BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.01 per $10,000 · paid last 24h +0.010%

Price spread now: Lighter against Arcus−0.066%7-day average −0.022% · 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−$60.063% of the position

Long on Arcus Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.007%+$1 on $10k

Price spread, last 7 days+0.055%+$5 · spread now −0.066%, 7d avg −0.022%

Together, before fees+0.062%+ Points / potential airdropLighter: Season 3 · farm board+$6 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 0.044% cheaper against Arcus than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus BTC-USD	86,631.7	0.0100	pay 0.0013% / 1h	5m 24s	$7.4M	$94.7M	40x
Short	Lighter BTC	86,574.2	0.0096	get 0.0012% / 1h	5m 24s	$172.0M	$1.02B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Arcus. 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 ArcusbpFee LighterbpOrdersPrice spread, now −0.066%Rate

Funding earned: −$0.84
Price spread: −0.066% → −0.022%: −$4.44
Slippage, 4 orders: −$1.77
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Lighter: 0 bp × 2 orders: $0
Net: −$11.55
Costs to cover: 0.063%
Break-even: never at this rate

Slippage from Arcus: live order book, 4 min ago; Lighter: live order book, 4 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 Arcus live order book, 4 min ago	0.01 bp	2.4 bp −$2	2.7 bp −$27	4.0 bp −$402	doesn't fit
Sell Lighter live order book, 4 min ago	0.01 bp	1.0 bp −$1	1.5 bp −$15	2.5 bp −$245	4.5 bp −$2,244

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
Aftermath Perps BTCUSD	−0.0253%	1h	86,631.5	0.000%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,580.9	−0.059%	$425K	$24.6M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,554	−0.090%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,555	−0.089%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0063%	1h	86,591.4	−0.047%	$17.6M	$20.6M	50x	as long as short
Aster BTCUSDT	−0.0003%	8h	86,548.4	−0.096%	$505.3M	$1.16B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,578.6	−0.061%	$360K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,595.1	−0.042%	$927.3M	$1.47B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,586.1	−0.053%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,546.8	−0.098%	$850.5M	$708.6M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0022%	1h	86,556.3	−0.087%	$6.7M	$144.5M	40x	as long as short
BingX BTC-USDC	+0.0029%	8h	86,556.5	−0.087%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0032%	8h	86,563	−0.079%	$149.6M	$471.9M	150x	as long as short
Bitget BTCUSDT	+0.0037%	8h	86,559	−0.084%	$2.95B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,770	+0.160%	$316K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,559.6	−0.083%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0058%	8h	86,561.2	−0.081%	$9.42B	$24.39B	150x	as long as short
MEXC BTC_USDT	+0.0058%	8h	86,561.6	−0.081%	$5.18B	$5.72B	500x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,584.8	−0.054%	$8.9M	$42.7M	25x	as long as short
Gate BTC_USDT	+0.0080%	8h	86,562.2	−0.080%	$5.84B	$10.71B	200x	as long as short
Bybit BTCUSDT	+0.0083%	8h	86,560.6	−0.082%	$5.27B	$9.74B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0096%	8h	86,578.4	−0.062%	$2.55B	$12.73B	100x	as long as short
Lighter BTCshort	+0.0096%	1h	86,574.2	−0.066%	$172.0M	$1.02B	50x
Lighter RH BTC	+0.0096%	1h	86,581.8	−0.058%	$24.1M	$154.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,559	−0.084%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,549	−0.095%	$202K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,612.1	−0.023%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,560.8	−0.082%	$21.7M	$234.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,631	−0.001%	$3.81B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,596	−0.041%	$40.9M	$498.0M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,564	−0.078%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USDlong	+0.0100%	1h	86,631.7	long leg	$7.4M	$94.7M	40x
Bulk BTC-USD	+0.0100%	1h	86,682.4	+0.058%	$572.6M	$21.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,563	−0.079%	$38.5M	$151.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,546.2	−0.099%	$159.9M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,621.5	−0.012%	$279.7M	$941.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,613.4	−0.021%	$217.6M	$186.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,593.8	−0.044%	$141.7M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,597.5	−0.039%	$30.7M	$203.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,613.5	−0.021%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,560	−0.083%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,559.9	−0.083%	$190K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,573.4	−0.067%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,586.2	−0.053%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,568	−0.074%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,562.4	−0.080%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,563	−0.079%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,550	−0.094%	$2.30B	$960.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,548.3	−0.096%	$46.4M	$226.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,585.9	−0.053%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,597.5	−0.039%	$187.1M	$934.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,616	−0.018%	$131.7M	$5.83B	50x	as long as short
Kalshi KXBTCPERP	+0.0172%	8h	86,593	−0.045%	$9.5M	$727.7M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,580.5	−0.059%	$780K	$7.9M	30x	as long as short
BloFin BTC-USDT	+0.0179%	8h	86,552.7	−0.091%	$416.4M	$655.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,580.7	−0.059%	$15.0M	—	200x	as long as short