Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0002%/8h= +0.2% APRpaid last 24h −0.006%

Price spread now: Binance against Lighter−0.030%7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$110.106% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.031%−$3 on $10k

Price spread, last 7 days+0.032%+$3 · spread now −0.030%, 7d avg −0.009%

Together, before fees+0.002%+ Points / potential airdropLighter: Season 3 · farm board$0 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: Binance is 0.021% cheaper against Lighter than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BTC	85,428.2	0.0096	pay 0.0012% / 1h	4m 28s	$169.7M	$1.03B	50x
Short	Binance BTCUSDT	85,402.4	0.0098	get 0.0098% / 8h	1h 04m	$9.42B	$24.86B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.030%Rate

Funding earned: $0.41
Price spread: −0.030% → −0.009%: −$2.13
Slippage, 4 orders: −$0.56
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$12.28
Costs to cover: 0.106%
Break-even: 219.1 days

Slippage from Lighter: live order book, 5 min ago; Binance: live order book, 10 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, 5 min ago	0.05 bp	0.5 bp $0	0.8 bp −$8	1.7 bp −$168	4.1 bp −$2,056
Sell Binance live order book, 10 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.7 bp −$572	6.8 bp −$3,389

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	85,520	+0.107%	$2.3M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,456	+0.033%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0033%	8h	85,428.2	0.000%	$928.9M	$772.9M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,455	+0.031%	$421.8M	$681.5M	150x	as long as short
Aster BTCUSDT	−0.0003%	8h	85,405.9	−0.026%	$512.6M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,435.6	+0.009%	$352K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,439.2	+0.013%	$490K	$18.3M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,430.1	+0.002%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,418.4	−0.011%	$36.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0034%	1h	85,467	+0.045%	$853.6M	$1.64B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0046%	1h	85,416.9	−0.013%	$24.1M	$219.7M	50x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,486	+0.068%	$339K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0074%	8h	85,386.3	−0.049%	—	$17.4M	—	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,439.7	+0.013%	$186.0M	$951.1M	100x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,401.9	−0.031%	$2.97B	$5.15B	150x	as long as short
Bybit BTCUSDT	+0.0092%	8h	85,400	−0.033%	$5.14B	$9.96B	150x	as long as short
SoDEX BTC-USD	+0.0095%	1h	85,425	−0.004%	$59.8M	$336.6M	40x	as long as short
Lighter BTClong	+0.0096%	1h	85,428.2	long leg	$169.7M	$1.03B	50x
Lighter RH BTC	+0.0096%	1h	85,428.8	+0.001%	$23.6M	$148.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,414	−0.017%	$8.4M	$57.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,447.2	+0.022%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,404.8	−0.027%	$5.04B	$5.78B	500x	as long as short
Binance BTCUSDTshort	+0.0098%	8h	85,402.4	−0.030%	$9.42B	$24.86B	150x
Katana Perps BTC-USD	+0.0100%	8h	85,393	−0.041%	$245K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,459.4	+0.037%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,481	+0.062%	$3.75B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,455	+0.031%	$40.4M	$603.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,407.3	−0.024%	$2.60B	$12.18B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,414	−0.017%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,406.7	−0.025%	$5.1M	$96.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,418.1	−0.012%	$5.55B	$11.09B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,418.8	−0.011%	$37.4M	$182.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,432.9	+0.006%	$156.6M	$557.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,406.3	−0.026%	$279.8M	$952.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,439.5	+0.013%	$214.5M	$163.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,439.8	+0.014%	$139.7M	$313.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,448	+0.023%	$30.1M	$207.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,466.1	+0.044%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,412	−0.019%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,408.9	−0.023%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,431.5	+0.004%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,468.7	+0.047%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,451.8	+0.028%	$30.0M	$46.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,464.8	+0.043%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,431.8	+0.004%	$2.26B	$962.6M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,442.4	+0.017%	$157.1M	$512.1M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,413.1	−0.018%	$689.0M	$342.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,380	−0.056%	$45.2M	$240.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,433	+0.006%	—	$104.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,459.8	+0.037%	$113.0M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0134%	1h	85,399.1	−0.034%	$6.6M	$147.7M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0148%	1h	85,420.1	−0.010%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0176%	8h	85,483	+0.064%	$12.0M	$739.0M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,439.1	+0.013%	$8.8M	$42.7M	25x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,495.5	+0.079%	$685K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0271%	1h	85,452.6	+0.029%	$77K	$244K	20x	as long as short