Funding you earn now, next payment 01:00 UTC+0.0128%/8h= +14.0% APRnext payment +$0.16 per $10,000 · paid last 24h +0.048%
Price spread now: Phoenix against Lighter−0.004%7-day average +0.039% · you buy dearer than you sell
Net, funding: paid 7d − costs−$3as in the Funding arb table
Net, price: spread back to 7d avg − costs−$28as in the Price arb table
costs, in and out, $10k−$240.240% of the position
Funding, last 7 days+0.210%+$21 on $10k
+Price spread, last 4 days (all we have)−0.344%−$34 · spread now −0.004%, 7d avg +0.039%
=Together, before fees−0.134%+ Points / potential airdropLighter: Season 3 · farm board−$13 on $10k · with fees, hour by hour
Funding pays, the price is against you. Phoenix is 0.043% cheaper against Lighter than usual: you would sell low and buy high (spread −0.004% now, against its 7-day average of +0.039%). If the spread goes back, that is −$4 on $10k: about 27 hours of funding at the current rate (+$4 a day).
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter COIN | 197.66 | 0.0032 | pay 0.0004% / 1h | 35m 12s | $388K | $2.0M | 10x |
| Short | Phoenix COIN | 197.65 | 0.0160 | get 0.0020% / 1h | 35m 12s | $5K | $251K | 10x |
Lighter COIN
Phoenix COINFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Lighter. 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
- $26.87
- Price spread: −0.004% → +0.039%
- −$4.34
- Slippage, 4 orders
- −$17.04
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$1.5
- Costs to cover
- 0.240%
- Break-even
- 7.4 days
Slippage from Lighter: live order book, 1 min ago; Phoenix: live order book, 28 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 Lighter live order book, 1 min ago | 0.63 bp | 1.2 bp −$1 | 3.3 bp −$33 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 28 min ago | 2.99 bp | 10.9 bp −$11 | 22.9 bp −$229 | doesn't fit | doesn't fit |
COIN on 26 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective COIN/USDC PERP | −0.0440% | 1h | 197.60 | −0.029% | $44K | $48K | 30x | as long as short |
| Bitget COINUSDT | −0.0246% | 8h | 197.77 | +0.057% | $6.5M | $10.2M | 20x | as long as short |
| Vest COIN-USD-PERP | −0.0003% | 1h | 197.16 | −0.252% | — | $289K | 25x | as long as short |
| Aster COINUSDT | 0.0000% | 8h | 197.77 | +0.056% | $360K | $856K | 20x | as long as short |
| Extended COIN_24_5-USD | 0.0000% | 1h | 197.61 | −0.022% | $117K | $699K | 10x | as long as short |
| Binance COINUSDT | 0.0000% | 8h | 197.68 | +0.009% | $14.9M | $78.0M | 20x | as long as short |
| Bybit COINUSDT | 0.0000% | 8h | 197.71 | +0.026% | $4.9M | $6.0M | 50x | as long as short |
| OKX COIN-USDT-SWAP | 0.0000% | 8h | 197.84 | +0.092% | $3.1M | $4.5M | 20x | as long as short |
| Gate COIN_USDT | 0.0000% | 8h | 197.66 | +0.001% | $1.3M | $6.9M | 50x | as long as short |
| Variational Omni COIN | 0.0000% | 8h | 197.64 | −0.007% | $818K | $1.0M | — | as long as short |
Injective COIN/USDC PERP
Bitget COINUSDT
Vest COIN-USD-PERP
Aster COINUSDT
Extended COIN_24_5-USD
Binance COINUSDT
Bybit COINUSDT
OKX COIN-USDT-SWAP
Gate COIN_USDT
Variational Omni COINShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT COIN_USDT_Perp | 0.0000% | 8h | 197.51 | −0.075% | $17K | $2.0M | 10x | as long as short |
| QFEX COIN-USD | +0.0028% | 1h | 197.54 | −0.060% | $1.3M | $3.7M | 10x | as long as short |
| Lighter COINlong | +0.0032% | 1h | 197.66 | long leg | $388K | $2.0M | 10x | |
| Lighter RH COIN | +0.0032% | 1h | 197.65 | −0.004% | $428K | $1.5M | 10x | as long as short |
| Arcus COIN-USD | +0.0040% | 1h | 197.71 | +0.026% | $16K | $53K | 5x | as long as short |
| tradeXYZ xyz:COIN | +0.0050% | 1h | 197.58 | −0.039% | $15.9M | $13.4M | 10x | as long as short |
| Polymarket Perps COIN-USD | +0.0050% | 1h | 197.56 | −0.050% | $127K | $1.2M | 10x | as long as short |
| SoDEX COIN-USD | +0.0050% | 1h | 197.66 | +0.001% | $100 | $3K | 10x | as long as short |
| Ondo Perps COIN-USD.P | +0.0050% | 1h | 197.43 | −0.115% | $350K | $3.2M | 10x | as long as short |
| KuCoin COINUSDTM | +0.0100% | 8h | 197.63 | −0.014% | $982K | $138K | 20x | as long as short |
| ApeX Omni COINUSDT | +0.0100% | 1h | 197.57 | −0.045% | $89K | $287K | 50x | as long as short |
| Orderly PERP_COIN_USDC_mythos | +0.0100% | 8h | 197.64 | −0.009% | $572 | $4K | 10x | as long as short |
| Aevo COIN-PERP | +0.0104% | 1h | 197.65 | −0.002% | $117 | — | 10x | as long as short |
| BloFin COIN-USDT | +0.0120% | 8h | 199.02 | +0.689% | $198K | $377K | 20x | as long as short |
| Phoenix COINshort | +0.0160% | 1h | 197.65 | −0.004% | $5K | $251K | 10x | |
| edgeX COINUSDC | +0.0344% | 4h | 197.30 | −0.180% | $51K | $294K | 10x | as long as short |
GRVT COIN_USDT_Perp
QFEX COIN-USD
Lighter RH COIN
Arcus COIN-USD
tradeXYZ xyz:COIN
Polymarket Perps COIN-USD
SoDEX COIN-USD
Ondo Perps COIN-USD.P
KuCoin COINUSDTM
ApeX Omni COINUSDT
Orderly PERP_COIN_USDC_mythos
Aevo COIN-PERP
BloFin COIN-USDT
edgeX COINUSDC