BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0040%/8h= −4.4% APRnext payment −$0.05 per $10,000 · paid last 24h −0.008%

Price spread now: Aevo against Lighter−0.014%7-day average −0.032% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$210.215% of the position

Long on Lighter Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days−0.034%−$3 on $10k

Price spread, last 3 days (all we have)−0.073%−$7 · spread now −0.014%, 7d avg −0.032%

Together, before fees−0.107%+ Points / potential airdropLighter: Season 3 · farm board−$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.032%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BTC	86,572	0.0096	pay 0.0012% / 1h	5m 06s	$172.1M	$1.02B	50x
Short	Aevo BTC-PERP	86,559.6	0.0056	get 0.0007% / 1h	5m 06s	$2.4M	$1.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Lighter. 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 LighterbpFee AevobpOrdersPrice spread, now −0.014%Rate

Funding earned: −$8.4
Price spread: −0.014% → −0.032%: $1.8
Slippage, 4 orders: −$5.48
Fee Lighter: 0 bp × 2 orders: $0
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$28.08
Costs to cover: 0.215%
Break-even: never at this rate

Slippage from Lighter: live order book, 4 min ago; Aevo: 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 Lighter live order book, 4 min ago	0.01 bp	0.0 bp $0	0.1 bp −$1	0.7 bp −$68	3.1 bp −$1,556
Sell Aevo live order book, 4 min ago	0.68 bp	10.2 bp −$10	11.5 bp −$115	13.7 bp −$1,368	doesn't fit

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
Aftermath Perps BTCUSD	−0.0253%	1h	86,631.5	+0.069%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,580.9	+0.010%	$425K	$24.6M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,554	−0.021%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,555	−0.020%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0063%	1h	86,591.4	+0.022%	$17.6M	$20.6M	50x	as long as short
Aster BTCUSDT	−0.0003%	8h	86,548.5	−0.027%	$505.3M	$1.16B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,578.6	+0.008%	$360K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,595.1	+0.027%	$927.3M	$1.47B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,586.1	+0.016%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,548.9	−0.027%	$850.5M	$708.6M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0022%	1h	86,556.3	−0.018%	$6.7M	$144.5M	40x	as long as short
BingX BTC-USDT	+0.0029%	8h	86,563.4	−0.010%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0032%	8h	86,563.2	−0.010%	$149.6M	$472.0M	150x	as long as short
Bitget BTCUSDT	+0.0037%	8h	86,557.8	−0.016%	$2.95B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,770	+0.229%	$316K	$26.8M	52x	as long as short
Aevo BTC-PERPshort	+0.0056%	1h	86,559.6	−0.014%	$2.4M	$1.3M	20x
Binance BTCUSDT	+0.0058%	8h	86,558.5	−0.016%	$9.42B	$24.39B	150x	as long as short
MEXC BTC_USDT	+0.0058%	8h	86,559.2	−0.015%	$5.18B	$5.72B	500x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,584.8	+0.015%	$8.9M	$42.7M	25x	as long as short
Gate BTC_USDT	+0.0080%	8h	86,562.1	−0.011%	$5.84B	$10.71B	200x	as long as short
Bybit BTCUSDT	+0.0083%	8h	86,560.7	−0.013%	$5.27B	$9.74B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0096%	8h	86,573.6	+0.002%	$2.55B	$12.73B	100x	as long as short
Lighter BTClong	+0.0096%	1h	86,572	long leg	$172.1M	$1.02B	50x
Lighter RH BTC	+0.0096%	1h	86,581	+0.010%	$24.1M	$154.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,559	−0.015%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,549	−0.027%	$202K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,612.1	+0.046%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,560.8	−0.013%	$21.7M	$234.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,630	+0.067%	$3.81B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,596	+0.028%	$40.9M	$498.0M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,564	−0.009%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,631.7	+0.069%	$7.4M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,682.4	+0.127%	$572.6M	$21.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,562.7	−0.011%	$38.5M	$151.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,546.2	−0.030%	$159.9M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,621.5	+0.057%	$279.7M	$941.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,613.4	+0.048%	$217.6M	$186.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,593.8	+0.025%	$141.7M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,597.5	+0.029%	$30.7M	$203.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,613.5	+0.048%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,560	−0.014%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,559.9	−0.014%	$190K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,573.4	+0.002%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,586.2	+0.016%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,568	−0.005%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,562.4	−0.011%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,559	−0.015%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,553.3	−0.022%	$2.30B	$960.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,548.3	−0.027%	$46.4M	$226.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,585.9	+0.016%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,596	+0.028%	$187.1M	$934.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,612.4	+0.047%	$131.8M	$5.83B	50x	as long as short
Kalshi KXBTCPERP	+0.0172%	8h	86,598	+0.030%	$9.5M	$727.6M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,580.5	+0.010%	$780K	$7.9M	30x	as long as short
BloFin BTC-USDT	+0.0178%	8h	86,558.6	−0.015%	$416.4M	$655.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,580.7	+0.010%	$15.0M	—	200x	as long as short