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: Kraken Futures against Lighter+0.039%7-day average +0.003% · you sell dearer than you buy
Net, funding: paid 7d − costs−$12as in the Funding arb table
Net, price: spread back to 7d avg − costs−$7as 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)−0.216%−$22 · spread now +0.039%, 7d avg +0.003%
=Together, before fees−0.227%+ Points / potential airdropLighter: Season 3 · farm board−$23 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Kraken Futures is 0.036% dearer against Lighter than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.003%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter BTC | 85,652.7 | 0.0096 | pay 0.0012% / 1h | 27m 49s | $169.9M | $992.3M | 50x |
| Short | Kraken Futures PF_XBTUSD | 85,686.1 | 0.0138 | get 0.0017% / 1h | 27m 49s | $188.9M | $952.4M | 100x |
Lighter BTC
Kraken Futures PF_XBTUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures 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
- $8.88
- Price spread: +0.039% → +0.003%
- $3.62
- Slippage, 4 orders
- −$1.02
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- $1.49
- Costs to cover
- 0.110%
- Break-even
- 5.8 days
Slippage from Lighter: live order book, 6 min ago; Kraken Futures: 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 | 0.30 bp | 0.3 bp $0 | 0.3 bp −$3 | 1.0 bp −$101 | 4.0 bp −$2,006 |
| Sell Kraken Futures live order book, 1 min ago | 0.06 bp | 5.1 bp −$5 | 5.7 bp −$57 | 6.9 bp −$694 | 8.9 bp −$4,436 |
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 | −0.0627% | 1h | 85,694.9 | +0.049% | $196K | $722K | 40x | as long as short |
| Phoenix BTC | −0.0160% | 1h | 85,791 | +0.161% | $2.2M | $10.3M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,690 | +0.044% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0048% | 1h | 85,676 | +0.027% | $369K | $2.3M | 50x | as long as short |
| BloFin BTC-USDT | −0.0032% | 8h | 85,703.2 | +0.059% | $416.3M | $665.3M | 150x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,690.7 | +0.044% | $16.8M | $21.0M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,680.7 | +0.033% | $36.6M | — | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0009% | 8h | 85,648.3 | −0.005% | $917.5M | $753.9M | 125x | as long as short |
| Nado BTC-PERP | +0.0009% | 1h | 85,665.5 | +0.015% | $22.6M | $220.9M | 50x | as long as short |
| Aster BTCUSDT | +0.0019% | 8h | 85,652.5 | 0.000% | $516.1M | $1.11B | 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 | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDC | +0.0054% | 8h | 85,632.9 | −0.023% | — | $17.0M | — | as long as short |
| Bitget BTCUSDT | +0.0069% | 8h | 85,645.6 | −0.008% | $2.95B | $5.03B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0069% | 1h | 85,660.4 | +0.009% | $6.7M | $146.5M | 40x | as long as short |
| HTX BTC-USDT | +0.0074% | 8h | 85,675 | +0.026% | $2.27B | $935.3M | 200x | as long as short |
| Deribit BTC-PERPETUAL | +0.0077% | 1h | 85,698.9 | +0.054% | $892.2M | $1.53B | 50x | as long as short |
| Injective BTC/USDC PERP | +0.0079% | 1h | 85,578 | −0.087% | $340K | $26.9M | 52x | as long as short |
| Phemex BTCUSDT | +0.0079% | 8h | 85,661.3 | +0.010% | $148.1M | $479.7M | 150x | as long as short |
| SunX BTC-USDT | +0.0085% | 8h | 85,659.9 | +0.008% | $2.9M | $6.1M | 100x | as long as short |
| Binance BTCUSDT | +0.0087% | 8h | 85,644.7 | −0.009% | $9.34B | $23.94B | 150x | as long as short |
| MEXC BTC_USDT | +0.0088% | 8h | 85,646.8 | −0.007% | $5.05B | $5.63B | 500x | as long as short |
| Aevo BTC-PERP | +0.0088% | 1h | 85,649.4 | −0.004% | $2.5M | $1.7M | 20x | as long as short |
| Lighter BTClong | +0.0096% | 1h | 85,652.7 | long leg | $169.9M | $992.3M | 50x | |
| Lighter RH BTC | +0.0096% | 1h | 85,673.8 | +0.025% | $23.9M | $148.4M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,669 | +0.019% | $8.4M | $52.0M | 100x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,714.9 | +0.073% | $3.8M | $8.2M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,649 | −0.004% | $197K | $7.8M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,730 | +0.090% | $3.74B | $5.00B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,716.2 | +0.074% | $40.2M | $574.8M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,655.7 | +0.003% | $5.33B | $9.57B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,654.9 | +0.003% | $2.57B | $12.11B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,709 | +0.066% | $3.9M | $18.0M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,649.4 | −0.004% | $7.1M | $97.2M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,656.4 | +0.004% | $5.55B | $10.53B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,647.3 | −0.006% | $35.1M | $172.9M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,767.3 | +0.134% | $156.3M | $548.9M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,658.9 | +0.007% | $279.6M | $930.8M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,774.1 | +0.142% | $215.4M | $166.6M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,800 | +0.172% | $140.4M | $316.0M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,761 | +0.126% | $30.3M | $210.2M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,733.5 | +0.094% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,665 | +0.014% | $11.0M | $14.1M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,675.8 | +0.027% | $189K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,658.6 | +0.007% | $2.3M | $8.8M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,657.4 | +0.006% | $30.0M | $50.9M | 15x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,657 | +0.005% | $60.0M | $336.2M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,614.4 | −0.045% | $621.3M | $398.6M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,627.5 | −0.029% | $44.1M | $227.0M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,703.7 | +0.060% | — | $106.3M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,703.2 | +0.059% | $130.4M | $5.11B | 50x | as long as short |
| RISEx BTC/USDC | +0.0120% | 1h | 85,700.3 | +0.056% | $8.4M | $42.3M | 25x | as long as short |
| Kraken Futures PF_XBTUSDshort | +0.0138% | 1h | 85,686.1 | +0.039% | $188.9M | $952.4M | 100x | |
| Aftermath Perps BTCUSD | +0.0195% | 1h | 85,700.6 | +0.056% | $78K | $219K | 20x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0203% / S −0.0179% | 1h | 85,679.7 | +0.031% | $13.6M | — | 200x | as long as short |
| Hibachi BTC/USDT-P | +0.0208% | 1h | 85,771.9 | +0.139% | $702K | $7.8M | 30x | as long as short |
| Kalshi KXBTCPERP | +0.0217% | 8h | 85,705 | +0.061% | $10.4M | $758.1M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,703 | +0.059% | $516K | $19.3M | 6.7x | as long as short |
BingX BTC-USDC
Bitget BTCUSDT
Reya BTCRUSDPERP
HTX BTC-USDT
Deribit BTC-PERPETUAL
Injective BTC/USDC PERP
Phemex BTCUSDT
SunX BTC-USDT
Binance BTCUSDT
MEXC BTC_USDT
Aevo BTC-PERP
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