Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0066%/8h= +7.2% APRpaid last 24h +0.020%

Price spread now: Lighter RH against BingX+0.022%7-day average +0.009% · 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−$10as in the Price arb table

costs, in and out, $10k−$110.114% of the position

Long on BingX Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.069%+$7 on $10k

Price spread, last 7 days−0.025%−$2 · spread now +0.022%, 7d avg +0.009%

Together, before fees+0.044%+ Points / potential airdropLighter RH: Points live · farm board+$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.009%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX BTC-USDT	86,566.1	0.0030	pay 0.0030% / 8h	2h 00m	—	$1.59B	—
Short	Lighter RH BTC	86,584.9	0.0096	get 0.0012% / 1h	0m 12s	$24.1M	$154.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against BingX. 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 BingXbpFee Lighter RHbpOrdersPrice spread, now +0.022%Rate

Funding earned: $13.86
Price spread: +0.022% → +0.009%: $1.23
Slippage, 4 orders: −$1.41
Fee BingX: 5 bp × 2 orders: −$10
Fee Lighter RH: 0 bp × 2 orders: $0
Net: $3.68
Costs to cover: 0.114%
Break-even: 5.1 days

Slippage from BingX: live order book, 9 min ago; Lighter RH: 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 BingX live order book, 9 min ago	0.02 bp	5.0 bp −$5	5.2 bp −$52	5.6 bp −$559	6.1 bp −$3,049
Sell Lighter RH live order book, 4 min ago	0.58 bp	0.6 bp −$1	1.0 bp −$10	3.1 bp −$314	23.7 bp −$11.8K

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	−0.0248%	1h	86,615.5	+0.057%	$81K	$193K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,606.5	+0.047%	$425K	$24.5M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,561	−0.006%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,582	+0.018%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0066%	1h	86,591.4	+0.029%	$17.6M	$20.6M	50x	as long as short
Aster BTCUSDT	−0.0003%	8h	86,575	+0.010%	$505.5M	$1.16B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,612.9	+0.054%	$360K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,599.6	+0.039%	$927.6M	$1.47B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,611.2	+0.052%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,571.7	+0.006%	$850.1M	$709.7M	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	86,580.9	+0.017%	$6.7M	$144.6M	40x	as long as short
BingX BTC-USDTlong	+0.0030%	8h	86,566.1	long leg	—	$1.59B	—
Phemex BTCUSDT	+0.0032%	8h	86,569.9	+0.004%	$149.6M	$472.6M	150x	as long as short
Bitget BTCUSDT	+0.0038%	8h	86,559.4	−0.008%	$2.95B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,614	+0.055%	$315K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,586.4	+0.024%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0058%	8h	86,560.1	−0.007%	$5.18B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,562.5	−0.004%	$9.42B	$24.38B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,601.3	+0.041%	$8.5M	$43.2M	25x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,563.9	−0.003%	$5.85B	$10.72B	200x	as long as short
Bybit BTCUSDT	+0.0086%	8h	86,567	+0.001%	$5.28B	$9.74B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,569.8	+0.004%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTCshort	+0.0096%	1h	86,584.9	+0.022%	$24.1M	$154.6M	50x
Popdex BTCUSDT	+0.0096%	1h	86,588	+0.025%	$8.5M	$52.3M	100x	as long as short
OKX BTC-USDT-SWAP	+0.0099%	8h	86,565	−0.001%	$2.55B	$12.73B	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,578	+0.014%	$201K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,639.8	+0.085%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,585.1	+0.022%	$21.7M	$235.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,638.1	+0.083%	$3.81B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,622.8	+0.065%	$40.9M	$498.0M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,595	+0.033%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,662.8	+0.112%	$7.4M	$94.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,590.2	+0.028%	$572.1M	$20.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,566.3	0.000%	$38.2M	$151.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,596.1	+0.035%	$159.3M	$566.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,553.8	−0.014%	$279.5M	$942.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,562.1	−0.005%	$217.2M	$185.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,565.5	−0.001%	$141.5M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,588.3	+0.026%	$30.7M	$203.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,642.1	+0.088%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,600	+0.039%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,591	+0.029%	$190K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,598.5	+0.037%	$2.5M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,613	+0.054%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,588.9	+0.026%	$30.0M	$61.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,588.1	+0.025%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,565	−0.001%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,583.3	+0.020%	$2.30B	$960.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,554.7	−0.013%	$46.4M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,623.4	+0.066%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,590.1	+0.028%	$187.0M	$934.9M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,619.6	+0.062%	$131.9M	$5.82B	50x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,622.8	+0.065%	$774K	$8.1M	30x	as long as short
Kalshi KXBTCPERP	+0.0179%	8h	86,622	+0.065%	$9.6M	$727.2M	6.4x	as long as short
BloFin BTC-USDT	+0.0179%	8h	86,596.9	+0.036%	$416.9M	$655.7M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,607.1	+0.047%	$15.0M	—	200x	as long as short