Funding you earn now, next payment 03:00 UTC+0.0019%/8h= +2.0% APRpaid last 24h +0.016%
Price spread now: Lighter RH against Phemex+0.016%7-day average +0.020% · you sell dearer than you buy
Net, funding: paid 7d − costs−$5as 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
Funding, last 7 days+0.082%+$8 on $10k
+Price spread, last 4 days (all we have)+0.180%+$18 · spread now +0.016%, 7d avg +0.020%
=Together, before fees+0.263%+ Points / potential airdropLighter RH: Points live · farm board+$26 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: +$1 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phemex BTCUSDT | 85,649.5 | 0.0077 | pay 0.0077% / 8h | 5h 26m | $148.0M | $479.7M | 150x |
| Short | Lighter RH BTC | 85,663.2 | 0.0096 | get 0.0012% / 1h | 26m 09s | $23.9M | $148.5M | 50x |
Phemex BTCUSDT
Lighter RH BTCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter RH against Phemex. 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
- $3.9
- Price spread: +0.016% → +0.020%
- −$0.43
- Slippage, 4 orders
- −$1.47
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Net
- −$10.01
- Costs to cover
- 0.135%
- Break-even
- 25.0 days
Slippage from Phemex: live order book, 3 min ago; Lighter RH: 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 Phemex live order book, 3 min ago | 0.01 bp | 6.0 bp −$6 | 6.0 bp −$60 | 7.5 bp −$751 | doesn't fit |
| Sell Lighter RH live order book, 3 min ago | 0.61 bp | 0.6 bp −$1 | 0.8 bp −$8 | 2.9 bp −$289 | 22.8 bp −$11.4K |
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 | −0.0540% | 1h | 85,696.5 | +0.055% | $196K | $722K | 40x | as long as short |
| Phoenix BTC | −0.0160% | 1h | 85,791 | +0.165% | $2.2M | $10.3M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,645 | −0.005% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0040% | 1h | 85,677.5 | +0.033% | $369K | $2.3M | 50x | as long as short |
| BloFin BTC-USDT | −0.0033% | 8h | 85,602.7 | −0.055% | $415.8M | $664.4M | 150x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,643.1 | −0.008% | $16.8M | $21.1M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,668.8 | +0.023% | $36.6M | — | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0009% | 8h | 85,643.6 | −0.007% | $917.7M | $751.8M | 125x | as long as short |
| Nado BTC-PERP | +0.0010% | 1h | 85,679.3 | +0.035% | $22.6M | $220.3M | 50x | as long as short |
| Aster BTCUSDT | +0.0018% | 8h | 85,643.8 | −0.007% | $516.0M | $1.10B | 200x | as long as short |
Bluefin BTC-PERP
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
BloFin BTC-USDT
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
KuCoin XBTUSDTM
Nado BTC-PERP
Aster BTCUSDTShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDT | +0.0054% | 8h | 85,659.5 | +0.012% | — | $1.54B | — | as long as short |
| Bitget BTCUSDT | +0.0069% | 8h | 85,657.3 | +0.009% | $2.95B | $5.02B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0070% | 1h | 85,655 | +0.006% | $6.7M | $146.5M | 40x | as long as short |
| HTX BTC-USDT | +0.0073% | 8h | 85,664.3 | +0.017% | $2.27B | $934.4M | 200x | as long as short |
| Deribit BTC-PERPETUAL | +0.0077% | 1h | 85,694.6 | +0.053% | $892.1M | $1.53B | 50x | as long as short |
| Phemex BTCUSDTlong | +0.0077% | 8h | 85,649.5 | long leg | $148.0M | $479.7M | 150x | |
| Injective BTC/USDC PERP | +0.0079% | 1h | 85,727 | +0.090% | $340K | $26.9M | 52x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,645.2 | −0.005% | $2.5M | $1.7M | 20x | as long as short |
| SunX BTC-USDT | +0.0084% | 8h | 85,664.1 | +0.017% | $2.9M | $6.1M | 100x | as long as short |
| Binance BTCUSDT | +0.0086% | 8h | 85,655.2 | +0.007% | $9.35B | $23.90B | 150x | as long as short |
| MEXC BTC_USDT | +0.0087% | 8h | 85,652.3 | +0.003% | $5.05B | $5.63B | 500x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,660 | +0.012% | $170.0M | $992.6M | 50x | as long as short |
| Lighter RH BTCshort | +0.0096% | 1h | 85,663.2 | +0.016% | $23.9M | $148.5M | 50x | |
| Popdex BTCUSDT | +0.0096% | 1h | 85,679 | +0.034% | $8.4M | $52.0M | 100x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,675.9 | +0.031% | $3.8M | $8.2M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,647 | −0.003% | $197K | $7.8M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,739 | +0.104% | $3.74B | $5.00B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,675.3 | +0.030% | $40.1M | $574.8M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,661.5 | +0.014% | $5.33B | $9.57B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,668.3 | +0.022% | $2.57B | $12.09B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,657 | +0.009% | $3.9M | $18.0M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,640.5 | −0.011% | $7.1M | $97.1M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,660 | +0.012% | $5.55B | $10.53B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,645.7 | −0.004% | $35.0M | $173.3M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,767.3 | +0.137% | $156.3M | $548.9M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,703.1 | +0.063% | $279.9M | $919.7M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,747.2 | +0.114% | $215.3M | $166.6M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,800 | +0.176% | $140.4M | $316.0M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,679.9 | +0.036% | $30.3M | $209.9M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,707.5 | +0.068% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,664 | +0.017% | $11.0M | $14.1M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,661 | +0.013% | $190K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,649.3 | 0.000% | $2.3M | $8.8M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,652.9 | +0.004% | $30.0M | $51.0M | 15x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,655 | +0.006% | $60.0M | $336.2M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,614.4 | −0.041% | $621.3M | $398.6M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,631.9 | −0.021% | $44.1M | $227.0M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,643.5 | −0.007% | — | $106.3M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,696.8 | +0.055% | $130.3M | $5.10B | 50x | as long as short |
| RISEx BTC/USDC | +0.0120% | 1h | 85,704.5 | +0.064% | $8.4M | $42.2M | 25x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0138% | 1h | 85,678.5 | +0.034% | $188.7M | $951.5M | 100x | as long as short |
| Aftermath Perps BTCUSD | +0.0193% | 1h | 85,689.7 | +0.047% | $78K | $219K | 20x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0203% / S −0.0179% | 1h | 85,666.5 | +0.020% | $13.6M | — | 200x | as long as short |
| Hibachi BTC/USDT-P | +0.0208% | 1h | 85,663.6 | +0.016% | $701K | $7.8M | 30x | as long as short |
| Kalshi KXBTCPERP | +0.0217% | 8h | 85,683 | +0.039% | $10.4M | $757.2M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,694.9 | +0.053% | $515K | $19.3M | 6.7x | as long as short |
BingX BTC-USDT
Bitget BTCUSDT
Reya BTCRUSDPERP
HTX BTC-USDT
Deribit BTC-PERPETUAL
Injective BTC/USDC PERP
Aevo BTC-PERP
SunX BTC-USDT
Binance BTCUSDT
MEXC BTC_USDT
Lighter BTC
Popdex BTCUSDT
Paradex BTC-USD-PERP
Katana Perps BTC-USD
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus 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
Derive BTC-PERP
SoDEX BTC-USD
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
RISEx BTC/USDC
Kraken Futures PF_XBTUSD
Aftermath Perps BTCUSD
GMX BTC/USD [WBTC.b-USDC]
Hibachi BTC/USDT-P
Kalshi KXBTCPERP
Perpl BTC