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Funding arb · Price arb /

BTC

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Alert: funding
Measured
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Alert: spread
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%
Price spread now: Lighter against Katana Perps+0.074%7-day average +0.043% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on Katana PerpsShort on Lighter
What this pair did over the last
the charts below follow
Funding, last 4 days (all we have)−0.004%$0 on $10k
Price spread, last 7 days−0.078%−$8 · spread now +0.074%, 7d avg +0.043%
Together, before fees−0.082%+ Points / potential airdropLighter: Season 3 · farm board−$8 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 is 0.031% dearer against Katana Perps than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.043%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongKatana Perps BTC-USD86,2960.0100pay 0.0100% / 8h7h 49m$205K$7.1M50x
ShortLighter BTC86,359.80.0096get 0.0012% / 1h49m 00s$170.0M$981.7M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Lighter against Katana Perps. 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

Funding earned
−$0.8
Price spread: +0.074% → +0.043%
$3.11
Slippage, 4 orders
no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders
−$3.8
Fee Lighter: 0 bp × 2 orders
$0
Net
−$1.49
Costs to cover
0.038%
Break-even
never at this rate
Slippage unknown: Katana Perps: no order-book sample; Lighter: live order book, 5 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Katana Perps no order-book sample—————
Sell Lighter live order book, 5 min ago0.02 bp0.9 bp −$11.2 bp −$122.1 bp −$2134.6 bp −$2,303
Katana Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BTC on 56 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phoenix BTC−0.0129%1h86,441+0.168%$2.2M$11.2M40xas long as short
Hotstuff BTC-PERP−0.0080%1h86,309+0.015%$9K$3K50xas long as short
01 Exchange BTCUSD−0.0032%1h86,338.3+0.049%$361K$2.4M50xas long as short
Perpl BTC0.0000%43m86,342.4+0.054%$481K$22.0M6.7xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0004%1h86,345+0.057%$36.9M—200xas long as short
dYdX BTC-USD+0.0007%1h86,302.2+0.007%$16.9M$20.6M50xas long as short
Aster BTCUSDT+0.0015%8h86,343.2+0.055%$500.8M$1.15B200xas long as short
Injective BTC/USDC PERP+0.0023%1h86,616+0.371%$333K$26.9M52xas long as short
KuCoin XBTUSDTM+0.0031%8h86,345.3+0.057%$830.0M$723.8M125xas long as short
Reya BTCRUSDPERP+0.0041%1h86,329.9+0.039%$6.7M$145.7M40xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
BingX BTC-USDT+0.0047%8h86,354.2+0.067%—$1.59B—as long as short
RISEx BTC/USDC+0.0052%1h86,334.4+0.044%$8.3M$42.9M25xas long as short
Bitget BTCUSDT+0.0060%8h86,347.8+0.060%$2.97B$5.09B150xas long as short
Aevo BTC-PERP+0.0072%1h86,531.4+0.273%$2.5M$1.5M20xas long as short
MEXC BTC_USDT+0.0075%8h86,348.1+0.060%$5.12B$5.66B500xas long as short
Binance BTCUSDT+0.0075%8h86,348.2+0.060%$9.41B$24.51B150xas long as short
Deribit BTC-PERPETUAL+0.0076%1h86,388.5+0.107%$903.0M$1.51B50xas long as short
SoDEX BTC-USD+0.0083%1h86,345+0.057%$60.4M$338.2M40xas long as short
ApeX Omni BTCUSDT+0.0088%1h86,304.8+0.010%$141.4M$323.2M100xas long as short
Lighter BTCshort+0.0096%1h86,359.8+0.074%$170.0M$981.7M50x
Lighter RH BTC+0.0096%1h86,367.3+0.083%$23.7M$148.8M50xas long as short
GRVT BTC_USDT_Perp+0.0096%8h86,431.6+0.157%$216.9M$167.8M50xas long as short
Popdex BTCUSDT+0.0096%1h86,333+0.043%$8.4M$52.2M100xas long as short
Katana Perps BTC-USDlong+0.0100%8h86,296long leg$205K$7.1M50x
Paradex BTC-USD-PERP+0.0100%8h86,358+0.072%$4.7M$8.5M50xas long as short
Nado BTC-PERP+0.0100%1h86,296.40.000%$22.0M$232.2M50xas long as short
Hyperliquid BTC+0.0100%1h86,419+0.143%$3.79B$5.04B40xas long as short
Pacifica BTC+0.0100%1h86,346.9+0.059%$40.7M$546.1M50xas long as short
Bybit BTCUSDT+0.0100%8h86,352.9+0.066%$5.26B$9.75B150xas long as short
OKX BTC-USDT-SWAP+0.0100%8h86,340.6+0.052%$2.56B$12.64B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,330+0.039%$3.9M$18.0M25xas long as short
Arcus BTC-USD+0.0100%1h86,345.3+0.057%$7.3M$95.9M40xas long as short
Bulk BTC-USD+0.0100%1h86,523.6+0.264%$572.9M$12.4M40xas long as short
Gate BTC_USDT+0.0100%8h86,350.3+0.063%$5.82B$10.49B200xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,344.1+0.056%$37.5M$155.4M75xas long as short
Variational Omni BTC+0.0100%8h86,309.8+0.016%$157.9M$567.5M—as long as short
edgeX BTCUSDC+0.0100%4h86,419.2+0.143%$279.1M$949.0M100xas long as short
StandX BTC-USD+0.0100%1h86,317.3+0.025%$30.6M$208.4M40xas long as short
Vest BTC-PERP+0.0100%1h86,363.7+0.078%—$11.9M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,324+0.032%$11.1M$14.1M50xas long as short
Bullet BTC-USD+0.0100%1h86,332.5+0.042%$191K$3.3M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,341.4+0.053%$2.5M$9.1M100xas long as short
Bluefin BTC-PERP+0.0100%1h86,357.8+0.072%$140K$663K40xas long as short
Derive BTC-PERP+0.0100%1h86,371+0.087%$30.5M$62.6M15xas long as short
SunX BTC-USDT+0.0100%8h86,317.2+0.025%$3.4M$5.3M100xas long as short
HTX BTC-USDT+0.0100%8h86,338.8+0.050%$2.29B$968.0M200xas long as short
Phemex BTCUSDT+0.0100%8h86,355.6+0.069%$153.3M$478.8M150xas long as short
Extended BTC-USD+0.0104%1h86,327.5+0.037%$45.8M$224.1M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,330.9+0.040%—$99.9M500xas long as short
Coinbase International BTC-PERP-INTX+0.0120%1h86,382.5+0.100%$132.5M$5.56B50xas long as short
Kraken Futures PF_XBTUSD+0.0121%1h86,387+0.105%$192.0M$951.5M100xas long as short
Hibachi BTC/USDT-P+0.0160%1h86,366.2+0.081%$711K$8.0M30xas long as short
Aftermath Perps BTCUSD+0.0164%1h86,405.3+0.127%$77K$221K20xas long as short
BloFin BTC-USDT+0.0195%8h86,345.4+0.057%$414.9M$653.4M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0201% / S −0.0215%1h86,343.6+0.055%$14.5M—200xas long as short
Kalshi KXBTCPERP+0.0211%8h86,344+0.056%$9.7M$760.8M6.4xas long as short