Funding you earn now, next payment 23:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%
Price spread now: Lighter RH against Orderly+0.063%7-day average +0.021% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.020%−$2 on $10k
+Price spread, last 3 days (all we have)−0.025%−$3 · spread now +0.063%, 7d avg +0.021%
=Together, before fees−0.045%+ Points / potential airdropLighter RH: Points live · farm board−$4 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter RH is 0.042% dearer against Orderly than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.021%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Orderly PERP_BTC_USDC | 86,584.8 | 0.0100 | pay 0.0100% / 8h | 1h 45m | $2.4M | $8.6M | 100x |
| Short | Lighter RH BTC | 86,639 | 0.0096 | get 0.0012% / 1h | 45m 41s | $24.0M | $151.7M | 50x |
Orderly PERP_BTC_USDC
Lighter RH BTCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter RH against Orderly. 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
- −$0.84
- Price spread: +0.063% → +0.021%
- $4.19
- Slippage, 4 orders
- no order book: not counted
- Fee Orderly: 3 bp × 2 orders
- −$6
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Net
- −$2.65
- Costs to cover
- 0.060%
- Break-even
- never at this rate
Slippage unknown: Orderly: no order-book sample; Lighter RH: live order book, 4 min ago. Net counts fees only.
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 Orderly no order-book sample | — | — | — | — | — |
| Sell Lighter RH live order book, 4 min ago | 0.62 bp | 1.6 bp −$2 | 1.9 bp −$19 | 3.5 bp −$350 | 23.9 bp −$11.9K |
Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | −0.1588% | 1h | 86,597.6 | +0.015% | $140K | $618K | 40x | as long as short |
| Aftermath Perps BTCUSD | −0.0185% | 1h | 86,578.5 | −0.007% | $79K | $199K | 20x | as long as short |
| Phoenix BTC | −0.0159% | 1h | 86,518 | −0.077% | $2.2M | $11.8M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,570 | −0.017% | $9K | $3K | 50x | as long as short |
| dYdX BTC-USD | −0.0016% | 1h | 86,587.1 | +0.003% | $17.5M | $20.3M | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0008% | 1h | 86,570.8 | −0.016% | $359K | $2.4M | 50x | as long as short |
| Aster BTCUSDT | −0.0007% | 8h | 86,600 | +0.018% | $505.6M | $1.15B | 200x | as long as short |
| Perpl BTC | 0.0000% | 43m | 86,570.3 | −0.017% | $419K | $24.1M | 6.7x | as long as short |
| KuCoin XBTUSDTM | +0.0002% | 8h | 86,584.5 | 0.000% | $852.1M | $708.4M | 125x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 86,586.8 | +0.002% | $36.8M | — | 200x | as long as short |
Bluefin BTC-PERP
Aftermath Perps BTCUSD
Phoenix BTC
Hotstuff BTC-PERP
dYdX BTC-USD
01 Exchange BTCUSD
Aster BTCUSDT
Perpl BTC
KuCoin XBTUSDTM
gTrade (Gains Network) BTC/USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| RISEx BTC/USDC | +0.0006% | 1h | 86,552.1 | −0.038% | $8.6M | $43.2M | 25x | as long as short |
| Reya BTCRUSDPERP | +0.0022% | 1h | 86,549.8 | −0.040% | $6.7M | $144.7M | 40x | as long as short |
| Injective BTC/USDC PERP | +0.0024% | 1h | 86,559 | −0.030% | $315K | $26.8M | 52x | as long as short |
| Hibachi BTC/USDT-P | +0.0024% | 1h | 86,569.5 | −0.018% | $733K | $8.1M | 30x | as long as short |
| Phemex BTCUSDT | +0.0024% | 8h | 86,583.5 | −0.002% | $149.7M | $473.0M | 150x | as long as short |
| BingX BTC-USDT | +0.0031% | 8h | 86,576.1 | −0.010% | — | $1.59B | — | as long as short |
| Bitget BTCUSDT | +0.0040% | 8h | 86,600 | +0.018% | $2.95B | $5.07B | 150x | as long as short |
| Aevo BTC-PERP | +0.0056% | 1h | 86,574.8 | −0.011% | $2.4M | $1.3M | 20x | as long as short |
| MEXC BTC_USDT | +0.0059% | 8h | 86,620.3 | +0.041% | $5.18B | $5.63B | 500x | as long as short |
| Binance BTCUSDT | +0.0059% | 8h | 86,623.9 | +0.045% | $9.43B | $24.33B | 150x | as long as short |
| Gate BTC_USDT | +0.0083% | 8h | 86,570.9 | −0.016% | $5.86B | $10.63B | 200x | as long as short |
| SoDEX BTC-USD | +0.0086% | 1h | 86,583 | −0.002% | $60.5M | $336.8M | 40x | as long as short |
| Deribit BTC-PERPETUAL | +0.0088% | 1h | 86,625.2 | +0.047% | $925.1M | $1.47B | 50x | as long as short |
| Bybit BTCUSDT | +0.0088% | 8h | 86,628.8 | +0.051% | $5.27B | $9.71B | 150x | as long as short |
| Nado BTC-PERP | +0.0096% | 1h | 86,563.1 | −0.025% | $21.8M | $233.6M | 50x | as long as short |
| Lighter BTC | +0.0096% | 1h | 86,610.5 | +0.030% | $172.4M | $998.7M | 50x | as long as short |
| Lighter RH BTCshort | +0.0096% | 1h | 86,639 | +0.063% | $24.0M | $151.7M | 50x | |
| Popdex BTCUSDT | +0.0096% | 1h | 86,546 | −0.045% | $8.5M | $52.2M | 100x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,534 | −0.059% | $206K | $6.9M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,661.4 | +0.088% | $4.7M | $8.3M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 86,653 | +0.079% | $3.81B | $5.09B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 86,645 | +0.070% | $40.9M | $504.7M | 50x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 86,619.3 | +0.040% | $2.55B | $12.69B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,621 | +0.042% | $3.9M | $18.6M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,618.1 | +0.038% | $7.4M | $93.9M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,527.4 | −0.066% | $571.7M | $19.3M | 40x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 86,575 | −0.011% | $38.3M | $152.7M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 86,521.5 | −0.073% | $156.7M | $571.1M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,522.6 | −0.072% | $279.4M | $942.8M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 86,535.2 | −0.057% | $217.1M | $182.2M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 86,530.4 | −0.063% | $141.4M | $322.9M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,567.6 | −0.020% | $30.7M | $202.9M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,597.8 | +0.015% | — | $11.6M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,548 | −0.043% | $11.1M | $13.5M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 86,566.3 | −0.021% | $194K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDClong | +0.0100% | 8h | 86,584.8 | long leg | $2.4M | $8.6M | 100x | |
| Derive BTC-PERP | +0.0100% | 1h | 86,575.2 | −0.011% | $30.0M | $61.6M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 86,570.5 | −0.017% | $3.4M | $5.4M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 86,540.8 | −0.051% | $2.30B | $958.7M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,558.8 | −0.030% | $46.4M | $224.8M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,584 | −0.001% | — | $98.5M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 86,629.9 | +0.052% | $132.0M | $5.74B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0121% | 1h | 86,620.2 | +0.041% | $191.4M | $936.8M | 100x | as long as short |
| BloFin BTC-USDT | +0.0178% | 8h | 86,540.3 | −0.051% | $415.3M | $653.8M | 150x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0180% / S −0.0208% | 1h | 86,578.4 | −0.007% | $15.1M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0189% | 8h | 86,590 | +0.006% | $9.6M | $726.1M | 6.4x | as long as short |
RISEx BTC/USDC
Reya BTCRUSDPERP
Injective BTC/USDC PERP
Hibachi BTC/USDT-P
Phemex BTCUSDT
BingX BTC-USDT
Bitget BTCUSDT
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Gate BTC_USDT
SoDEX BTC-USD
Deribit BTC-PERPETUAL
Bybit BTCUSDT
Nado BTC-PERP
Lighter BTC
Popdex BTCUSDT
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
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
Derive BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Kraken Futures PF_XBTUSD
BloFin BTC-USDT
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP