BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0014%/8h= −1.5% APRnext payment −$0.02 per $10,000 · paid last 24h −0.011%

Price spread now: SoDEX against Lighter+0.033%7-day average −0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$90.088% of the position

Long on Lighter Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.025%−$2 on $10k

Price spread, last 4 days (all we have)−0.050%−$5 · spread now +0.033%, 7d avg −0.019%

Together, before fees−0.075%+ Points / potential airdropLighter: Season 3 · farm board−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SoDEX is 0.053% dearer against Lighter than usual: you sell high and buy low (spread +0.033% now, against its 7-day average of −0.019%): +$5 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 13 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BTC	85,426.7	0.0096	pay 0.0012% / 1h	47m 42s	$171.8M	$1.01B	50x
Short	SoDEX BTC-USD	85,455	0.0082	get 0.0010% / 1h	47m 42s	$59.9M	$335.9M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.033%Rate

Funding earned: −$2.84
Price spread: +0.033% → −0.019%: $5.25
Slippage, 4 orders: −$0.8
Fee Lighter: 0 bp × 2 orders: $0
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$6.38
Costs to cover: 0.088%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 min ago; SoDEX: 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, 7 min ago	0.16 bp	0.5 bp −$1	0.8 bp −$8	1.5 bp −$153	3.8 bp −$1,911
Sell SoDEX live order book, 1 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	6.2 bp −$618	48.4 bp −$24.2K

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	−0.0111%	1h	85,432	+0.006%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,459	+0.038%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,389.8	−0.043%	$920.3M	$760.8M	125x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	85,469.9	+0.051%	$381K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0030%	8h	85,428.7	+0.002%	$420.6M	$676.4M	150x	as long as short
Aster BTCUSDT	−0.0011%	8h	85,401.9	−0.029%	$513.8M	$1.10B	200x	as long as short
Perpl BTC	0.0000%	43m	85,437.8	+0.013%	$531K	$18.8M	6.7x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,452.6	+0.030%	$16.8M	$21.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,479.3	+0.062%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0009%	1h	85,457.6	+0.036%	$24.7M	$223.8M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0023%	1h	85,449	+0.026%	$339K	$26.8M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,473.1	+0.054%	$187.7M	$954.6M	100x	as long as short
BingX BTC-USDT	+0.0064%	8h	85,415.2	−0.013%	—	$1.55B	—	as long as short
Bullet BTC-USD	+0.0069%	1h	85,462.7	+0.042%	$203K	$3.3M	20x	as long as short
Phemex BTCUSDT	+0.0070%	8h	85,455	+0.033%	$149.5M	$500.9M	150x	as long as short
ApeX Omni BTCUSDT	+0.0076%	1h	85,463	+0.042%	$139.7M	$315.4M	100x	as long as short
Bitget BTCUSDT	+0.0081%	8h	85,415.1	−0.014%	$2.95B	$5.15B	150x	as long as short
SoDEX BTC-USDshort	+0.0082%	1h	85,455	+0.033%	$59.9M	$335.9M	40x
Aevo BTC-PERP	+0.0088%	1h	85,456.1	+0.034%	$2.4M	$6.7M	20x	as long as short
Binance BTCUSDT	+0.0090%	8h	85,400.4	−0.031%	$9.44B	$24.72B	150x	as long as short
MEXC BTC_USDT	+0.0090%	8h	85,397.3	−0.034%	$5.08B	$5.67B	500x	as long as short
Lighter BTClong	+0.0096%	1h	85,426.7	long leg	$171.8M	$1.01B	50x
Lighter RH BTC	+0.0096%	1h	85,427.5	+0.001%	$23.8M	$147.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,469	+0.050%	$8.4M	$55.4M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,493.1	+0.078%	$117.2M	$5.31B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,440	+0.016%	$238K	$8.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,454.4	+0.032%	$5.6M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,494	+0.079%	$3.78B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,438.5	+0.014%	$40.1M	$595.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,397.6	−0.034%	$5.18B	$9.89B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,403.8	−0.027%	$2.59B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,460	+0.039%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,469.7	+0.050%	$4.7M	$99.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,419.2	−0.009%	$5.53B	$10.81B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,436.5	+0.011%	$36.6M	$175.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,453.4	+0.031%	$154.3M	$564.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,371.3	−0.065%	$279.2M	$937.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,475.7	+0.057%	$214.8M	$169.0M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,466.1	+0.046%	$30.1M	$206.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,521.2	+0.111%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,464	+0.044%	$11.1M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,455.7	+0.034%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,511.4	+0.099%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,443.5	+0.020%	$30.0M	$50.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,423.1	−0.004%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,454.4	+0.032%	$2.26B	$951.9M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,429	+0.003%	$679.8M	$655.7M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,381	−0.054%	$45.7M	$236.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,472.6	+0.054%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0109%	1h	85,459.6	+0.039%	$6.6M	$147.3M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0166%	1h	85,500.5	+0.086%	$872.2M	$1.60B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,475.1	+0.057%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0178%	8h	85,495	+0.080%	$11.4M	$749.8M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,506.5	+0.093%	$695K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0242%	1h	85,460.3	+0.039%	$78K	$225K	20x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,500.1	+0.086%	$8.8M	$43.1M	25x	as long as short