Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.006%

Price spread now: Binance against Lighter RH−0.026%7-day average −0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$110.115% of the position

Long on Lighter RH Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.039%−$4 on $10k

Price spread, last 7 days+0.037%+$4 · spread now −0.026%, 7d avg −0.010%

Together, before fees−0.002%+ Points / potential airdropLighter RH: Points live · farm board$0 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH BTC	85,459	0.0096	pay 0.0012% / 1h	41m 23s	$23.6M	$134.0M	50x
Short	Binance BTCUSDT	85,437.1	0.0100	get 0.0100% / 8h	7h 41m	$9.41B	$25.10B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Lighter RH. 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 Lighter RHbpFee BinancebpOrdersPrice spread, now −0.026%Rate

Funding earned: $0.84
Price spread: −0.026% → −0.010%: −$1.61
Slippage, 4 orders: −$1.45
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$12.22
Costs to cover: 0.115%
Break-even: 108.9 days

Slippage from Lighter RH: live order book, 3 min ago; Binance: live order book, 3 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 RH live order book, 3 min ago	0.71 bp	0.7 bp −$1	0.9 bp −$9	3.0 bp −$298	28.4 bp −$14.2K
Sell Binance live order book, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.6 bp −$563	7.1 bp −$3,528

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	−0.2119%	1h	84,644.9	−0.953%	$192K	$796K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,478	+0.022%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,414.1	−0.053%	$422.3M	$681.6M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,428	−0.036%	$307K	$24.1M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,463.3	+0.005%	$346K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,500.6	+0.049%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0012%	8h	85,436.9	−0.026%	$931.1M	$776.2M	125x	as long as short
Aster BTCUSDT	+0.0031%	8h	85,439.3	−0.023%	$502.3M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0054%	1h	85,468.3	+0.011%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,498.8	+0.047%	$186.4M	$947.5M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,525	+0.077%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDT	+0.0080%	8h	85,441.4	−0.021%	—	$1.58B	—	as long as short
Lighter BTC	+0.0096%	1h	85,456.2	−0.003%	$170.2M	$943.0M	50x	as long as short
Lighter RH BTClong	+0.0096%	1h	85,459	long leg	$23.6M	$134.0M	50x
Popdex BTCUSDT	+0.0096%	1h	85,444	−0.018%	$8.7M	$58.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,482.5	+0.028%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,417	−0.049%	$267K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,494	+0.041%	$5.7M	$9.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,437.1	−0.026%	$24.1M	$217.6M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,479.1	+0.023%	$40.1M	$605.5M	50x	as long as short
Binance BTCUSDTshort	+0.0100%	8h	85,437.1	−0.026%	$9.41B	$25.10B	150x
Bybit BTCUSDT	+0.0100%	8h	85,440.8	−0.021%	$5.09B	$9.99B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,438.1	−0.024%	$2.61B	$12.20B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,444	−0.018%	$3.9M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,462.9	+0.005%	$4.7M	$97.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,453	−0.007%	$700.3M	$171.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,452.3	−0.008%	$5.51B	$9.88B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,437.1	−0.026%	$5.06B	$5.73B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,436.5	−0.026%	$2.98B	$5.17B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,472	+0.015%	$37.8M	$193.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,465.7	+0.008%	$156.0M	$544.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,469.8	+0.013%	$283.4M	$962.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,417.2	−0.049%	$214.5M	$154.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,478.7	+0.023%	$136.6M	$312.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,483.9	+0.029%	$30.1M	$218.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,522.5	+0.074%	—	$10.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,230	−0.268%	$10.9M	$14.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,441	−0.021%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,493.3	+0.040%	$2.7M	$9.9M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,490.7	+0.037%	$2.9M	$6.7M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,489	+0.035%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,486.7	+0.032%	$2.26B	$974.6M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,490.4	+0.037%	$161.4M	$517.8M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,419.2	−0.047%	$45.8M	$241.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,464.6	+0.007%	—	$107.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,525.5	+0.078%	$111.9M	$5.46B	50x	as long as short
Reya BTCRUSDPERP	+0.0148%	1h	85,428.9	−0.035%	$6.6M	$138.9M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0148%	1h	85,504.8	+0.054%	$13.0M	—	200x	as long as short
Hyperliquid BTC	+0.0178%	1h	85,527	+0.080%	$3.83B	$5.20B	40x	as long as short
Kalshi KXBTCPERP	+0.0190%	8h	85,505	+0.054%	$10.6M	$738.5M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,463	+0.005%	$8.9M	$42.6M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0201%	1h	85,532.5	+0.086%	$832.1M	$1.66B	50x	as long as short
Derive BTC-PERP	+0.0222%	1h	85,494.8	+0.042%	$28.9M	$49.1M	15x	as long as short
Aftermath Perps BTCUSD	+0.0295%	1h	85,494	+0.041%	$81K	$248K	20x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	85,536.9	+0.091%	$688K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,472.2	+0.015%	$467K	$18.3M	6.7x	as long as short