Funding you earn now, next payment 00:00 UTC−0.0058%/8h= −6.3% APRpaid last 24h −0.018%
Price spread now: Phemex against Lighter−0.001%7-day average −0.016% · you buy dearer than you sell
Net, funding: paid 7d − costs−$20as in the Funding arb table
Net, price: spread back to 7d avg − costs−$11as in the Price arb table
costs, in and out, $10k−$130.127% of the position
Funding, last 7 days−0.077%−$8 on $10k
+Price spread, last 3 days (all we have)−0.025%−$3 · spread now −0.001%, 7d avg −0.016%
=Together, before fees−0.103%+ Points / potential airdropLighter: Season 3 · farm board−$10 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.016%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter BTC | 86,648 | 0.0096 | pay 0.0012% / 1h | 44m 55s | $170.5M | $1.01B | 50x |
| Short | Phemex BTCUSDT | 86,646.8 | 0.0038 | get 0.0038% / 8h | 44m 55s | $150.5M | $480.0M | 150x |
Lighter BTC
Phemex BTCUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex 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
- −$12.11
- Price spread: −0.001% → −0.016%
- $1.51
- Slippage, 4 orders
- −$0.71
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$23.31
- Costs to cover
- 0.127%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 4 min ago; Phemex: live order book, 4 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, 4 min ago | 0.26 bp | 0.3 bp $0 | 0.3 bp −$3 | 1.0 bp −$97 | 4.1 bp −$2,043 |
| Sell Phemex live order book, 4 min ago | 0.01 bp | 6.0 bp −$6 | 6.3 bp −$63 | 7.9 bp −$793 | doesn't fit |
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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTC | −0.0118% | 1h | 86,580 | −0.078% | $2.2M | $11.8M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,653 | +0.006% | $9K | $3K | 50x | as long as short |
| Injective BTC/USDC PERP | −0.0035% | 1h | 86,568 | −0.092% | $333K | $26.8M | 52x | as long as short |
| RISEx BTC/USDC | −0.0024% | 1h | 86,668.6 | +0.024% | $8.3M | $42.9M | 25x | as long as short |
| 01 Exchange BTCUSD | −0.0024% | 1h | 86,663.1 | +0.017% | $359K | $2.5M | 50x | as long as short |
| Aster BTCUSDT | 0.0000% | 8h | 86,643.4 | −0.005% | $502.7M | $1.15B | 200x | as long as short |
| Deribit BTC-PERPETUAL | 0.0000% | 1h | 86,676.7 | +0.033% | $916.4M | $1.49B | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 86,665.1 | +0.020% | $36.9M | — | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0012% | 8h | 86,616.5 | −0.036% | $851.7M | $714.9M | 125x | as long as short |
| Reya BTCRUSDPERP | +0.0026% | 1h | 86,646.1 | −0.002% | $6.7M | $145.4M | 40x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
Injective BTC/USDC PERP
RISEx BTC/USDC
01 Exchange BTCUSD
Aster BTCUSDT
Deribit BTC-PERPETUAL
gTrade (Gains Network) BTC/USD
KuCoin XBTUSDTM
Reya BTCRUSDPERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| dYdX BTC-USD | +0.0030% | 1h | 86,677.5 | +0.034% | $17.0M | $21.1M | 50x | as long as short |
| Phemex BTCUSDTshort | +0.0038% | 8h | 86,646.8 | −0.001% | $150.5M | $480.0M | 150x | |
| BingX BTC-USDT | +0.0042% | 8h | 86,616.9 | −0.036% | — | $1.59B | — | as long as short |
| Bitget BTCUSDT | +0.0052% | 8h | 86,608.2 | −0.046% | $2.96B | $5.12B | 150x | as long as short |
| MEXC BTC_USDT | +0.0071% | 8h | 86,607.7 | −0.047% | $5.15B | $5.64B | 500x | as long as short |
| Aevo BTC-PERP | +0.0072% | 1h | 86,659.2 | +0.013% | $2.4M | $1.3M | 20x | as long as short |
| Binance BTCUSDT | +0.0073% | 8h | 86,614.9 | −0.038% | $9.44B | $24.57B | 150x | as long as short |
| Gate BTC_USDT | +0.0084% | 8h | 86,633 | −0.017% | $5.88B | $10.73B | 200x | as long as short |
| Lighter BTClong | +0.0096% | 1h | 86,648 | long leg | $170.5M | $1.01B | 50x | |
| Lighter RH BTC | +0.0096% | 1h | 86,657.7 | +0.011% | $24.1M | $151.7M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 86,650 | +0.002% | $8.5M | $52.5M | 100x | as long as short |
| Nado BTC-PERP | +0.0098% | 1h | 86,659 | +0.013% | $21.8M | $234.7M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,642 | −0.007% | $199K | $7.0M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,700.1 | +0.060% | $4.8M | $8.5M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 86,704 | +0.065% | $3.80B | $5.11B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 86,692 | +0.051% | $40.9M | $524.0M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 86,617.5 | −0.035% | $5.27B | $9.82B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 86,615.6 | −0.037% | $2.55B | $12.77B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,663 | +0.017% | $3.9M | $18.7M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,691.9 | +0.051% | $7.6M | $95.0M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,560.7 | −0.101% | $572.5M | $17.8M | 40x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 86,628.4 | −0.023% | $38.4M | $156.0M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 86,628.8 | −0.022% | $157.3M | $569.4M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,501.6 | −0.169% | $279.5M | $946.4M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 86,516.2 | −0.152% | $217.3M | $172.2M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 86,581.8 | −0.076% | $141.4M | $323.3M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,574.7 | −0.085% | $30.7M | $204.6M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,695.1 | +0.054% | — | $11.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,653 | +0.006% | $11.1M | $13.8M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 86,644 | −0.005% | $191K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 86,643.5 | −0.005% | $2.4M | $8.9M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 86,674.9 | +0.031% | $141K | $663K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 86,674.7 | +0.031% | $30.6M | $62.5M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 86,634.9 | −0.015% | $3.4M | $5.4M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 86,637 | −0.013% | $60.6M | $337.6M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 86,632.4 | −0.018% | $2.30B | $970.2M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,592.6 | −0.064% | $45.5M | $226.9M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,662.8 | +0.017% | — | $98.8M | 500x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0110% | 1h | 86,665.4 | +0.020% | $193.8M | $951.5M | 100x | as long as short |
| Perpl BTC | +0.0112% | 43m | 86,670.5 | +0.026% | $419K | $23.4M | 6.7x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 86,681.1 | +0.038% | $132.9M | $5.69B | 50x | as long as short |
| Aftermath Perps BTCUSD | +0.0113% | 1h | 86,605.9 | −0.049% | $79K | $219K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0176% | 1h | 86,675.6 | +0.032% | $729K | $8.1M | 30x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0192% / S −0.0215% | 1h | 86,660.1 | +0.014% | $15.1M | — | 200x | as long as short |
| BloFin BTC-USDT | +0.0193% | 8h | 86,638.8 | −0.011% | $414.6M | $659.2M | 150x | as long as short |
| Kalshi KXBTCPERP | +0.0206% | 8h | 86,688 | +0.046% | $9.6M | $742.7M | 6.4x | as long as short |
dYdX BTC-USD
BingX BTC-USDT
Bitget BTCUSDT
MEXC BTC_USDT
Aevo BTC-PERP
Binance BTCUSDT
Gate BTC_USDT
Lighter RH BTC
Popdex BTCUSDT
Nado BTC-PERP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
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
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Kraken Futures PF_XBTUSD
Perpl BTC
Coinbase International BTC-PERP-INTX
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
GMX BTC/USD [WBTC.b-USDC]
BloFin BTC-USDT
Kalshi KXBTCPERP