BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0008%/8h= +0.9% APRnext payment +$0.01 per $10,000 · paid last 24h 0.000%

Price spread now: Extended against Lighter−0.028%7-day average −0.047% · you buy dearer than you sell

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$4as in the Price arb table

costs, in and out, $10k−$60.061% of the position

Long on Lighter Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.024%+$2 on $10k

Price spread, last 7 days+0.010%+$1 · spread now −0.028%, 7d avg −0.047%

Together, before fees+0.033%+ Points / potential airdropLighter: Season 3 · Extended: Active · farm board+$3 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BTC	86,085.1	0.0096	pay 0.0012% / 1h	51m 19s	$173.8M	$852.9M	50x
Short	Extended BTC-USD	86,061	0.0104	get 0.0013% / 1h	51m 19s	$47.0M	$202.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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

Position, each leg$Hold fordaysFee LighterbpFee ExtendedbpOrdersPrice spread, now −0.028%Rate

Funding earned: $1.68
Price spread: −0.028% → −0.047%: $1.93
Slippage, 4 orders: −$1.14
Fee Lighter: 0 bp × 2 orders: $0
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$2.53
Costs to cover: 0.061%
Break-even: 17.6 days

Slippage from Lighter: live order book, 6 min ago; Extended: live order book, 6 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	0.03 bp	0.1 bp $0	0.2 bp −$2	1.2 bp −$118	3.6 bp −$1,814
Sell Extended live order book, 6 min ago	0.06 bp	2.6 bp −$3	2.6 bp −$26	2.6 bp −$256	7.9 bp −$3,931

BTC on 55 exchanges

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
Phoenix BTC	−0.0133%	1h	86,126	+0.048%	$2.1M	$7.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,197	+0.130%	$8K	$2K	50x	as long as short
ApeX Omni BTCUSDT	−0.0035%	1h	86,094.8	+0.011%	$137.6M	$295.3M	100x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,088.7	+0.004%	$363K	$2.0M	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,091.8	+0.008%	$421.2M	$564.2M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	86,107.7	+0.026%	$16.9M	$14.5M	50x	as long as short
Perpl BTC	0.0000%	43m	86,108.2	+0.027%	$481K	$13.8M	6.7x	as long as short
SoDEX BTC-USD	+0.0001%	1h	86,092	+0.008%	$65.9M	$187.9M	40x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,111.6	+0.031%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	86,214	+0.150%	$301K	$26.1M	52x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BTCUSDT	+0.0028%	8h	86,085.9	+0.001%	$513.2M	$875.0M	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0029%	1h	86,109.2	+0.028%	$191.4M	$770.0M	100x	as long as short
BingX BTC-USDT	+0.0030%	8h	86,093.3	+0.010%	—	$1.33B	—	as long as short
Bybit BTCUSDT	+0.0036%	8h	86,092.7	+0.009%	$5.14B	$8.13B	150x	as long as short
KuCoin XBTUSDTM	+0.0054%	8h	86,084.4	−0.001%	$943.1M	$634.5M	125x	as long as short
Gate BTC_USDT	+0.0063%	8h	86,093.7	+0.010%	$5.52B	$8.88B	200x	as long as short
Popdex BTCUSDT	+0.0072%	1h	86,093	+0.009%	$8.8M	$45.3M	100x	as long as short
Phemex BTCUSDT	+0.0088%	8h	86,088.5	+0.004%	$170.6M	$479.1M	150x	as long as short
Bitget BTCUSDT	+0.0094%	8h	86,090.6	+0.006%	$2.99B	$3.97B	150x	as long as short
Lighter BTClong	+0.0096%	1h	86,085.1	long leg	$173.8M	$852.9M	50x
Lighter RH BTC	+0.0096%	1h	86,080.5	−0.005%	$23.4M	$119.0M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,068.6	−0.019%	$2.4M	$6.7M	20x	as long as short
HTX BTC-USDT	+0.0097%	8h	86,076.7	−0.010%	$2.27B	$805.8M	200x	as long as short
MEXC BTC_USDT	+0.0099%	8h	86,087.4	+0.003%	$5.17B	$4.82B	500x	as long as short
Binance BTCUSDT	+0.0099%	8h	86,088.2	+0.004%	$9.46B	$20.56B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,063	−0.026%	$219K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,119	+0.039%	$6.0M	$7.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,064.7	−0.024%	$23.5M	$195.9M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,107.2	+0.026%	$40.4M	$570.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,099.6	+0.017%	$2.62B	$9.50B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,076	−0.011%	$4.0M	$15.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,120.7	+0.041%	$4.2M	$90.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,169.3	+0.098%	$716.4M	$134.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,092	+0.008%	$38.7M	$196.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,125.5	+0.047%	$158.0M	$474.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,081.5	−0.004%	$289.8M	$813.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,097	+0.014%	$216.3M	$133.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,060.1	−0.029%	$30.3M	$223.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,142.5	+0.067%	—	$9.4M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,094	+0.010%	$11.0M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,092.8	+0.009%	$205K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,081	−0.005%	$2.7M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,128.5	+0.050%	$195K	$564K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,095.7	+0.012%	$3.2M	$6.6M	100x	as long as short
Extended BTC-USDshort	+0.0104%	1h	86,061	−0.028%	$47.0M	$202.9M	50x
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,103.2	+0.021%	—	$81.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,141.1	+0.065%	$112.2M	$4.98B	50x	as long as short
Kalshi KXBTCPERP	+0.0159%	8h	86,102	+0.020%	$11.9M	$733.1M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0163%	1h	86,077.4	−0.009%	$6.6M	$131.1M	40x	as long as short
Hyperliquid BTC	+0.0163%	1h	86,188.6	+0.120%	$3.97B	$4.36B	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	86,112.5	+0.032%	$8.9M	$37.1M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0251%	1h	86,101.2	+0.019%	$15.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0282%	1h	86,151.4	+0.077%	$822.7M	$1.50B	50x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	86,133	+0.056%	$726K	$7.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0447%	1h	86,136.8	+0.060%	$79K	$245K	20x	as long as short