Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h 0.000%

Price spread now: Lighter against Paradex−0.043%7-day average 0.000% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$70.069% of the position

Long on Paradex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.003%$0 on $10k

Price spread, last 7 days+0.044%+$4 · spread now −0.043%, 7d avg 0.000%

Together, before fees+0.046%+ Points / potential airdropParadex: Active · Lighter: Season 3 · farm board+$5 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 is 0.043% cheaper against Paradex than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of 0.000%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex BTC-USD-PERP	85,585.8	0.0100	pay 0.0100% / 8h	2h 05m	$5.8M	$9.6M	50x
Short	Lighter BTC	85,549	0.0096	get 0.0012% / 1h	5m 44s	$171.5M	$1.03B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Paradex. 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 ParadexbpFee LighterbpOrdersPrice spread, now −0.043%Rate

Funding earned: −$0.83
Price spread: −0.043% → 0.000%: −$4.3
Slippage, 4 orders: −$2.89
Fee Paradex: 2 bp × 2 orders: −$4
Fee Lighter: 0 bp × 2 orders: $0
Net: −$12.02
Costs to cover: 0.069%
Break-even: never at this rate

Slippage from Paradex: live order book, 3 min ago; Lighter: live order book, 8 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 Paradex live order book, 3 min ago	1.12 bp	3.1 bp −$3	3.1 bp −$31	doesn't fit	doesn't fit
Sell Lighter live order book, 8 min ago	0.01 bp	0.6 bp −$1	0.8 bp −$8	1.7 bp −$171	4.4 bp −$2,177

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
Perpl BTC	−0.0112%	43m	85,541.4	−0.052%	$524K	$18.3M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,557	−0.034%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,588	+0.003%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0051%	8h	85,530.4	−0.065%	$929.7M	$772.2M	125x	as long as short
BloFin BTC-USDT	−0.0024%	8h	85,524.7	−0.071%	$417.9M	$683.9M	150x	as long as short
Aster BTCUSDT	−0.0007%	8h	85,534.3	−0.060%	$514.4M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,540.5	−0.053%	$354K	$2.4M	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,581.1	−0.005%	$16.8M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,569.9	−0.019%	$36.6M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,349	−0.277%	$339K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0043%	1h	85,537.4	−0.057%	$24.7M	$222.5M	50x	as long as short
Deribit BTC-PERPETUAL	+0.0052%	1h	85,595.2	+0.011%	$867.8M	$1.62B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,576.1	−0.011%	$188.6M	$953.9M	100x	as long as short
BingX BTC-USDC	+0.0069%	8h	85,519.3	−0.078%	—	$17.5M	—	as long as short
Phemex BTCUSDT	+0.0078%	8h	85,560.4	−0.030%	$149.0M	$506.8M	150x	as long as short
Bitget BTCUSDT	+0.0087%	8h	85,529.9	−0.065%	$2.96B	$5.18B	150x	as long as short
Lighter BTCshort	+0.0096%	1h	85,549	−0.043%	$171.5M	$1.03B	50x
Lighter RH BTC	+0.0096%	1h	85,543.8	−0.049%	$23.7M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,525	−0.071%	$8.4M	$55.9M	100x	as long as short
MEXC BTC_USDT	+0.0096%	8h	85,534.7	−0.060%	$5.01B	$5.77B	500x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,554.9	−0.036%	$2.4M	$6.7M	20x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,601.5	+0.018%	$117.2M	$5.45B	50x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,542.5	−0.051%	$9.46B	$24.91B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,507	−0.092%	$236K	$8.6M	50x	as long as short
Paradex BTC-USD-PERPlong	+0.0100%	8h	85,585.8	long leg	$5.8M	$9.6M	50x
Hyperliquid BTC	+0.0100%	1h	85,640	+0.063%	$3.76B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,568.4	−0.020%	$40.1M	$598.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,533	−0.062%	$5.15B	$9.98B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,539.1	−0.055%	$2.59B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,555	−0.036%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,532.3	−0.063%	$4.6M	$98.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,501.7	−0.098%	$682.6M	$531.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,533.7	−0.061%	$5.52B	$11.10B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,558.4	−0.032%	$36.5M	$178.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,535.9	−0.058%	$155.0M	$560.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,513.1	−0.085%	$280.1M	$951.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,550.7	−0.041%	$214.8M	$167.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,544.6	−0.048%	$139.8M	$314.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,514.8	−0.083%	$30.2M	$207.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,616.2	+0.035%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,555	−0.036%	$11.0M	$14.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,561.1	−0.029%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,571.9	−0.016%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,605.9	+0.023%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,546.9	−0.046%	$30.0M	$48.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,505.8	−0.093%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,561	−0.029%	$59.9M	$336.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,549.9	−0.042%	$2.26B	$942.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,501.5	−0.099%	$44.5M	$240.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,549.5	−0.042%	—	$106.9M	500x	as long as short
Reya BTCRUSDPERP	+0.0120%	1h	85,550.4	−0.041%	$6.6M	$147.5M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,566.5	−0.023%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	85,572	−0.016%	$11.6M	$743.1M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0227%	1h	85,508.4	−0.090%	$79K	$228K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,559.3	−0.031%	$694K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,551.7	−0.040%	$8.8M	$43.3M	25x	as long as short