Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0015%/8h= −1.6% APRpaid last 24h −0.016%

Price spread now: Phemex against Lighter RH−0.027%7-day average −0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$130.135% of the position

Long on Lighter RH Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.082%−$8 on $10k

Price spread, last 4 days (all we have)−0.169%−$17 · spread now −0.027%, 7d avg −0.020%

Together, before fees−0.252%+ Points / potential airdropLighter RH: Points live · farm board−$25 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.020%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH BTC	85,635.2	0.0096	pay 0.0012% / 1h	26m 27s	$23.9M	$148.5M	50x
Short	Phemex BTCUSDT	85,612.3	0.0081	get 0.0081% / 8h	5h 26m	$148.0M	$479.6M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.027%Rate

Funding earned: −$3.1
Price spread: −0.027% → −0.020%: −$0.64
Slippage, 4 orders: −$1.47
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$17.21
Costs to cover: 0.135%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 3 min ago; Phemex: 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	0.61 bp	0.9 bp −$1	1.5 bp −$15	4.1 bp −$406	27.2 bp −$13.6K
Sell Phemex live order book, 3 min ago	0.01 bp	6.0 bp −$6	7.1 bp −$71	8.2 bp −$817	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
Bluefin BTC-PERP	−0.0583%	1h	85,648.8	+0.016%	$196K	$722K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,791	+0.182%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,645	+0.011%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,677.5	+0.049%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,602.7	−0.038%	$415.8M	$664.4M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,643.1	+0.009%	$16.8M	$21.1M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,627.5	−0.009%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0009%	8h	85,628.5	−0.008%	$917.3M	$752.4M	125x	as long as short
Nado BTC-PERP	+0.0010%	1h	85,679.3	+0.051%	$22.6M	$220.3M	50x	as long as short
Aster BTCUSDT	+0.0018%	8h	85,666.3	+0.036%	$516.2M	$1.10B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0045%	1h	85,644.9	+0.011%	$892.2M	$1.53B	50x	as long as short
BingX BTC-USDC	+0.0054%	8h	85,636.4	+0.001%	—	$17.0M	—	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,666.7	+0.037%	$2.95B	$5.02B	150x	as long as short
Reya BTCRUSDPERP	+0.0070%	1h	85,655	+0.023%	$6.7M	$146.5M	40x	as long as short
HTX BTC-USDT	+0.0073%	8h	85,618.4	−0.020%	$2.27B	$935.1M	200x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,727	+0.107%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,600.2	−0.041%	$2.5M	$1.7M	20x	as long as short
Phemex BTCUSDTshort	+0.0081%	8h	85,612.3	−0.027%	$148.0M	$479.6M	150x
SunX BTC-USDT	+0.0084%	8h	85,645	+0.011%	$2.9M	$6.1M	100x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,670.1	+0.041%	$9.35B	$23.89B	150x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,638.5	+0.004%	$5.05B	$5.63B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,639	+0.004%	$170.0M	$992.5M	50x	as long as short
Lighter RH BTClong	+0.0096%	1h	85,635.2	long leg	$23.9M	$148.5M	50x
Popdex BTCUSDT	+0.0096%	1h	85,679	+0.051%	$8.4M	$52.0M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,675.9	+0.048%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,647	+0.014%	$197K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,742	+0.125%	$3.74B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,675.3	+0.047%	$40.1M	$574.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,679.1	+0.051%	$5.33B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,681.9	+0.055%	$2.57B	$12.10B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,657	+0.025%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,640.5	+0.006%	$7.1M	$97.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,649.4	+0.017%	$5.55B	$10.53B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,602.2	−0.039%	$35.1M	$173.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,767.3	+0.154%	$156.3M	$548.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,703.1	+0.079%	$279.9M	$919.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,747.2	+0.131%	$215.3M	$166.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,800	+0.192%	$140.4M	$316.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,679.9	+0.052%	$30.3M	$209.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,707.5	+0.084%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,664	+0.034%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,625	−0.012%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,606.6	−0.033%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,611.8	−0.027%	$30.0M	$50.9M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,608	−0.032%	$59.9M	$336.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,614.4	−0.024%	$621.3M	$398.6M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,643.3	+0.009%	$44.1M	$227.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,662.4	+0.032%	—	$106.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,647.2	+0.014%	$130.2M	$5.10B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,704.5	+0.081%	$8.4M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,626.8	−0.010%	$188.6M	$951.5M	100x	as long as short
Aftermath Perps BTCUSD	+0.0196%	1h	85,683.4	+0.056%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0179%	1h	85,626.1	−0.011%	$13.6M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,663.6	+0.033%	$701K	$7.8M	30x	as long as short
Kalshi KXBTCPERP	+0.0217%	8h	85,672	+0.043%	$10.4M	$757.2M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,694.9	+0.070%	$515K	$19.3M	6.7x	as long as short