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Funding arb · Price arb /

BTC

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 11:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.01 per $10,000 · paid last 24h −0.003%
Price spread now: Bulk against Lighter+0.040%7-day average −0.010% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$2as in the Price arb table
costs, in and out, $10k−$70.074% of the position
Long on LighterShort on Bulk
What this pair did over the last
the charts below follow
Funding, last 4 days (all we have)0.000%$0 on $10k
Price spread, last 7 days−0.038%−$4 · spread now +0.040%, 7d avg −0.010%
Together, before fees−0.037%+ Points / potential airdropLighter: Season 3 · farm board−$4 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: Bulk is 0.051% dearer against Lighter than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.010%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongLighter BTC86,134.50.0096pay 0.0012% / 1h54m 40s$173.8M$850.9M50x
ShortBulk BTC-USD86,169.30.0100get 0.0013% / 1h54m 40s$716.4M$134.3M40x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Bulk against Lighter. 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

Funding earned
$0.84
Price spread: +0.040% → −0.010%
$5.07
Slippage, 4 orders
−$0.45
Fee Lighter: 0 bp × 2 orders
$0
Fee Bulk: 3.5 bp × 2 orders
−$7
Net
−$1.53
Costs to cover
0.074%
Break-even
19.8 days
Slippage from Lighter: live order book, 8 min ago; Bulk: live order book, 3 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Lighter live order book, 8 min ago0.01 bp0.0 bp $00.2 bp −$20.7 bp −$703.3 bp −$1,628
Sell Bulk live order book, 3 min ago0.01 bp3.5 bp −$43.6 bp −$364.7 bp −$4705.4 bp −$2,707

BTC on 55 exchanges

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Hotstuff BTC-PERP−0.0080%1h86,197+0.073%$8K$2K50xas long as short
01 Exchange BTCUSD−0.0024%1h86,154.5+0.023%$363K$2.0M50xas long as short
BloFin BTC-USDT−0.0020%8h86,143.8+0.011%$421.0M$566.5M150xas long as short
SoDEX BTC-USD−0.0010%1h86,151+0.019%$66.0M$188.0M40xas long as short
ApeX Omni BTCUSDT−0.0004%1h86,185.3+0.059%$138.2M$295.1M100xas long as short
dYdX BTC-USD0.0000%1h86,162.9+0.033%$16.9M$14.6M50xas long as short
Perpl BTC0.0000%43m86,158.7+0.028%$483K$13.8M6.7xas long as short
gTrade (Gains Network) BTC/USDL +0.0004% / S −0.0004%1h86,178.5+0.051%$36.8M—200xas long as short
Injective BTC/USDC PERP+0.0009%1h86,214+0.092%$301K$26.1M52xas long as short
Kraken Futures PF_XBTUSD+0.0029%1h86,165.8+0.036%$191.8M$773.0M100xas long as short
Show all 55 exchanges
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
BingX BTC-USDC+0.0030%8h86,090−0.052%—$16.4M—as long as short
Aster BTCUSDT+0.0030%8h86,119.5−0.017%$513.2M$876.4M200xas long as short
Bybit BTCUSDT+0.0036%8h86,122.8−0.014%$5.15B$8.14B150xas long as short
Phoenix BTC+0.0053%1h86,185+0.059%$2.0M$7.8M40xas long as short
KuCoin XBTUSDTM+0.0053%8h86,144.7+0.012%$943.6M$636.0M125xas long as short
Gate BTC_USDT+0.0067%8h86,123.6−0.013%$5.52B$8.87B200xas long as short
Popdex BTCUSDT+0.0072%1h86,151+0.019%$8.8M$45.5M100xas long as short
Phemex BTCUSDT+0.0077%8h86,145.7+0.013%$170.8M$479.5M150xas long as short
Bitget BTCUSDT+0.0095%8h86,119.2−0.018%$2.99B$3.98B150xas long as short
Lighter BTClong+0.0096%1h86,134.5long leg$173.8M$850.9M50x
Lighter RH BTC+0.0096%1h86,137.4+0.003%$23.6M$118.6M50xas long as short
Aevo BTC-PERP+0.0096%1h86,134.50.000%$2.4M$6.7M20xas long as short
Katana Perps BTC-USD+0.0100%8h86,101−0.039%$219K$8.1M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,161.2+0.031%$6.0M$7.7M50xas long as short
Nado BTC-PERP+0.0100%1h86,149.1+0.017%$23.5M$196.7M50xas long as short
Pacifica BTC+0.0100%1h86,164.1+0.034%$40.4M$570.0M50xas long as short
Binance BTCUSDT+0.0100%8h86,122−0.015%$9.46B$20.62B150xas long as short
OKX BTC-USDT-SWAP+0.0100%8h86,125.2−0.011%$2.62B$9.52B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,102−0.038%$4.0M$15.1M25xas long as short
Arcus BTC-USD+0.0100%1h86,147.6+0.015%$4.2M$90.6M40xas long as short
Bulk BTC-USDshort+0.0100%1h86,169.3+0.040%$716.4M$134.3M40x
MEXC BTC_USDT+0.0100%8h86,119.1−0.018%$5.19B$4.81B500xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,140.6+0.007%$38.7M$196.3M75xas long as short
Variational Omni BTC+0.0100%8h86,125.5−0.010%$158.0M$474.6M—as long as short
edgeX BTCUSDC+0.0100%4h86,136.3+0.002%$290.0M$813.0M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,152.6+0.021%$216.4M$133.7M50xas long as short
StandX BTC-USD+0.0100%1h86,149+0.017%$30.3M$222.7M40xas long as short
Vest BTC-PERP+0.0100%1h86,206.4+0.083%—$9.3M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,156+0.025%$11.1M$12.0M50xas long as short
Bullet BTC-USD+0.0100%1h86,153+0.021%$205K$3.2M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,138.8+0.005%$2.7M$8.9M100xas long as short
Bluefin BTC-PERP+0.0100%1h86,194.5+0.070%$195K$564K40xas long as short
SunX BTC-USDT+0.0100%8h86,158.5+0.028%$3.2M$6.7M100xas long as short
HTX BTC-USDT+0.0100%8h86,142.6+0.009%$2.28B$804.5M200xas long as short
Extended BTC-USD+0.0104%1h86,088.4−0.053%$47.0M$203.3M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0056%1h86,161.9+0.032%—$81.7M500xas long as short
Coinbase International BTC-PERP-INTX+0.0120%1h86,193+0.068%$112.2M$4.99B50xas long as short
Kalshi KXBTCPERP+0.0160%8h86,174+0.046%$11.8M$732.3M6.4xas long as short
Reya BTCRUSDPERP+0.0163%1h86,137.1+0.003%$6.6M$131.1M40xas long as short
Hyperliquid BTC+0.0172%1h86,221+0.100%$3.97B$4.35B40xas long as short
RISEx BTC/USDC+0.0187%1h86,146+0.013%$8.9M$37.3M25xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0210% / S −0.0250%1h86,160.4+0.030%$15.6M—200xas long as short
Deribit BTC-PERPETUAL+0.0216%1h86,205.2+0.082%$822.6M$1.51B50xas long as short
Hibachi BTC/USDT-P+0.0344%1h86,190+0.064%$716K$7.0M30xas long as short
Aftermath Perps BTCUSD+0.0448%1h86,214.3+0.093%$82K$242K20xas long as short