Funding you earn now, next payment 01:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.01 per $10,000 · paid last 24h +0.008%
Price spread now: Derive against Lighter+0.029%7-day average −0.017% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.068%−$7 on $10k
+Price spread, last 3 days (all we have)−0.077%−$8 · spread now +0.029%, 7d avg −0.017%
=Together, before fees−0.145%+ Points / potential airdropLighter: Season 3 · farm board−$14 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: Derive is 0.045% dearer against Lighter than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.017%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter BTC | 86,380.1 | 0.0096 | pay 0.0012% / 1h | 30m 39s | $170.5M | $985.7M | 50x |
| Short | Derive BTC-PERP | 86,405.1 | 0.0100 | get 0.0013% / 1h | 30m 39s | $30.5M | $58.1M | 15x |
Lighter BTC
Derive BTC-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Derive 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
- $0.84
- Price spread: +0.029% → −0.017%
- $4.54
- Slippage, 4 orders
- no order book: not counted
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Derive: 3 bp × 2 orders
- −$6
- Net
- −$0.62
- Costs to cover
- 0.060%
- Break-even
- 12.1 days
Slippage unknown: Lighter: live order book, 9 min ago; Derive: no order-book sample. Net counts fees only.
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, 9 min ago | 0.27 bp | 0.3 bp $0 | 0.4 bp −$4 | 1.2 bp −$119 | 3.9 bp −$1,963 |
| Sell Derive no order-book sample | — | — | — | — | — |
Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | −0.0458% | 1h | 86,410.7 | +0.035% | $144K | $666K | 40x | as long as short |
| Phoenix BTC | −0.0129% | 1h | 86,337 | −0.050% | $2.2M | $11.2M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,404 | +0.028% | $9K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0032% | 1h | 86,398.8 | +0.022% | $361K | $2.4M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 86,403.1 | +0.027% | $482K | $21.6M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 86,407.2 | +0.031% | $36.9M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0022% | 8h | 86,365.4 | −0.017% | $500.9M | $1.14B | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0023% | 1h | 86,358 | −0.026% | $343K | $26.9M | 52x | as long as short |
| dYdX BTC-USD | +0.0026% | 1h | 86,374.9 | −0.006% | $16.9M | $20.5M | 50x | as long as short |
| KuCoin XBTUSDTM | +0.0040% | 8h | 86,404.2 | +0.028% | $831.2M | $720.7M | 125x | as long as short |
Bluefin BTC-PERP
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
Perpl BTC
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
Injective BTC/USDC PERP
dYdX BTC-USD
KuCoin XBTUSDTMShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Reya BTCRUSDPERP | +0.0045% | 1h | 86,395.8 | +0.018% | $6.7M | $145.7M | 40x | as long as short |
| BingX BTC-USDT | +0.0050% | 8h | 86,370.3 | −0.011% | — | $1.57B | — | as long as short |
| RISEx BTC/USDC | +0.0052% | 1h | 86,407 | +0.031% | $8.3M | $42.5M | 25x | as long as short |
| Bitget BTCUSDT | +0.0063% | 8h | 86,363.2 | −0.020% | $2.97B | $5.04B | 150x | as long as short |
| Phemex BTCUSDT | +0.0065% | 8h | 86,397.2 | +0.020% | $154.4M | $473.9M | 150x | as long as short |
| MEXC BTC_USDT | +0.0077% | 8h | 86,363.6 | −0.019% | $5.13B | $5.70B | 500x | as long as short |
| Binance BTCUSDT | +0.0077% | 8h | 86,364.9 | −0.018% | $9.40B | $24.29B | 150x | as long as short |
| HTX BTC-USDT | +0.0079% | 8h | 86,362.5 | −0.020% | $2.29B | $965.0M | 200x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 86,365.1 | −0.017% | $2.5M | $1.7M | 20x | as long as short |
| Deribit BTC-PERPETUAL | +0.0095% | 1h | 86,419.5 | +0.046% | $902.7M | $1.51B | 50x | as long as short |
| Lighter BTClong | +0.0096% | 1h | 86,380.1 | long leg | $170.5M | $985.7M | 50x | |
| Lighter RH BTC | +0.0096% | 1h | 86,392.8 | +0.015% | $23.7M | $149.2M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 86,395 | +0.017% | $8.4M | $52.0M | 100x | as long as short |
| SoDEX BTC-USD | +0.0098% | 1h | 86,374 | −0.007% | $60.4M | $338.2M | 40x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,370 | −0.012% | $203K | $7.2M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,385.4 | +0.006% | $4.2M | $8.6M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 86,376.3 | −0.004% | $22.0M | $228.1M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 86,442 | +0.072% | $3.79B | $5.00B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 86,398.9 | +0.022% | $40.7M | $551.7M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 86,372.2 | −0.009% | $5.26B | $9.66B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 86,374.2 | −0.007% | $2.56B | $12.48B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,385 | +0.006% | $3.9M | $17.9M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,390.8 | +0.012% | $7.2M | $94.9M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,348 | −0.037% | $573.1M | $19.8M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 86,378.6 | −0.002% | $5.80B | $10.54B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 86,374.6 | −0.006% | $37.5M | $157.1M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 86,377.3 | −0.003% | $158.2M | $561.5M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,352.6 | −0.032% | $278.9M | $950.7M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 86,334.3 | −0.053% | $216.8M | $165.6M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 86,356.3 | −0.028% | $141.6M | $321.1M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,327 | −0.061% | $30.6M | $209.6M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,426 | +0.053% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,400 | +0.023% | $11.1M | $14.1M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 86,392.7 | +0.015% | $193K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 86,378.5 | −0.002% | $2.5M | $8.9M | 100x | as long as short |
| Derive BTC-PERPshort | +0.0100% | 1h | 86,405.1 | +0.029% | $30.5M | $58.1M | 15x | |
| SunX BTC-USDT | +0.0100% | 8h | 86,378.1 | −0.002% | $3.4M | $5.2M | 100x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,356.9 | −0.027% | $45.9M | $222.0M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,411.3 | +0.036% | — | $98.6M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0120% | 1h | 86,415 | +0.040% | $132.2M | $5.41B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0121% | 1h | 86,400.3 | +0.023% | $192.4M | $942.3M | 100x | as long as short |
| Aftermath Perps BTCUSD | +0.0166% | 1h | 86,401.7 | +0.025% | $77K | $217K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0168% | 1h | 86,353.9 | −0.030% | $710K | $7.9M | 30x | as long as short |
| BloFin BTC-USDT | +0.0197% | 8h | 86,370.5 | −0.011% | $415.9M | $645.9M | 150x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0204% / S −0.0219% | 1h | 86,402.7 | +0.026% | $14.5M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0209% | 8h | 86,413 | +0.038% | $10.2M | $763.6M | 6.4x | as long as short |
Reya BTCRUSDPERP
BingX BTC-USDT
RISEx BTC/USDC
Bitget BTCUSDT
Phemex BTCUSDT
MEXC BTC_USDT
Binance BTCUSDT
HTX BTC-USDT
Aevo BTC-PERP
Deribit BTC-PERPETUAL
Lighter RH BTC
Popdex BTCUSDT
SoDEX BTC-USD
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Nado BTC-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk 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
SunX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Kraken Futures PF_XBTUSD
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
BloFin BTC-USDT
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP