Funding you earn now, next payment 06:00 UTC−0.0008%/8h= −0.9% APRnext payment −$0.01 per $10,000 · paid last 24h −0.010%
Price spread now: Lighter RH against Coinbase International−0.045%7-day average −0.024% · you buy dearer than you sell
Net, funding: paid 7d − costs−$8as in the Funding arb table
Net, price: spread back to 7d avg − costs−$13as in the Price arb table
costs, in and out, $10k−$110.111% of the position
Funding, last 7 days+0.029%+$3 on $10k
+Price spread, last 4 days (all we have)+0.017%+$2 · spread now −0.045%, 7d avg −0.024%
=Together, before fees+0.045%+ 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 0.021% cheaper against Coinbase International than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.024%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Coinbase International BTC-PERP-INTX | 85,397.8 | 0.0104 | pay 0.0013% / 1h | 59m 49s | $113.1M | $5.48B | 50x |
| Short | Lighter RH BTC | 85,359.7 | 0.0096 | get 0.0012% / 1h | 59m 49s | $23.5M | $149.3M | 50x |
Coinbase International BTC-PERP-INTX
Lighter RH BTCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter RH against Coinbase International. 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
- −$1.68
- Price spread: −0.045% → −0.024%
- −$2.09
- Slippage, 4 orders
- −$1.15
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Net
- −$14.92
- Costs to cover
- 0.111%
- Break-even
- never at this rate
Slippage from Coinbase International: live order book, 4 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 Coinbase International live order book, 4 min ago | 0.01 bp | 5.0 bp −$5 | 5.0 bp −$50 | 5.2 bp −$522 | 10.3 bp −$5,147 |
| Sell Lighter RH live order book, 4 min ago | 0.40 bp | 0.7 bp −$1 | 0.9 bp −$9 | 3.1 bp −$309 | 21.1 bp −$10.5K |
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 | −0.0082% | 1h | 85,415 | +0.020% | $2.3M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,360 | −0.044% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0031% | 8h | 85,353.1 | −0.052% | $928.6M | $773.0M | 125x | as long as short |
| BloFin BTC-USDT | −0.0023% | 8h | 85,336.6 | −0.072% | $420.9M | $680.7M | 150x | as long as short |
| Aster BTCUSDT | −0.0005% | 8h | 85,342.9 | −0.064% | $512.2M | $1.09B | 200x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,367.4 | −0.036% | $352K | $2.4M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,343.9 | −0.063% | $491K | $18.3M | 6.7x | as long as short |
| Deribit BTC-PERPETUAL | 0.0000% | 1h | 85,392.5 | −0.006% | $847.8M | $1.65B | 50x | as long as short |
| dYdX BTC-USD | +0.0001% | 1h | 85,341.4 | −0.066% | $16.7M | $21.0M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,384.6 | −0.015% | $36.5M | — | 200x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
Aster BTCUSDT
01 Exchange BTCUSD
Perpl BTC
Deribit BTC-PERPETUAL
dYdX BTC-USD
gTrade (Gains Network) BTC/USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado BTC-PERP | +0.0049% | 1h | 85,319.1 | −0.092% | $24.1M | $219.6M | 50x | as long as short |
| Injective BTC/USDC PERP | +0.0057% | 1h | 85,374 | −0.028% | $338K | $26.8M | 52x | as long as short |
| BingX BTC-USDC | +0.0073% | 8h | 85,325.3 | −0.085% | — | $17.4M | — | as long as short |
| Kraken Futures PF_XBTUSD | +0.0089% | 1h | 85,382.1 | −0.018% | $185.8M | $952.0M | 100x | as long as short |
| Bybit BTCUSDT | +0.0089% | 8h | 85,338.9 | −0.069% | $5.13B | $9.97B | 150x | as long as short |
| Bitget BTCUSDT | +0.0091% | 8h | 85,345.5 | −0.061% | $2.96B | $5.16B | 150x | as long as short |
| SoDEX BTC-USD | +0.0093% | 1h | 85,368 | −0.035% | $59.7M | $336.6M | 40x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,355.3 | −0.050% | $169.8M | $1.01B | 50x | as long as short |
| Lighter RH BTCshort | +0.0096% | 1h | 85,359.7 | −0.045% | $23.5M | $149.3M | 50x | |
| Popdex BTCUSDT | +0.0096% | 1h | 85,357 | −0.048% | $8.4M | $57.2M | 100x | as long as short |
| MEXC BTC_USDT | +0.0096% | 8h | 85,357.1 | −0.048% | $5.03B | $5.79B | 500x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,361 | −0.043% | $2.4M | $6.7M | 20x | as long as short |
| Binance BTCUSDT | +0.0096% | 8h | 85,347.3 | −0.059% | $9.42B | $24.88B | 150x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,330 | −0.079% | $245K | $8.6M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,399.1 | +0.002% | $5.8M | $9.5M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,425 | +0.032% | $3.74B | $5.06B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,359 | −0.045% | $40.4M | $603.0M | 50x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,357 | −0.048% | $2.60B | $12.18B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,320 | −0.091% | $3.8M | $17.1M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,350.6 | −0.055% | $5.1M | $96.0M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,324.1 | −0.086% | $690.8M | $302.3M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,356.6 | −0.048% | $5.54B | $11.10B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,355.4 | −0.050% | $37.2M | $183.4M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,299.4 | −0.115% | $156.2M | $556.9M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,382.6 | −0.018% | $279.7M | $953.9M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,372.3 | −0.030% | $214.3M | $161.6M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,433.9 | +0.042% | $139.7M | $313.2M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,339 | −0.069% | $30.1M | $207.5M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,414 | +0.019% | — | $9.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,376 | −0.026% | $11.0M | $14.7M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,374.4 | −0.027% | $199K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,364.1 | −0.039% | $2.6M | $9.8M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,400.6 | +0.003% | $194K | $795K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,383.8 | −0.016% | $30.0M | $46.1M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,325 | −0.085% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,366.7 | −0.036% | $2.26B | $963.2M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,379.1 | −0.022% | $157.7M | $512.4M | 150x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,327.3 | −0.083% | $45.2M | $240.1M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,335.2 | −0.073% | — | $104.3M | 500x | as long as short |
| Coinbase International BTC-PERP-INTXlong | +0.0104% | 1h | 85,397.8 | long leg | $113.1M | $5.48B | 50x | |
| Reya BTCRUSDPERP | +0.0135% | 1h | 85,361.4 | −0.043% | $6.6M | $147.2M | 40x | as long as short |
| Kalshi KXBTCPERP | +0.0173% | 8h | 85,382 | −0.019% | $11.9M | $738.9M | 6.4x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0175% / S −0.0147% | 1h | 85,382 | −0.019% | $13.0M | — | 200x | as long as short |
| RISEx BTC/USDC | +0.0193% | 1h | 85,377.3 | −0.024% | $8.8M | $42.7M | 25x | as long as short |
| Hibachi BTC/USDT-P | +0.0208% | 1h | 85,374.7 | −0.027% | $684K | $7.8M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0283% | 1h | 85,405.3 | +0.009% | $79K | $246K | 20x | as long as short |
Nado BTC-PERP
Injective BTC/USDC PERP
BingX BTC-USDC
Kraken Futures PF_XBTUSD
Bybit BTCUSDT
Bitget BTCUSDT
SoDEX BTC-USD
Lighter BTC
Popdex BTCUSDT
MEXC BTC_USDT
Aevo BTC-PERP
Binance BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk 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
Phemex BTCUSDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Reya BTCRUSDPERP
Kalshi KXBTCPERP
GMX BTC/USD [WBTC.b-USDC]
RISEx BTC/USDC
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD