Funding you earn now, next payment 05:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.01 per $10,000 · paid last 24h +0.003%
Price spread now: Lighter RH against Bulk+0.034%7-day average +0.010% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$6as in the Price arb table
costs, in and out, $10k−$80.084% of the position
Funding, last 4 days (all we have)−0.001%$0 on $10k
+Price spread, last 7 days−0.045%−$5 · spread now +0.034%, 7d avg +0.010%
=Together, before fees−0.046%+ Points / potential airdropLighter RH: Points live · farm board−$5 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 RH is 0.024% dearer against Bulk than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.010%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bulk BTC-USD | 85,447 | 0.0100 | pay 0.0013% / 1h | 23m 31s | $679.5M | $701.9M | 40x |
| Short | Lighter RH BTC | 85,476.2 | 0.0096 | get 0.0012% / 1h | 23m 31s | $24.0M | $148.7M | 50x |
Bulk BTC-USD
Lighter RH BTCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter RH against Bulk. 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
- −$0.84
- Price spread: +0.034% → +0.010%
- $2.43
- Slippage, 4 orders
- −$1.41
- Fee Bulk: 3.5 bp × 2 orders
- −$7
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Net
- −$6.83
- Costs to cover
- 0.084%
- Break-even
- never at this rate
Slippage from Bulk: live order book, 1 min ago; Lighter RH: live order book, 6 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 Bulk live order book, 1 min ago | 0.01 bp | 3.5 bp −$4 | 3.5 bp −$35 | 3.5 bp −$351 | 3.7 bp −$1,854 |
| Sell Lighter RH live order book, 6 min ago | 0.50 bp | 0.9 bp −$1 | 1.1 bp −$11 | 3.6 bp −$361 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTC | −0.0140% | 1h | 85,490 | +0.050% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,442 | −0.006% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0043% | 8h | 85,437.9 | −0.011% | $918.3M | $757.6M | 125x | as long as short |
| BloFin BTC-USDT | −0.0021% | 8h | 85,435.4 | −0.014% | $419.0M | $675.3M | 150x | as long as short |
| 01 Exchange BTCUSD | −0.0016% | 1h | 85,461 | +0.016% | $365K | $2.3M | 50x | as long as short |
| Aster BTCUSDT | −0.0004% | 8h | 85,434.1 | −0.015% | $514.5M | $1.10B | 200x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,460.8 | +0.016% | $505K | $18.7M | 6.7x | as long as short |
| Nado BTC-PERP | +0.0003% | 1h | 85,438.9 | −0.009% | $24.5M | $223.2M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,466.7 | +0.023% | $36.5M | — | 200x | as long as short |
| dYdX BTC-USD | +0.0036% | 1h | 85,485.8 | +0.045% | $16.8M | $21.2M | 50x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
01 Exchange BTCUSD
Aster BTCUSDT
Perpl BTC
Nado BTC-PERP
gTrade (Gains Network) BTC/USD
dYdX BTC-USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective BTC/USDC PERP | +0.0044% | 1h | 85,514 | +0.078% | $339K | $26.9M | 52x | as long as short |
| Deribit BTC-PERPETUAL | +0.0052% | 1h | 85,490.7 | +0.051% | $884.8M | $1.59B | 50x | as long as short |
| SoDEX BTC-USD | +0.0059% | 1h | 85,443 | −0.005% | $59.9M | $336.0M | 40x | as long as short |
| BingX BTC-USDT | +0.0065% | 8h | 85,453 | +0.007% | — | $1.54B | — | as long as short |
| Phemex BTCUSDT | +0.0072% | 8h | 85,442.4 | −0.005% | $148.4M | $495.6M | 150x | as long as short |
| Bitget BTCUSDT | +0.0080% | 8h | 85,446.6 | 0.000% | $2.95B | $5.11B | 150x | as long as short |
| Binance BTCUSDT | +0.0096% | 8h | 85,445.8 | −0.001% | $9.43B | $24.42B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,478.1 | +0.036% | $172.4M | $1.02B | 50x | as long as short |
| Lighter RH BTCshort | +0.0096% | 1h | 85,476.2 | +0.034% | $24.0M | $148.7M | 50x | |
| Popdex BTCUSDT | +0.0096% | 1h | 85,445 | −0.002% | $8.4M | $55.0M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,436.6 | −0.012% | $2.7M | $2.0M | 20x | as long as short |
| MEXC BTC_USDT | +0.0097% | 8h | 85,448 | +0.001% | $5.06B | $5.66B | 500x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,450 | +0.004% | $225K | $8.3M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,512.9 | +0.077% | $5.7M | $9.4M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,528 | +0.095% | $3.79B | $5.02B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,500.4 | +0.063% | $40.1M | $588.0M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,442.7 | −0.005% | $5.18B | $9.86B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,457.2 | +0.012% | $2.59B | $12.12B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,448 | +0.001% | $3.8M | $17.8M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,454.8 | +0.009% | $4.7M | $100.4M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,458.2 | +0.013% | $5.53B | $10.82B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,453 | +0.007% | $36.0M | $178.7M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,453 | +0.007% | $154.1M | $565.9M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,480.4 | +0.039% | $279.2M | $928.6M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,439.6 | −0.009% | $214.7M | $168.8M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,498.2 | +0.060% | $139.9M | $315.6M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,440.7 | −0.007% | $30.2M | $207.1M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,510.9 | +0.075% | — | $11.0M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,450 | +0.004% | $11.1M | $14.3M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,449.5 | +0.003% | $200K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,438.5 | −0.010% | $2.5M | $8.9M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,490.9 | +0.051% | $206K | $738K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,439.4 | −0.009% | $30.0M | $50.1M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,418.8 | −0.033% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,435.8 | −0.013% | $2.26B | $949.0M | 200x | as long as short |
| Bulk BTC-USDlong | +0.0100% | 1h | 85,447 | long leg | $679.5M | $701.9M | 40x | |
| Reya BTCRUSDPERP | +0.0101% | 1h | 85,444.4 | −0.003% | $6.6M | $147.1M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,427.2 | −0.023% | $45.1M | $233.7M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,452.6 | +0.007% | — | $106.8M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,481 | +0.040% | $117.1M | $5.25B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0135% | 1h | 85,468.7 | +0.025% | $187.6M | $954.5M | 100x | as long as short |
| RISEx BTC/USDC | +0.0174% | 1h | 85,483.5 | +0.043% | $8.6M | $43.0M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0149% | 1h | 85,460.6 | +0.016% | $13.1M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0182% | 8h | 85,474 | +0.032% | $11.7M | $754.1M | 6.4x | as long as short |
| Hibachi BTC/USDT-P | +0.0248% | 1h | 85,483.6 | +0.043% | $696K | $7.9M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0256% | 1h | 85,504.6 | +0.067% | $78K | $221K | 20x | as long as short |
Injective BTC/USDC PERP
Deribit BTC-PERPETUAL
SoDEX BTC-USD
BingX BTC-USDT
Phemex BTCUSDT
Bitget BTCUSDT
Binance BTCUSDT
Lighter BTC
Popdex BTCUSDT
Aevo BTC-PERP
MEXC BTC_USDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate 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
Reya BTCRUSDPERP
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
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD