Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0008%/8h= +0.9% APRpaid last 24h +0.006%

Price spread now: Lighter RH against Binance+0.045%7-day average +0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$7as in the Funding arb table

Net, price: spread back to 7d avg − costs−$8as in the Price arb table

costs, in and out, $10k−$110.112% of the position

Long on Binance Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.039%+$4 on $10k

Price spread, last 7 days−0.059%−$6 · spread now +0.045%, 7d avg +0.009%

Together, before fees−0.019%+ Points / potential airdropLighter RH: Points live · farm board−$2 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter RH is 0.036% dearer against Binance than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance BTCUSDT	85,676.2	0.0088	pay 0.0088% / 8h	5h 28m	$9.35B	$23.94B	150x
Short	Lighter RH BTC	85,714.9	0.0096	get 0.0012% / 1h	28m 56s	$23.9M	$148.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Binance. 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 BinancebpFee Lighter RHbpOrdersPrice spread, now +0.045%Rate

Funding earned: $1.64
Price spread: +0.045% → +0.009%: $3.63
Slippage, 4 orders: −$1.16
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$5.88
Costs to cover: 0.112%
Break-even: 32.0 days

Slippage from Binance: live order book, 15 min ago; Lighter RH: 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 Binance live order book, 15 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.7 bp −$574	7.0 bp −$3,522
Sell Lighter RH live order book, 5 min ago	0.22 bp	0.9 bp −$1	1.8 bp −$18	3.4 bp −$335	25.7 bp −$12.9K

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	−0.0617%	1h	84,893.2	−0.914%	$194K	$722K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,791	+0.134%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,741	+0.076%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,725.2	+0.057%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0032%	8h	85,703.2	+0.032%	$416.3M	$665.3M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,739.4	+0.074%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,752.6	+0.089%	$36.7M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0009%	8h	85,690.3	+0.016%	$918.3M	$753.9M	125x	as long as short
Nado BTC-PERP	+0.0010%	1h	85,724.9	+0.057%	$22.8M	$220.8M	50x	as long as short
Aster BTCUSDT	+0.0021%	8h	85,691	+0.017%	$516.3M	$1.11B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0054%	8h	85,685.5	+0.011%	—	$17.0M	—	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,683.8	+0.009%	$2.95B	$5.03B	150x	as long as short
Reya BTCRUSDPERP	+0.0069%	1h	85,736	+0.070%	$6.7M	$146.4M	40x	as long as short
HTX BTC-USDT	+0.0075%	8h	85,691.3	+0.018%	$2.27B	$936.7M	200x	as long as short
Phemex BTCUSDT	+0.0075%	8h	85,690.4	+0.017%	$148.1M	$479.8M	150x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,578	−0.115%	$340K	$26.9M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0079%	1h	85,743.1	+0.078%	$892.3M	$1.53B	50x	as long as short
SunX BTC-USDT	+0.0086%	8h	85,743	+0.078%	$2.9M	$6.1M	100x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,678.3	+0.002%	$5.05B	$5.62B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,705.9	+0.035%	$2.5M	$1.7M	20x	as long as short
Binance BTCUSDTlong	+0.0088%	8h	85,676.2	long leg	$9.35B	$23.94B	150x
Lighter BTC	+0.0096%	1h	85,709.6	+0.039%	$170.3M	$991.8M	50x	as long as short
Lighter RH BTCshort	+0.0096%	1h	85,714.9	+0.045%	$23.9M	$148.4M	50x
Popdex BTCUSDT	+0.0096%	1h	85,725	+0.057%	$8.4M	$52.0M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,769.2	+0.109%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,697	+0.024%	$198K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,776	+0.117%	$3.74B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,756.7	+0.094%	$40.2M	$574.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,689.9	+0.016%	$5.33B	$9.59B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,684.5	+0.010%	$2.57B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,729	+0.062%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,690.6	+0.017%	$7.1M	$97.2M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,691.9	+0.018%	$5.56B	$10.52B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,685.7	+0.011%	$35.1M	$172.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,767.3	+0.106%	$156.3M	$548.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,658.9	−0.020%	$279.6M	$930.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,774.1	+0.114%	$215.4M	$166.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,800	+0.145%	$140.4M	$316.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,761	+0.099%	$30.3M	$210.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,794.8	+0.138%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,741	+0.076%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,748	+0.084%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,731.1	+0.064%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,713.3	+0.043%	$30.0M	$50.9M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,710	+0.039%	$60.0M	$336.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,614.4	−0.072%	$621.3M	$398.6M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,659.5	−0.019%	$44.1M	$227.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,727.1	+0.059%	—	$106.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,749.6	+0.086%	$130.4M	$5.12B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,749.4	+0.085%	$8.4M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,722.1	+0.054%	$189.0M	$952.3M	100x	as long as short
Aftermath Perps BTCUSD	+0.0194%	1h	85,706	+0.035%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0179%	1h	85,751.8	+0.088%	$13.6M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,780.9	+0.122%	$701K	$7.8M	30x	as long as short
Kalshi KXBTCPERP	+0.0217%	8h	85,753	+0.090%	$10.4M	$760.9M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,746.6	+0.082%	$516K	$19.3M	6.7x	as long as short