Funding you earn now, next payment 03:00 UTC+0.0013%/8h= +1.5% APRnext payment +$0.02 per $10,000 · paid last 24h +0.029%
Price spread now: Deribit against Lighter+0.075%7-day average +0.035% · you sell dearer than you buy
Net, funding: paid 7d − costs−$9as in the Funding arb table
Net, price: spread back to 7d avg − costs−$3as in the Price arb table
costs, in and out, $10k−$70.071% of the position
Funding, last 7 days−0.017%−$2 on $10k
+Price spread, last 4 days (all we have)−0.226%−$23 · spread now +0.075%, 7d avg +0.035%
=Together, before fees−0.243%+ Points / potential airdropLighter: Season 3 · farm board−$24 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Deribit is 0.040% dearer against Lighter than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.035%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter BTC | 85,645.1 | 0.0096 | pay 0.0012% / 1h | 3m 39s | $174.1M | $1.01B | 50x |
| Short | Deribit BTC-PERPETUAL | 85,709.3 | 0.0109 | get 0.0014% / 1h | 3m 39s | $891.6M | $1.53B | 50x |
Lighter BTC
Deribit BTC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Lighter. 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
- $2.81
- Price spread: +0.075% → +0.035%
- $3.95
- Slippage, 4 orders
- −$0.07
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$0.31
- Costs to cover
- 0.071%
- Break-even
- 7.8 days
Slippage from Lighter: live order book, 6 min ago; Deribit: live order book, 1 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 Lighter live order book, 6 min ago | 0.01 bp | 0.0 bp $0 | 0.1 bp −$1 | 1.1 bp −$108 | 3.7 bp −$1,860 |
| Sell Deribit live order book, 1 min ago | 0.03 bp | 3.5 bp −$4 | 5.2 bp −$52 | 7.4 bp −$743 | 14.7 bp −$7,361 |
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 | −0.0438% | 1h | 85,697.9 | +0.062% | $194K | $725K | 40x | as long as short |
| Phoenix BTC | −0.0160% | 1h | 85,635 | −0.012% | $2.2M | $10.3M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,657 | +0.014% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0040% | 1h | 85,664.5 | +0.023% | $369K | $2.3M | 50x | as long as short |
| BloFin BTC-USDT | −0.0033% | 8h | 85,644.4 | −0.001% | $417.0M | $665.3M | 150x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,668.5 | +0.027% | $16.7M | $21.2M | 50x | as long as short |
| KuCoin XBTUSDTM | +0.0001% | 8h | 85,627.3 | −0.021% | $919.5M | $751.5M | 125x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,669.6 | +0.029% | $36.6M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0016% | 8h | 85,669.1 | +0.028% | $516.3M | $1.10B | 200x | as long as short |
| Nado BTC-PERP | +0.0017% | 1h | 85,650.4 | +0.006% | $22.6M | $219.5M | 50x | as long as short |
Bluefin BTC-PERP
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
BloFin BTC-USDT
dYdX BTC-USD
KuCoin XBTUSDTM
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
Nado BTC-PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDT | +0.0058% | 8h | 85,639.3 | −0.007% | — | $1.53B | — | as long as short |
| Bitget BTCUSDT | +0.0072% | 8h | 85,633 | −0.014% | $2.95B | $5.01B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0074% | 1h | 85,644.6 | −0.001% | $6.7M | $146.5M | 40x | as long as short |
| Injective BTC/USDC PERP | +0.0079% | 1h | 85,807 | +0.189% | $341K | $26.9M | 52x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,650.2 | +0.006% | $2.5M | $1.7M | 20x | as long as short |
| Binance BTCUSDT | +0.0087% | 8h | 85,660.8 | +0.018% | $9.34B | $23.94B | 150x | as long as short |
| MEXC BTC_USDT | +0.0087% | 8h | 85,631.6 | −0.016% | $5.06B | $5.66B | 500x | as long as short |
| SoDEX BTC-USD | +0.0089% | 1h | 85,663 | +0.021% | $60.0M | $336.1M | 40x | as long as short |
| HTX BTC-USDT | +0.0090% | 8h | 85,656.8 | +0.014% | $2.27B | $937.0M | 200x | as long as short |
| Phemex BTCUSDT | +0.0096% | 8h | 85,681.3 | +0.042% | $149.5M | $481.0M | 150x | as long as short |
| Lighter BTClong | +0.0096% | 1h | 85,645.1 | long leg | $174.1M | $1.01B | 50x | |
| Lighter RH BTC | +0.0096% | 1h | 85,655.6 | +0.012% | $23.9M | $149.7M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,666 | +0.024% | $8.4M | $52.4M | 100x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,669.1 | +0.028% | $3.8M | $8.3M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,633 | −0.014% | $197K | $7.8M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,724 | +0.092% | $3.75B | $4.97B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,675 | +0.035% | $40.1M | $576.5M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,683.9 | +0.045% | $5.33B | $9.57B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,643.9 | −0.001% | $2.57B | $12.09B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,632 | −0.015% | $4.0M | $18.0M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,630.4 | −0.017% | $6.8M | $97.6M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,642.6 | −0.003% | $5.54B | $10.59B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,668.5 | +0.027% | $35.9M | $174.3M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,642.7 | −0.003% | $156.8M | $560.7M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,634.2 | −0.013% | $279.7M | $919.5M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,643.7 | −0.002% | $215.1M | $164.4M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,661.1 | +0.019% | $140.0M | $314.8M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,646 | +0.001% | $30.3M | $208.4M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,698.4 | +0.062% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,652 | +0.008% | $11.0M | $14.2M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,658.3 | +0.015% | $191K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,659 | +0.016% | $2.4M | $8.8M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,652.7 | +0.009% | $30.0M | $51.0M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,633.1 | −0.014% | $2.9M | $6.1M | 100x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,642.1 | −0.003% | $641.7M | $524.8M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,611.4 | −0.039% | $44.3M | $226.7M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,653.8 | +0.010% | — | $106.1M | 500x | as long as short |
| Deribit BTC-PERPETUALshort | +0.0109% | 1h | 85,709.3 | +0.075% | $891.6M | $1.53B | 50x | |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,702.3 | +0.067% | $122.8M | $5.11B | 50x | as long as short |
| RISEx BTC/USDC | +0.0120% | 1h | 85,681.1 | +0.042% | $8.4M | $42.3M | 25x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0138% | 1h | 85,708.7 | +0.074% | $189.2M | $953.2M | 100x | as long as short |
| Hibachi BTC/USDT-P | +0.0184% | 1h | 85,675.6 | +0.036% | $702K | $7.8M | 30x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0202% / S −0.0177% | 1h | 85,667.8 | +0.027% | $13.5M | — | 200x | as long as short |
| Aftermath Perps BTCUSD | +0.0207% | 1h | 85,724.2 | +0.092% | $78K | $219K | 20x | as long as short |
| Kalshi KXBTCPERP | +0.0219% | 8h | 85,688 | +0.050% | $10.7M | $759.3M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,685.9 | +0.048% | $500K | $19.0M | 6.7x | as long as short |
BingX BTC-USDT
Bitget BTCUSDT
Reya BTCRUSDPERP
Injective BTC/USDC PERP
Aevo BTC-PERP
Binance BTCUSDT
MEXC BTC_USDT
SoDEX BTC-USD
HTX BTC-USDT
Phemex 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
SunX BTC-USDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
RISEx BTC/USDC
Kraken Futures PF_XBTUSD
Hibachi BTC/USDT-P
GMX BTC/USD [WBTC.b-USDC]
Aftermath Perps BTCUSD
Kalshi KXBTCPERP
Perpl BTC