 201.93 | −0.059% | $86 | $3K | 10x | as long as short |
| Ondo Perps COIN-USD.P | +0.0050% | 1h | 201.77 | −0.139% | $358K | $3.3M | 10x | as long as short |
| Lighter COINshort | +0.0088% | 1h | 201.95 | −0.049% | $377K | $2.0M | 10x | |
| KuCoin COINUSDTM | +0.0100% | 8h | 202.02 | −0.015% | $1.0M | $138K | 20x | as long as short |
| ApeX Omni COINUSDT | +0.0100% | 1h | 202.01 | −0.020% | $91K | $322K | 50x | as long as short |
| Orderly PERP_COIN_USDC_mythos | +0.0100% | 8h | 201.93 | −0.059% | $584 | $4K | 10x | as long as short |
| Aevo COIN-PERP | +0.0104% | 1h | 201.93 | −0.061% | $119 | — | 10x | as long as short |
| BloFin COIN-USDT | +0.0120% | 8h | 201.93 | −0.059% | $200K | $342K | 20x | as long as short |
| tradeXYZ xyz:COIN | +0.0164% | 1h | 201.89 | −0.079% | $16.6M | $13.2M | 10x | as long as short |
| Phoenix COINlong | +0.0238% | 1h | 202.05 | long leg | $5K | $279K | 10x | |
| edgeX COINUSDC | +0.0759% | 4h | 201.99 | −0.031% | $52K | $293K | 10x | as long as short |
QFEX COIN-USD
Lighter RH COIN
Arcus COIN-USD
Vest COIN-USD-PERP
Polymarket Perps COIN-USD
SoDEX COIN-USD
Ondo Perps COIN-USD.P
KuCoin COINUSDTM
ApeX Omni COINUSDT
Orderly PERP_COIN_USDC_mythos
Aevo COIN-PERP
BloFin COIN-USDT
tradeXYZ xyz:COIN
edgeX COINUSDC