Funding you earn now, next payment 04:00 UTC+0.0236%/8h= +25.9% APRnext payment +$0.30 per $10,000 · paid last 24h +0.034%
Price spread now: Lighter RH against Phoenix+0.061%7-day average −0.039% · you sell dearer than you buy
Net, funding: paid 7d − costs+$4as in the Funding arb table
Net, price: spread back to 7d avg − costs+$2as in the Price arb table
costs, in and out, $10k−$80.084% of the position
Funding, last 7 days+0.123%+$12 on $10k
+Price spread, last 7 days−0.109%−$11 · spread now +0.061%, 7d avg −0.039%
=Together, before fees+0.014%+ Points / potential airdropLighter RH: Points live · farm board+$1 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Lighter RH is 0.101% dearer against Phoenix than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.039%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.123% in total (about 6.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.30 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix BTC | 85,589 | −0.0140 | get 0.0018% / 1h | 46m 31s | $2.1M | $10.4M | 40x |
| Short | Lighter RH BTC | 85,641.5 | 0.0096 | get 0.0012% / 1h | 46m 31s | $24.0M | $148.0M | 50x |
Phoenix BTC
Lighter RH BTCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter RH against Phoenix. 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
- $49.58
- Price spread: +0.061% → −0.039%
- $10.06
- Slippage, 4 orders
- −$1.42
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Net
- $51.22
- Costs to cover
- 0.084%
- Break-even
- from the start
Slippage from Phoenix: live order book, 8 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 Phoenix live order book, 8 min ago | 0.06 bp | 3.6 bp −$4 | 4.9 bp −$49 | 10.1 bp −$1,006 | doesn't fit |
| Sell Lighter RH live order book, 3 min ago | 0.11 bp | 0.1 bp $0 | 0.5 bp −$5 | 3.0 bp −$299 | 23.4 bp −$11.7K |
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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTClong | −0.0140% | 1h | 85,589 | long leg | $2.1M | $10.4M | 40x | |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,642 | +0.062% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0038% | 8h | 85,609.5 | +0.024% | $917.0M | $756.2M | 125x | as long as short |
| BloFin BTC-USDT | −0.0020% | 8h | 85,603.7 | +0.017% | $418.0M | $675.3M | 150x | as long as short |
| 01 Exchange BTCUSD | −0.0016% | 1h | 85,632.8 | +0.051% | $366K | $2.3M | 50x | as long as short |
| Nado BTC-PERP | −0.0006% | 1h | 85,622.5 | +0.039% | $24.8M | $222.6M | 50x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,631.4 | +0.050% | $16.8M | $21.2M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,645.3 | +0.066% | $36.6M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0010% | 8h | 85,607 | +0.021% | $515.5M | $1.10B | 200x | as long as short |
| Deribit BTC-PERPETUAL | +0.0017% | 1h | 85,654 | +0.076% | $883.9M | $1.59B | 50x | as long as short |
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
01 Exchange BTCUSD
Nado BTC-PERP
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
Deribit BTC-PERPETUALShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective BTC/USDC PERP | +0.0044% | 1h | 85,690 | +0.118% | $340K | $26.9M | 52x | as long as short |
| BingX BTC-USDC | +0.0064% | 8h | 85,600.6 | +0.014% | — | $17.1M | — | as long as short |
| Phemex BTCUSDT | +0.0066% | 8h | 85,602.3 | +0.016% | $148.7M | $491.1M | 150x | as long as short |
| SoDEX BTC-USD | +0.0077% | 1h | 85,606 | +0.020% | $60.0M | $336.1M | 40x | as long as short |
| Bitget BTCUSDT | +0.0081% | 8h | 85,622.4 | +0.039% | $2.96B | $5.11B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0092% | 1h | 85,630.7 | +0.049% | $6.6M | $146.9M | 40x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,631.4 | +0.050% | $172.1M | $1.01B | 50x | as long as short |
| Lighter RH BTCshort | +0.0096% | 1h | 85,641.5 | +0.061% | $24.0M | $148.0M | 50x | |
| Popdex BTCUSDT | +0.0096% | 1h | 85,615 | +0.030% | $8.7M | $54.6M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,613.9 | +0.029% | $2.5M | $1.7M | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,600 | +0.013% | $204K | $8.2M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,685.3 | +0.112% | $5.6M | $9.3M | 50x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,657.8 | +0.080% | $40.6M | $584.8M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,630.3 | +0.048% | $9.42B | $24.31B | 150x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,627.6 | +0.045% | $5.19B | $9.84B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,638.9 | +0.058% | $2.59B | $12.15B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,618 | +0.034% | $3.8M | $17.8M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,610.3 | +0.025% | $4.4M | $98.5M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,623 | +0.040% | $5.54B | $10.76B | 200x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,622.3 | +0.039% | $5.07B | $5.64B | 500x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,599.9 | +0.013% | $36.1M | $177.5M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,614 | +0.029% | $153.6M | $564.6M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,574.2 | −0.017% | $279.5M | $926.7M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,585.1 | −0.005% | $215.0M | $169.0M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,584.8 | −0.005% | $139.9M | $315.9M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,627.5 | +0.045% | $30.3M | $207.9M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,687.7 | +0.115% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,633 | +0.051% | $11.1M | $14.3M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,630 | +0.048% | $197K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,624.8 | +0.042% | $2.4M | $8.7M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,666.3 | +0.090% | $207K | $739K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,616.9 | +0.033% | $30.0M | $50.1M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,608.7 | +0.023% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,602 | +0.015% | $2.27B | $946.1M | 200x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,665.1 | +0.089% | $677.0M | $718.2M | 40x | as long as short |
| Hyperliquid BTC | +0.0103% | 1h | 85,714 | +0.146% | $3.79B | $5.02B | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,593 | +0.005% | $44.8M | $231.4M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,635.3 | +0.054% | — | $107.7M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,644 | +0.064% | $117.1M | $5.22B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0135% | 1h | 85,621.2 | +0.038% | $188.0M | $956.2M | 100x | as long as short |
| RISEx BTC/USDC | +0.0174% | 1h | 85,652.9 | +0.075% | $8.7M | $42.9M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0201% / S −0.0177% | 1h | 85,639.7 | +0.059% | $13.1M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0218% | 8h | 85,662 | +0.085% | $12.0M | $756.7M | 6.4x | as long as short |
| Aftermath Perps BTCUSD | +0.0230% | 1h | 85,656.3 | +0.079% | $78K | $220K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0248% | 1h | 85,666.9 | +0.091% | $697K | $7.9M | 30x | as long as short |
| Perpl BTC | +0.0335% | 43m | 85,636.5 | +0.055% | $502K | $18.8M | 6.7x | as long as short |
Injective BTC/USDC PERP
BingX BTC-USDC
Phemex BTCUSDT
SoDEX BTC-USD
Bitget BTCUSDT
Reya BTCRUSDPERP
Lighter BTC
Popdex BTCUSDT
Aevo BTC-PERP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Pacifica BTC
Binance BTCUSDT
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
MEXC 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
Derive BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Bulk BTC-USD
Hyperliquid BTC
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Kraken Futures PF_XBTUSD
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
Perpl BTC