BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0228%/8h= −25.0% APRnext payment −$0.29 per $10,000 · paid last 24h −0.005%

Price spread now: Lighter against Aftermath Perps−0.062%7-day average −0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$190.191% of the position

Long on Aftermath Perps Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.047%−$5 on $10k

Price spread, last 4 days (all we have)−0.117%−$12 · spread now −0.062%, 7d avg −0.012%

Together, before fees−0.163%+ Points / potential airdropLighter: Season 3 · farm board−$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Lighter is 0.049% cheaper against Aftermath Perps than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.012%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.047% in total (about -4.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.29 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	Aftermath Perps BTCUSD	85,486	0.0324	pay 0.0041% / 1h	32m 00s	$79K	$258K	20x
Short	Lighter BTC	85,433.3	0.0096	get 0.0012% / 1h	32m 00s	$170.7M	$945.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Aftermath Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Aftermath PerpsbpFee LighterbpOrdersPrice spread, now −0.062%Rate

Funding earned: −$47.98
Price spread: −0.062% → −0.012%: −$4.92
Slippage, 4 orders: −$10.15
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$72.05
Costs to cover: 0.191%
Break-even: never at this rate

Slippage from Aftermath Perps: live order book, 7 min ago; Lighter: live order book, 7 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 Aftermath Perps live order book, 7 min ago	1.00 bp	9.5 bp −$9	12.9 bp −$129	doesn't fit	doesn't fit
Sell Lighter live order book, 7 min ago	0.01 bp	0.0 bp $0	0.1 bp −$1	0.8 bp −$80	3.3 bp −$1,668

BTC on 56 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
Bluefin BTC-PERP	−0.1383%	1h	85,465.6	−0.024%	$194K	$796K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,437	−0.057%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,441.3	−0.052%	$422.6M	$676.5M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,438	−0.056%	$307K	$25.0M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,447.3	−0.045%	$352K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,424.3	−0.072%	$36.5M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0015%	8h	85,424.6	−0.072%	$936.8M	$770.9M	125x	as long as short
Aster BTCUSDT	+0.0033%	8h	85,407.5	−0.092%	$502.5M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0050%	1h	85,470	−0.019%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,441.1	−0.053%	$185.6M	$936.0M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,542	+0.065%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDT	+0.0080%	8h	85,416.2	−0.082%	—	$1.56B	—	as long as short
Lighter BTCshort	+0.0096%	1h	85,433.3	−0.062%	$170.7M	$945.2M	50x
Lighter RH BTC	+0.0096%	1h	85,437.7	−0.057%	$23.5M	$134.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,419	−0.078%	$8.7M	$58.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,423.4	−0.073%	$2.4M	$6.7M	20x	as long as short
Nado BTC-PERP	+0.0096%	1h	85,438	−0.056%	$24.0M	$215.9M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,411	−0.088%	$265K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,500.9	+0.017%	$5.7M	$9.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,491.4	+0.006%	$40.5M	$604.9M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,410.2	−0.089%	$9.39B	$24.92B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,414.7	−0.083%	$5.09B	$9.89B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,415.9	−0.082%	$2.61B	$12.07B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,447	−0.046%	$3.9M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,444.6	−0.048%	$4.7M	$97.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,499.9	+0.016%	$701.6M	$160.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,422.8	−0.074%	$5.50B	$9.91B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,417.8	−0.080%	$5.05B	$5.75B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,421.5	−0.075%	$2.97B	$5.11B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,407.3	−0.092%	$37.6M	$193.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,485.8	0.000%	$155.9M	$543.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,484.1	−0.002%	$283.5M	$961.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,507.3	+0.025%	$214.8M	$155.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,522	+0.042%	$136.9M	$312.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,440	−0.054%	$30.1M	$218.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,507.2	+0.025%	—	$10.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,270	−0.253%	$10.9M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,425	−0.071%	$227K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,428.4	−0.067%	$2.7M	$9.8M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,463.9	−0.026%	$3.0M	$6.7M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,426	−0.070%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,420.5	−0.077%	$2.26B	$971.7M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,434.6	−0.060%	$163.1M	$513.8M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,403.7	−0.096%	$45.8M	$239.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,476.3	−0.011%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,472.1	−0.016%	$111.9M	$5.42B	50x	as long as short
Derive BTC-PERP	+0.0123%	1h	85,569.1	+0.097%	$28.9M	$52.4M	15x	as long as short
Deribit BTC-PERPETUAL	+0.0124%	1h	85,472	−0.016%	$828.4M	$1.65B	50x	as long as short
Reya BTCRUSDPERP	+0.0149%	1h	85,403.2	−0.097%	$6.6M	$137.6M	40x	as long as short
Hyperliquid BTC	+0.0162%	1h	85,504.7	+0.022%	$3.84B	$5.14B	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0149%	1h	85,425.1	−0.071%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,459.3	−0.031%	$9.0M	$42.2M	25x	as long as short
Kalshi KXBTCPERP	+0.0194%	8h	85,473	−0.015%	$10.7M	$736.7M	6.4x	as long as short
Aftermath Perps BTCUSDlong	+0.0324%	1h	85,486	long leg	$79K	$258K	20x
Hibachi BTC/USDT-P	+0.0352%	1h	85,520	+0.040%	$688K	$7.6M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,472.6	−0.016%	$460K	$18.1M	6.7x	as long as short