Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0001%/8h= −0.1% APRpaid last 24h 0.000%

Price spread now: Lighter against Bybit+0.014%7-day average +0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$130.126% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.047%+$5 on $10k

Price spread, last 7 days−0.006%−$1 · spread now +0.014%, 7d avg +0.009%

Together, before fees+0.041%+ Points / potential airdropLighter: Season 3 · farm board+$4 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BTCUSDT	86,402.6	0.0097	pay 0.0097% / 8h	22m 17s	$5.26B	$9.81B	150x
Short	Lighter BTC	86,414.7	0.0096	get 0.0012% / 1h	22m 17s	$170.2M	$1.02B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now +0.014%Rate

Funding earned: −$0.11
Price spread: +0.014% → +0.009%: $0.47
Slippage, 4 orders: −$1.62
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$12.26
Costs to cover: 0.126%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Lighter: live order book, 7 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 Bybit live order book, 2 min ago	0.01 bp	5.6 bp −$6	6.4 bp −$64	7.1 bp −$711	8.4 bp −$4,188
Sell Lighter live order book, 7 min ago	0.01 bp	1.5 bp −$1	1.9 bp −$19	2.7 bp −$271	5.2 bp −$2,609

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	86,430	+0.032%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,360	−0.049%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,345	−0.067%	$332K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,432.2	+0.034%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,428.1	+0.030%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0001%	8h	86,404.2	+0.002%	$501.3M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,423.6	+0.024%	$412K	$22.9M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,435.5	+0.038%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0017%	8h	86,405.5	+0.003%	$850.4M	$715.8M	125x	as long as short
Reya BTCRUSDPERP	+0.0032%	1h	86,409.8	+0.008%	$6.7M	$145.5M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0042%	8h	86,394.2	−0.010%	—	$15.4M	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,404.6	+0.002%	$2.96B	$5.13B	150x	as long as short
Phemex BTCUSDT	+0.0054%	8h	86,411.6	+0.010%	$150.2M	$478.7M	150x	as long as short
dYdX BTC-USD	+0.0060%	1h	86,411.1	+0.010%	$16.9M	$21.2M	50x	as long as short
Deribit BTC-PERPETUAL	+0.0067%	1h	86,445.3	+0.049%	$914.1M	$1.48B	50x	as long as short
MEXC BTC_USDT	+0.0068%	8h	86,402.6	0.000%	$5.16B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,408	+0.006%	$9.42B	$24.59B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,403.1	+0.001%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,410.5	+0.009%	$5.86B	$10.78B	200x	as long as short
SoDEX BTC-USD	+0.0088%	1h	86,403	0.000%	$60.4M	$338.1M	40x	as long as short
Lighter BTCshort	+0.0096%	1h	86,414.7	+0.014%	$170.2M	$1.02B	50x
Lighter RH BTC	+0.0096%	1h	86,423.8	+0.025%	$23.9M	$152.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,426	+0.027%	$8.4M	$52.4M	100x	as long as short
Bybit BTCUSDTlong	+0.0097%	8h	86,402.6	long leg	$5.26B	$9.81B	150x
Katana Perps BTC-USD	+0.0100%	8h	86,404	+0.002%	$199K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,447.8	+0.052%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,366.2	−0.042%	$21.8M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,499	+0.112%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,428.7	+0.030%	$41.0M	$529.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,414	+0.013%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,411	+0.010%	$3.9M	$18.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,452.9	+0.058%	$7.5M	$95.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,402.9	0.000%	$38.0M	$156.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,405.8	+0.004%	$157.3M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,374.1	−0.033%	$279.0M	$945.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,418.1	+0.018%	$217.0M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,375.3	−0.032%	$141.3M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,377.3	−0.029%	$30.6M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,447.1	+0.052%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,419	+0.019%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,414.1	+0.013%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,406.6	+0.005%	$2.4M	$9.4M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,440	+0.043%	$140K	$664K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,442.1	+0.046%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,402.6	0.000%	$3.4M	$5.3M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,399	−0.004%	$2.29B	$969.6M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,464.9	+0.072%	$572.1M	$16.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,394.4	−0.009%	$45.5M	$227.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,385.8	−0.019%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,435.2	+0.038%	$191.8M	$955.5M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,450.9	+0.056%	$132.3M	$5.65B	50x	as long as short
Aftermath Perps BTCUSD	+0.0153%	1h	86,449.4	+0.054%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,386.3	−0.019%	$727K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,365.3	−0.043%	$416.7M	$657.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0197% / S −0.0220%	1h	86,425.1	+0.026%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,419	+0.019%	$9.8M	$749.8M	6.4x	as long as short