Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0135%/8hnext payment +$0.17 per $10,000 · paid last 24h +0.021%

Price spread now: Hyperliquid against Lighter RH+0.115%7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$2as in the Price arb table

costs, in and out, $10k−$110.108% of the position

Long on Lighter RH Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.029%+$3 on $10k

Price spread, last 7 days−0.103%−$10 · spread now +0.115%, 7d avg +0.029%

Together, before fees−0.074%+ Points / potential airdropLighter RH: Points live · Hyperliquid: Season 2 · farm board−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Hyperliquid is 0.086% dearer against Lighter RH than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH BTC	86,661.2	0.0096	pay 0.0012% / 1h	52m 12s	$24.3M	$145.9M	50x
Short	Hyperliquid BTC	86,761	0.0231	get 0.0029% / 1h	52m 12s	$4.01B	$4.79B	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.115%Rate

Funding earned: $28.27
Price spread: +0.115% → +0.029%: $8.62
Slippage, 4 orders: −$1.81
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $26.08
Costs to cover: 0.108%
Break-even: 0.5 days

Slippage from Lighter RH: live order book, 6 min ago; Hyperliquid: 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 RH live order book, 6 min ago	0.76 bp	0.8 bp −$1	1.2 bp −$12	3.9 bp −$390	24.8 bp −$12.4K
Sell Hyperliquid live order book, 6 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	4.6 bp −$456	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
dYdX BTC-USD	−0.0126%	1h	86,652.1	−0.011%	$18.1M	$19.5M	50x	as long as short
Phoenix BTC	−0.0123%	1h	86,639	−0.026%	$2.1M	$12.0M	40x	as long as short
Perpl BTC	−0.0112%	43m	86,632.4	−0.033%	$399K	$25.8M	6.7x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,623	−0.044%	$9K	$3K	50x	as long as short
BloFin BTC-USDT	−0.0077%	8h	86,600.1	−0.071%	$422.1M	$606.5M	150x	as long as short
Aftermath Perps BTCUSD	−0.0044%	1h	86,634.2	−0.031%	$86K	$166K	20x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,680.7	+0.023%	$304K	$2.4M	50x	as long as short
KuCoin XBTUSDTM	−0.0007%	8h	86,641.3	−0.023%	$836.0M	$672.6M	125x	as long as short
Kalshi KXBTCPERP	0.0000%	8h	86,695	+0.039%	$8.7M	$702.5M	6.4x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,720.6	+0.069%	$37.1M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0008%	8h	86,691.6	+0.035%	—	$14.8M	—	as long as short
Reya BTCRUSDPERP	+0.0009%	1h	86,682.2	+0.024%	$6.7M	$140.5M	40x	as long as short
Bitget BTCUSDT	+0.0010%	8h	86,684.6	+0.027%	$2.97B	$4.92B	150x	as long as short
RISEx BTC/USDC	+0.0010%	1h	86,671.1	+0.011%	$9.0M	$39.7M	25x	as long as short
Aster BTCUSDT	+0.0025%	8h	86,676.6	+0.018%	$507.9M	$1.12B	200x	as long as short
Phemex BTCUSDT	+0.0035%	8h	86,686	+0.029%	$152.9M	$447.9M	150x	as long as short
Injective BTC/USDC PERP	+0.0035%	1h	86,578	−0.096%	$327K	$26.9M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0037%	8h	86,683.6	+0.026%	$2.63B	$12.25B	100x	as long as short
Aevo BTC-PERP	+0.0040%	1h	86,688.2	+0.031%	$2.4M	$1.3M	20x	as long as short
Kraken Futures PF_XBTUSD	+0.0041%	1h	86,722.2	+0.070%	$184.9M	$864.3M	100x	as long as short
MEXC BTC_USDT	+0.0042%	8h	86,668.2	+0.008%	$5.17B	$5.34B	500x	as long as short
Binance BTCUSDT	+0.0042%	8h	86,684.6	+0.027%	$9.56B	$23.42B	150x	as long as short
SoDEX BTC-USD	+0.0050%	1h	86,685	+0.027%	$61.2M	$311.5M	40x	as long as short
Gate BTC_USDT	+0.0064%	8h	86,681.3	+0.023%	$5.96B	$10.22B	200x	as long as short
Bybit BTCUSDT	+0.0076%	8h	86,692.7	+0.036%	$5.31B	$9.25B	150x	as long as short
Bulk BTC-USD	+0.0079%	1h	86,622.3	−0.045%	$571.5M	$34.2M	40x	as long as short
HTX BTC-USDT	+0.0085%	8h	86,691.4	+0.035%	$2.31B	$899.4M	200x	as long as short
Variational Omni BTC	+0.0088%	8h	86,635.7	−0.029%	$164.1M	$538.8M	—	as long as short
ApeX Omni BTCUSDT	+0.0089%	1h	86,617.7	−0.050%	$140.7M	$320.8M	100x	as long as short
Orderly PERP_BTC_USDC	+0.0089%	8h	86,703	+0.048%	$2.3M	$7.7M	100x	as long as short
Lighter BTC	+0.0096%	1h	86,707.6	+0.054%	$173.7M	$979.7M	50x	as long as short
Lighter RH BTClong	+0.0096%	1h	86,661.2	long leg	$24.3M	$145.9M	50x
Popdex BTCUSDT	+0.0096%	1h	86,650	−0.013%	$8.5M	$50.0M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	86,694.2	+0.038%	$4.6M	$7.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,656	−0.006%	$210K	$6.1M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,650.1	−0.013%	$23.2M	$230.4M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,670	+0.010%	$37.1M	$452.2M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,678	+0.019%	$3.9M	$18.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,724	+0.072%	$7.0M	$92.9M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,620.2	−0.047%	$38.1M	$141.6M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,624.3	−0.043%	$284.6M	$911.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,611.8	−0.057%	$217.5M	$184.6M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,595.4	−0.076%	$30.8M	$206.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,724.8	+0.073%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,677	+0.018%	$11.0M	$13.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,683.8	+0.026%	$238K	$3.4M	20x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,689.4	+0.033%	$150K	$527K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,696.4	+0.041%	$30.3M	$60.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,653.7	−0.009%	$3.4M	$5.7M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,676.1	+0.017%	$47.7M	$219.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,691	+0.034%	—	$87.7M	500x	as long as short
Hibachi BTC/USDT-P	+0.0112%	1h	86,686.2	+0.029%	$612K	$6.8M	30x	as long as short
Coinbase International BTC-PERP-INTX	+0.0136%	1h	86,741	+0.092%	$132.5M	$5.92B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0212%	1h	86,714.7	+0.062%	$14.9M	—	200x	as long as short
Hyperliquid BTCshort	+0.0231%	1h	86,761	+0.115%	$4.01B	$4.79B	40x
Deribit BTC-PERPETUAL	+0.0235%	1h	86,757.3	+0.111%	$932.8M	$1.28B	50x	as long as short