BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0092%/8h= +10.0% APRnext payment +$0.11 per $10,000 · paid last 24h +0.027%

Price spread now: Lighter against gTrade (Gains Network)−0.044%131s7-day average +0.016% · 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—prices read too far apart to compare

costs, in and out, $10k−$90.086% of the position

Long on gTrade (Gains Network)Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.093%+$9 on $10k

Price spread, last 7 days+0.035%+$4 · spread now −0.044%, 7d avg +0.016%

Together, before fees+0.129%+ Points / potential airdropLighter: Season 3 · farm board+$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.060% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.044% now, against its 7-day average of +0.016%). If the spread goes back, that is −$6 on $10k: about 2.2 days of funding at the current rate (+$3 a day). The two prices were read 131 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) BTC/USD	85,462.1	L +0.0004% / S −0.0004%	pay 0.0001% / 1h	10m 48s	$36.5M	—	200x
Short	Lighter BTC	85,424.4	0.0096	get 0.0012% / 1h	10m 48s	$169.8M	$1.03B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee LighterbpOrdersPrice spread, now −0.044%Rate

Funding earned: $19.22
Price spread: −0.044% → +0.016%: −$6
Slippage, 4 orders: −$1.56
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: $4.66
Costs to cover: 0.086%
Break-even: 5.3 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), 3 min ago; Lighter: live order book, 8 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 gTrade (Gains Network) virtual book (oracle venue), 3 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,182
Sell Lighter live order book, 8 min ago	0.26 bp	0.3 bp $0	0.4 bp −$4	0.9 bp −$94	4.0 bp −$1,977

BTC on 55 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	85,504	+0.049%	$2.3M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,410	−0.061%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0036%	8h	85,411.5	−0.059%	$929.1M	$772.9M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,404.7	−0.067%	$420.0M	$679.6M	150x	as long as short
Aster BTCUSDT	−0.0003%	8h	85,418.9	−0.051%	$512.9M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,422.9	−0.046%	$352K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,439.9	−0.026%	$491K	$18.4M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,430.8	−0.037%	$16.7M	$21.1M	50x	as long as short
gTrade (Gains Network) BTC/USDlong	L +0.0004% / S −0.0004%	1h	85,462.1	long leg	$36.5M	—	200x
Nado BTC-PERP	+0.0046%	1h	85,413.3	−0.057%	$24.1M	$220.1M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.252%	$338K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0073%	8h	85,424.6	−0.044%	—	$1.57B	—	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,426.4	−0.042%	$186.1M	$953.1M	100x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,449.1	−0.015%	$2.97B	$5.15B	150x	as long as short
Bybit BTCUSDT	+0.0095%	8h	85,420	−0.049%	$5.14B	$9.96B	150x	as long as short
Lighter BTCshort	+0.0096%	1h	85,424.4	−0.044%	$169.8M	$1.03B	50x
Lighter RH BTC	+0.0096%	1h	85,423.9	−0.045%	$23.6M	$148.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,442	−0.024%	$8.6M	$56.8M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,398.9	−0.074%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0098%	8h	85,410	−0.061%	$5.03B	$5.78B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,422.7	−0.046%	$9.43B	$24.87B	150x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,404	−0.068%	$59.8M	$336.7M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,388	−0.087%	$245K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,474.7	+0.015%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,518	+0.065%	$3.75B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,449.4	−0.015%	$40.1M	$603.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,448.7	−0.016%	$2.60B	$12.19B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,433	−0.034%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,413.7	−0.057%	$5.1M	$96.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,424.6	−0.044%	$5.56B	$11.08B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,396.2	−0.077%	$37.5M	$180.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,384.3	−0.091%	$156.3M	$556.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,427.5	−0.040%	$279.9M	$952.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,456.8	−0.006%	$214.5M	$164.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,446.3	−0.019%	$139.7M	$313.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,465.9	+0.004%	$30.1M	$206.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,467.2	+0.006%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,409	−0.062%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,402	−0.070%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,405.9	−0.066%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,444.1	−0.021%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,438.7	−0.027%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,400.8	−0.072%	$2.26B	$962.5M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,418.8	−0.051%	$155.0M	$511.9M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,413.1	−0.057%	$689.0M	$342.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,380.2	−0.096%	$44.9M	$239.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,429.6	−0.038%	—	$104.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,443	−0.022%	$112.8M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0133%	1h	85,395.8	−0.078%	$6.6M	$147.7M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0150%	1h	85,423	−0.046%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0178%	8h	85,441	−0.025%	$11.8M	$739.8M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0179%	1h	85,458.1	−0.005%	$858.1M	$1.63B	50x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,432.6	−0.034%	$8.8M	$42.7M	25x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,466.8	+0.005%	$686K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0262%	1h	85,467.1	+0.006%	$79K	$238K	20x	as long as short