Funding you earn now, next payment 06:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.01 per $10,000 · paid last 24h −0.164%
Price spread now: Bluefin against Lighter+0.024%7-day average −0.031% · you sell dearer than you buy
Net, funding: paid 7d − costs−$42as in the Funding arb table
Net, price: spread back to 7d avg − costs−$7as in the Price arb table
costs, in and out, $10k−$120.125% of the position
Funding, last 7 days−0.300%−$30 on $10k
+Price spread, last 4 days (all we have)−0.049%−$5 · spread now +0.024%, 7d avg −0.031%
=Together, before fees−0.348%+ Points / potential airdropLighter: Season 3 · farm board−$35 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: Bluefin is 0.055% dearer against Lighter than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.031%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter BTC | 85,491.8 | 0.0096 | pay 0.0012% / 1h | 1m 24s | $171.3M | $1.03B | 50x |
| Short | Bluefin BTC-PERP | 85,512.2 | 0.0100 | get 0.0013% / 1h | 1m 24s | $194K | $795K | 40x |
Lighter BTC
Bluefin BTC-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bluefin against Lighter. 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
- $0.84
- Price spread: +0.024% → −0.031%
- $5.5
- Slippage, 4 orders
- −$5.48
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Bluefin: 3.5 bp × 2 orders
- −$7
- Net
- −$6.13
- Costs to cover
- 0.125%
- Break-even
- 58.1 days
Slippage from Lighter: live order book, 8 min ago; Bluefin: live order book, 48 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, 8 min ago | 0.30 bp | 0.3 bp $0 | 0.4 bp −$4 | 1.0 bp −$97 | 2.8 bp −$1,425 |
| Sell Bluefin live order book, 48 min ago | 1.33 bp | 5.4 bp −$5 | 9.9 bp −$99 | doesn't fit | 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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTC | −0.0111% | 1h | 85,504 | +0.014% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,524 | +0.038% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0050% | 8h | 85,469.2 | −0.026% | $928.8M | $772.0M | 125x | as long as short |
| BloFin BTC-USDT | −0.0023% | 8h | 85,490.3 | −0.002% | $417.7M | $683.9M | 150x | as long as short |
| Aster BTCUSDT | −0.0007% | 8h | 85,464 | −0.033% | $513.9M | $1.09B | 200x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,484.8 | −0.008% | $354K | $2.4M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,494.2 | +0.003% | $527K | $18.3M | 6.7x | as long as short |
| dYdX BTC-USD | +0.0003% | 1h | 85,489.8 | −0.002% | $16.8M | $21.4M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,474.5 | −0.020% | $36.5M | — | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0023% | 1h | 85,492 | 0.000% | $339K | $26.8M | 52x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
Aster BTCUSDT
01 Exchange BTCUSD
Perpl BTC
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Injective BTC/USDC PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Deribit BTC-PERPETUAL | +0.0035% | 1h | 85,524.2 | +0.038% | $869.0M | $1.62B | 50x | as long as short |
| Nado BTC-PERP | +0.0042% | 1h | 85,488.1 | −0.004% | $24.6M | $222.6M | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0056% | 1h | 85,505.6 | +0.016% | $188.3M | $954.3M | 100x | as long as short |
| BingX BTC-USDC | +0.0069% | 8h | 85,443.4 | −0.057% | — | $17.5M | — | as long as short |
| Phemex BTCUSDT | +0.0083% | 8h | 85,493.3 | +0.002% | $149.2M | $507.2M | 150x | as long as short |
| Bitget BTCUSDT | +0.0087% | 8h | 85,470.8 | −0.025% | $2.96B | $5.18B | 150x | as long as short |
| Lighter BTClong | +0.0096% | 1h | 85,491.8 | long leg | $171.3M | $1.03B | 50x | |
| Lighter RH BTC | +0.0096% | 1h | 85,497.9 | +0.007% | $23.7M | $149.4M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,480 | −0.014% | $8.4M | $55.9M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,463.9 | −0.033% | $2.4M | $6.7M | 20x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0096% | 1h | 85,531 | +0.046% | $117.1M | $5.46B | 50x | as long as short |
| MEXC BTC_USDT | +0.0097% | 8h | 85,470.5 | −0.025% | $5.01B | $5.77B | 500x | as long as short |
| Binance BTCUSDT | +0.0097% | 8h | 85,469.9 | −0.026% | $9.45B | $24.93B | 150x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,453 | −0.045% | $236K | $8.6M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,525.4 | +0.039% | $5.8M | $9.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,554 | +0.073% | $3.76B | $5.09B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,510.5 | +0.022% | $40.0M | $598.7M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,466.3 | −0.030% | $5.15B | $9.98B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,471.5 | −0.024% | $2.59B | $12.25B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,484 | −0.009% | $3.8M | $17.4M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,480.5 | −0.013% | $4.6M | $98.8M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,469.2 | −0.026% | $5.51B | $11.11B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,479.6 | −0.014% | $36.6M | $179.0M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,535.9 | +0.052% | $155.0M | $560.6M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,472.9 | −0.022% | $280.0M | $953.9M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,493.3 | +0.002% | $214.7M | $167.4M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,528 | +0.042% | $139.8M | $314.5M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,480.9 | −0.013% | $30.1M | $207.2M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,539.7 | +0.056% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,466 | −0.030% | $11.0M | $14.5M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,470.1 | −0.025% | $204K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,472.1 | −0.023% | $2.6M | $9.8M | 100x | as long as short |
| Bluefin BTC-PERPshort | +0.0100% | 1h | 85,512.2 | +0.024% | $194K | $795K | 40x | |
| Derive BTC-PERP | +0.0100% | 1h | 85,449.8 | −0.049% | $30.0M | $47.9M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,467.2 | −0.029% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,489 | −0.003% | $59.8M | $336.4M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,481.1 | −0.013% | $2.26B | $941.9M | 200x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,476.9 | −0.017% | $684.3M | $499.2M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,446.6 | −0.053% | $44.5M | $240.5M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,497 | +0.006% | — | $106.9M | 500x | as long as short |
| Reya BTCRUSDPERP | +0.0121% | 1h | 85,462.2 | −0.035% | $6.6M | $147.6M | 40x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0175% / S −0.0152% | 1h | 85,474.8 | −0.020% | $13.0M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0211% | 8h | 85,517 | +0.029% | $11.5M | $743.9M | 6.4x | as long as short |
| Aftermath Perps BTCUSD | +0.0235% | 1h | 85,510 | +0.021% | $79K | $228K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0240% | 1h | 85,527.9 | +0.042% | $692K | $8.0M | 30x | as long as short |
| RISEx BTC/USDC | +0.0257% | 1h | 85,503.1 | +0.013% | $8.8M | $43.2M | 25x | as long as short |
Deribit BTC-PERPETUAL
Nado BTC-PERP
Kraken Futures PF_XBTUSD
BingX BTC-USDC
Phemex BTCUSDT
Bitget BTCUSDT
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Coinbase International BTC-PERP-INTX
MEXC BTC_USDT
Binance BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus 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
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Reya BTCRUSDPERP
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
RISEx BTC/USDC