Funding you earn now, next payment 06:00 UTC−0.0178%/8h= −19.4% APRnext payment −$0.22 per $10,000 · paid last 24h −0.041%
Price spread now: Phoenix against Lighter RH+0.064%7-day average +0.039% · you sell dearer than you buy
Net, funding: paid 7d − costs−$22as in the Funding arb table
Net, price: spread back to 7d avg − costs−$6as in the Price arb table
costs, in and out, $10k−$90.090% of the position
Funding, last 7 days−0.129%−$13 on $10k
+Price spread, last 7 days0.000%$0 · spread now +0.064%, 7d avg +0.039%
=Together, before fees−0.130%+ Points / potential airdropLighter RH: Points live · farm board−$13 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Phoenix is 0.025% dearer against Lighter RH than usual: you sell high and buy low (spread +0.064% now, against its 7-day average of +0.039%): +$2 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 11 hours. At the pace of the last 7 days (−0.129% in total) that is about 32 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter RH BTC | 85,458 | 0.0096 | pay 0.0012% / 1h | 13m 19s | $23.6M | $148.5M | 50x |
| Short | Phoenix BTC | 85,513 | −0.0082 | pay 0.0010% / 1h | 13m 19s | $2.3M | $10.4M | 40x |
Lighter RH BTC
Phoenix BTCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$37.28
- Price spread: +0.064% → +0.039%
- $2.49
- Slippage, 4 orders
- −$1.99
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$43.77
- Costs to cover
- 0.090%
- Break-even
- never at this rate
Slippage from Lighter RH: live order book, 6 min ago; Phoenix: 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 | 0.01 bp | 1.7 bp −$2 | 2.4 bp −$24 | 5.5 bp −$549 | 31.1 bp −$15.5K |
| Sell Phoenix live order book, 6 min ago | 0.06 bp | 3.6 bp −$4 | 4.9 bp −$49 | 9.9 bp −$994 | doesn't fit |
BTC on 55 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 BTCshort | −0.0082% | 1h | 85,513 | +0.064% | $2.3M | $10.4M | 40x | |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,454 | −0.005% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0037% | 8h | 85,452.3 | −0.007% | $929.6M | $775.0M | 125x | as long as short |
| BloFin BTC-USDT | −0.0021% | 8h | 85,439.9 | −0.021% | $420.1M | $679.6M | 150x | as long as short |
| Aster BTCUSDT | −0.0002% | 8h | 85,442 | −0.019% | $513.0M | $1.09B | 200x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,466.2 | +0.010% | $353K | $2.4M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,457.5 | −0.001% | $490K | $18.4M | 6.7x | as long as short |
| dYdX BTC-USD | +0.0001% | 1h | 85,473.9 | +0.019% | $16.7M | $21.1M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,462.1 | +0.005% | $36.5M | — | 200x | as long as short |
| Nado BTC-PERP | +0.0045% | 1h | 85,431.8 | −0.031% | $24.2M | $222.1M | 50x | as long as short |
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
Aster BTCUSDT
01 Exchange BTCUSD
Perpl BTC
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Nado BTC-PERPShow all 55 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective BTC/USDC PERP | +0.0057% | 1h | 85,247 | −0.247% | $338K | $26.8M | 52x | as long as short |
| BingX BTC-USDT | +0.0073% | 8h | 85,453.5 | −0.005% | — | $1.57B | — | as long as short |
| Deribit BTC-PERPETUAL | +0.0074% | 1h | 85,492.6 | +0.040% | $861.1M | $1.63B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0089% | 1h | 85,450.6 | −0.009% | $186.1M | $953.9M | 100x | as long as short |
| Bitget BTCUSDT | +0.0091% | 8h | 85,456.1 | −0.002% | $2.97B | $5.16B | 150x | as long as short |
| Bybit BTCUSDT | +0.0096% | 8h | 85,431.3 | −0.031% | $5.14B | $9.98B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,457.7 | 0.000% | $170.1M | $1.03B | 50x | as long as short |
| Lighter RH BTClong | +0.0096% | 1h | 85,458 | long leg | $23.6M | $148.5M | 50x | |
| Popdex BTCUSDT | +0.0096% | 1h | 85,485 | +0.032% | $8.5M | $56.8M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,446.7 | −0.013% | $2.4M | $6.7M | 20x | as long as short |
| Binance BTCUSDT | +0.0099% | 8h | 85,444.2 | −0.016% | $9.43B | $24.91B | 150x | as long as short |
| MEXC BTC_USDT | +0.0099% | 8h | 85,452.7 | −0.006% | $5.03B | $5.78B | 500x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,438 | −0.023% | $245K | $8.7M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,507.1 | +0.057% | $5.8M | $9.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,538 | +0.094% | $3.75B | $5.08B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,479.1 | +0.025% | $40.1M | $603.8M | 50x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,437.5 | −0.024% | $2.60B | $12.20B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,438 | −0.023% | $3.8M | $17.1M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,442 | −0.019% | $5.1M | $97.2M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,499.5 | +0.049% | $686.3M | $379.3M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,459 | +0.001% | $5.56B | $11.07B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,424.9 | −0.039% | $37.2M | $179.3M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,450.4 | −0.009% | $156.4M | $558.0M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,457.5 | −0.001% | $280.0M | $954.5M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,468.7 | +0.013% | $214.5M | $164.6M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,465.5 | +0.009% | $139.7M | $313.2M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,466.6 | +0.010% | $30.1M | $206.4M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,506.7 | +0.057% | — | $10.2M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,456 | −0.002% | $11.0M | $14.6M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,459.4 | +0.002% | $199K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,453.9 | −0.005% | $2.6M | $9.7M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,495.1 | +0.043% | $194K | $796K | 40x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,451.4 | −0.008% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,440 | −0.021% | $59.8M | $336.7M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,446.2 | −0.014% | $2.26B | $963.0M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,467.6 | +0.011% | $154.8M | $512.0M | 150x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,428.1 | −0.035% | $44.9M | $239.8M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,446.3 | −0.014% | — | $104.3M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,473.8 | +0.018% | $113.0M | $5.49B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0132% | 1h | 85,446.8 | −0.013% | $6.6M | $147.7M | 40x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0175% / S −0.0150% | 1h | 85,462.9 | +0.006% | $13.0M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0180% | 8h | 85,467 | +0.011% | $11.8M | $740.5M | 6.4x | as long as short |
| RISEx BTC/USDC | +0.0193% | 1h | 85,479.5 | +0.025% | $8.8M | $42.6M | 25x | as long as short |
| Hibachi BTC/USDT-P | +0.0224% | 1h | 85,478.2 | +0.024% | $685K | $7.8M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0258% | 1h | 85,487.4 | +0.034% | $80K | $234K | 20x | as long as short |
Injective BTC/USDC PERP
BingX BTC-USDT
Deribit BTC-PERPETUAL
Kraken Futures PF_XBTUSD
Bitget BTCUSDT
Bybit BTCUSDT
Lighter BTC
Popdex BTCUSDT
Aevo BTC-PERP
Binance BTCUSDT
MEXC BTC_USDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate BTC_USDT
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
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Phemex BTCUSDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Reya BTCRUSDPERP
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
RISEx BTC/USDC
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD