BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0069%/8h= +7.5% APRnext payment +$0.09 per $10,000 · paid last 24h +0.040%

Price spread now: Lighter against Reya+0.009%7-day average +0.047% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Reya Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.014%+$1 on $10k

Price spread, last 7 days+0.012%+$1 · spread now +0.009%, 7d avg +0.047%

Together, before fees+0.026%+ Points / potential airdropReya: Active · Lighter: Season 3 · farm board+$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.037% cheaper against Reya than usual: you would sell low and buy high (spread +0.009% now, against its 7-day average of +0.047%). If the spread goes back, that is −$4 on $10k: about 44 hours of funding at the current rate (+$2 a day). At the pace of the last 3 days (+0.014% in total) that is about 8.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya BTCRUSDPERP	86,542.8	0.0027	pay 0.0003% / 1h	40m 22s	$6.7M	$145.4M	40x
Short	Lighter BTC	86,550.7	0.0096	get 0.0012% / 1h	40m 22s	$170.5M	$1.01B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Reya. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ReyabpFee LighterbpOrdersPrice spread, now +0.009%Rate

Funding earned: $14.39
Price spread: +0.009% → +0.047%: −$3.74
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: $4.65
Costs to cover: 0.060%
Break-even: 4.7 days

Slippage unknown: Reya: no order-book sample; Lighter: 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 Reya no order-book sample	—	—	—	—	—
Sell Lighter live order book, 4 min ago	0.36 bp	0.4 bp $0	0.5 bp −$5	1.2 bp −$121	3.5 bp −$1,745

Reya: 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
Phoenix BTC	−0.0118%	1h	86,598	+0.064%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,553	+0.012%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	+0.029%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,562.6	+0.023%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,560.2	+0.020%	$360K	$2.5M	50x	as long as short
Aster BTCUSDT	0.0000%	8h	86,543.5	+0.001%	$502.0M	$1.15B	200x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,577.2	+0.040%	$916.5M	$1.49B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,566.2	+0.027%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0013%	8h	86,549.5	+0.008%	$850.7M	$715.1M	125x	as long as short
Reya BTCRUSDPERPlong	+0.0027%	1h	86,542.8	long leg	$6.7M	$145.4M	40x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX BTC-USD	+0.0029%	1h	86,584.4	+0.048%	$17.0M	$21.1M	50x	as long as short
BingX BTC-USDT	+0.0042%	8h	86,543.4	+0.001%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0044%	8h	86,548.8	+0.007%	$150.5M	$479.2M	150x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,538.2	−0.005%	$2.96B	$5.12B	150x	as long as short
Binance BTCUSDT	+0.0072%	8h	86,543.4	+0.001%	$9.43B	$24.58B	150x	as long as short
MEXC BTC_USDT	+0.0072%	8h	86,544	+0.001%	$5.15B	$5.65B	500x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,538.5	−0.005%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,540.7	−0.002%	$5.88B	$10.74B	200x	as long as short
Lighter BTCshort	+0.0096%	1h	86,550.7	+0.009%	$170.5M	$1.01B	50x
Lighter RH BTC	+0.0096%	1h	86,584.9	+0.049%	$24.1M	$151.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,551	+0.009%	$8.5M	$52.6M	100x	as long as short
SoDEX BTC-USD	+0.0097%	1h	86,543	0.000%	$60.5M	$337.7M	40x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,540.9	−0.002%	$5.26B	$9.82B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,526	−0.019%	$200K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,593.7	+0.059%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,574.9	+0.037%	$21.9M	$234.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,622	+0.092%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,598.7	+0.065%	$40.8M	$524.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,549.1	+0.007%	$2.55B	$12.76B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,564	+0.025%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,591.6	+0.056%	$7.6M	$95.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,588.2	+0.052%	$38.4M	$155.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,585.8	+0.050%	$157.4M	$570.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,643	+0.116%	$279.9M	$948.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,607.5	+0.075%	$217.5M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,662	+0.138%	$141.6M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,574	+0.036%	$30.7M	$204.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,605.6	+0.073%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,551	+0.009%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,547	+0.005%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,548.7	+0.007%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,577.1	+0.040%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,574.6	+0.037%	$30.6M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,556.7	+0.016%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,531.6	−0.013%	$2.30B	$970.9M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,562.5	+0.023%	$572.7M	$17.7M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,526.1	−0.019%	$45.5M	$227.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,617.3	+0.086%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,569.3	+0.031%	$193.5M	$951.6M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,584.2	+0.048%	$417K	$23.2M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,584.6	+0.048%	$132.6M	$5.68B	50x	as long as short
Aftermath Perps BTCUSD	+0.0123%	1h	86,601.4	+0.068%	$79K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,625.4	+0.095%	$728K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0193%	8h	86,593.5	+0.059%	$413.9M	$658.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0193% / S −0.0215%	1h	86,561	+0.021%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	86,617	+0.086%	$9.7M	$743.7M	6.4x	as long as short