Funding you earn now, next payment 03:00 UTC−0.0042%/8h= −4.6% APRnext payment −$0.05 per $10,000 · paid last 24h +0.005%
Price spread now: Lighter against Kraken Futures−0.015%7-day average −0.003% · you buy dearer than you sell
Net, funding: paid 7d − costs−$10as in the Funding arb table
Net, price: spread back to 7d avg − costs−$12as in the Price arb table
costs, in and out, $10k−$110.110% of the position
Funding, last 7 days+0.011%+$1 on $10k
+Price spread, last 4 days (all we have)+0.192%+$19 · spread now −0.015%, 7d avg −0.003%
=Together, before fees+0.202%+ Points / potential airdropLighter: Season 3 · farm board+$20 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.003%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_XBTUSD | 85,626.8 | 0.0138 | pay 0.0017% / 1h | 26m 55s | $188.6M | $951.5M | 100x |
| Short | Lighter BTC | 85,614.3 | 0.0096 | get 0.0012% / 1h | 26m 55s | $169.9M | $992.4M | 50x |
Kraken Futures PF_XBTUSD
Lighter BTCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against Kraken Futures. 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
- −$8.9
- Price spread: −0.015% → −0.003%
- −$1.18
- Slippage, 4 orders
- −$1.02
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- −$21.1
- Costs to cover
- 0.110%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 2 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 Kraken Futures live order book, 2 min ago | 0.06 bp | 5.2 bp −$5 | 6.1 bp −$61 | 7.4 bp −$741 | 9.3 bp −$4,647 |
| Sell Lighter live order book, 7 min ago | 0.30 bp | 0.4 bp $0 | 0.6 bp −$6 | 1.3 bp −$130 | 3.5 bp −$1,758 |
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 | −0.0583% | 1h | 85,648.8 | +0.026% | $196K | $722K | 40x | as long as short |
| Phoenix BTC | −0.0160% | 1h | 85,791 | +0.192% | $2.2M | $10.3M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,679 | +0.061% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0040% | 1h | 85,649.8 | +0.027% | $369K | $2.3M | 50x | as long as short |
| BloFin BTC-USDT | −0.0033% | 8h | 85,602.7 | −0.028% | $415.8M | $664.4M | 150x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,690.7 | +0.075% | $16.8M | $21.1M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,627.5 | +0.001% | $36.6M | — | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0009% | 8h | 85,619.8 | −0.008% | $917.2M | $752.4M | 125x | as long as short |
| Nado BTC-PERP | +0.0010% | 1h | 85,643.3 | +0.019% | $22.6M | $220.5M | 50x | as long as short |
| Aster BTCUSDT | +0.0018% | 8h | 85,620.6 | −0.007% | $515.9M | $1.10B | 200x | as long as short |
Bluefin BTC-PERP
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
BloFin BTC-USDT
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
KuCoin XBTUSDTM
Nado BTC-PERP
Aster BTCUSDTShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Deribit BTC-PERPETUAL | +0.0045% | 1h | 85,644.9 | +0.021% | $892.2M | $1.53B | 50x | as long as short |
| BingX BTC-USDT | +0.0054% | 8h | 85,632.6 | +0.007% | — | $1.54B | — | as long as short |
| Bitget BTCUSDT | +0.0069% | 8h | 85,628.2 | +0.002% | $2.95B | $5.02B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0069% | 1h | 85,621.3 | −0.006% | $6.7M | $146.5M | 40x | as long as short |
| HTX BTC-USDT | +0.0073% | 8h | 85,618.4 | −0.010% | $2.27B | $935.1M | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0079% | 1h | 85,727 | +0.117% | $340K | $26.9M | 52x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,600.2 | −0.031% | $2.5M | $1.7M | 20x | as long as short |
| Phemex BTCUSDT | +0.0081% | 8h | 85,612.3 | −0.017% | $148.0M | $479.6M | 150x | as long as short |
| SunX BTC-USDT | +0.0084% | 8h | 85,645 | +0.021% | $2.9M | $6.1M | 100x | as long as short |
| MEXC BTC_USDT | +0.0087% | 8h | 85,627.8 | +0.001% | $5.05B | $5.63B | 500x | as long as short |
| Binance BTCUSDT | +0.0087% | 8h | 85,623.3 | −0.004% | $9.34B | $23.90B | 150x | as long as short |
| Lighter BTCshort | +0.0096% | 1h | 85,614.3 | −0.015% | $169.9M | $992.4M | 50x | |
| Lighter RH BTC | +0.0096% | 1h | 85,615.6 | −0.013% | $23.9M | $148.4M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,643 | +0.019% | $8.4M | $52.0M | 100x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,681.4 | +0.064% | $3.8M | $8.2M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,623 | −0.004% | $197K | $7.8M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,694 | +0.078% | $3.74B | $5.00B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,680.9 | +0.063% | $40.1M | $574.8M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,632.5 | +0.007% | $5.33B | $9.57B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,633.9 | +0.008% | $2.57B | $12.09B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,664 | +0.043% | $3.9M | $18.0M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,616.3 | −0.012% | $7.1M | $97.2M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,636.6 | +0.011% | $5.55B | $10.53B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,602.2 | −0.029% | $35.1M | $173.0M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,767.3 | +0.164% | $156.3M | $548.9M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,703.1 | +0.089% | $279.9M | $919.7M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,747.2 | +0.141% | $215.3M | $166.6M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,800 | +0.202% | $140.4M | $316.0M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,761 | +0.157% | $30.3M | $210.2M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,696.3 | +0.081% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,634 | +0.008% | $11.0M | $14.1M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,625 | −0.002% | $190K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,606.6 | −0.024% | $2.3M | $8.8M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,611.8 | −0.018% | $30.0M | $50.9M | 15x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,608 | −0.022% | $59.9M | $336.2M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,614.4 | −0.014% | $621.3M | $398.6M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,607.1 | −0.023% | $44.1M | $227.0M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,662.4 | +0.042% | — | $106.3M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,647.2 | +0.024% | $130.2M | $5.10B | 50x | as long as short |
| RISEx BTC/USDC | +0.0120% | 1h | 85,674.1 | +0.055% | $8.4M | $42.2M | 25x | as long as short |
| Kraken Futures PF_XBTUSDlong | +0.0138% | 1h | 85,626.8 | long leg | $188.6M | $951.5M | 100x | |
| Aftermath Perps BTCUSD | +0.0196% | 1h | 85,683.4 | +0.066% | $78K | $219K | 20x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0203% / S −0.0179% | 1h | 85,626.1 | −0.001% | $13.6M | — | 200x | as long as short |
| Hibachi BTC/USDT-P | +0.0208% | 1h | 85,771.9 | +0.169% | $702K | $7.8M | 30x | as long as short |
| Kalshi KXBTCPERP | +0.0217% | 8h | 85,672 | +0.053% | $10.4M | $757.2M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,650.8 | +0.028% | $515K | $19.3M | 6.7x | as long as short |
Deribit BTC-PERPETUAL
BingX BTC-USDT
Bitget BTCUSDT
Reya BTCRUSDPERP
HTX BTC-USDT
Injective BTC/USDC PERP
Aevo BTC-PERP
Phemex BTCUSDT
SunX BTC-USDT
MEXC BTC_USDT
Binance BTCUSDT
Lighter RH BTC
Popdex BTCUSDT
Paradex BTC-USD-PERP
Katana Perps BTC-USD
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Derive BTC-PERP
SoDEX BTC-USD
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
RISEx BTC/USDC
Aftermath Perps BTCUSD
GMX BTC/USD [WBTC.b-USDC]
Hibachi BTC/USDT-P
Kalshi KXBTCPERP
Perpl BTC