BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0016%/8h= +1.8% APRnext payment +$0.02 per $10,000 · paid last 24h +0.010%

Price spread now: Coinbase International against Lighter+0.009%7-day average +0.028% · you sell dearer than you buy

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−$110.115% of the position

Long on Lighter Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.026%−$3 on $10k

Price spread, last 3 days (all we have)+0.020%+$2 · spread now +0.009%, 7d avg +0.028%

Together, before fees−0.006%+ Points / potential airdropLighter: Season 3 · farm board−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.028%, so right now this pair is about funding alone: $0 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	86,409.3	0.0096	pay 0.0012% / 1h	22m 35s	$170.2M	$1.02B	50x
Short	Coinbase International BTC-PERP-INTX	86,417	0.0112	get 0.0014% / 1h	22m 35s	$132.3M	$5.65B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.009%Rate

Funding earned: $3.36
Price spread: +0.009% → +0.028%: −$1.9
Slippage, 4 orders: −$1.5
Fee Lighter: 0 bp × 2 orders: $0
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$10.04
Costs to cover: 0.115%
Break-even: 27.9 days

Slippage from Lighter: live order book, 7 min ago; Coinbase International: live order book, 2 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, 7 min ago	0.01 bp	0.0 bp $0	0.0 bp $0	0.4 bp −$44	2.8 bp −$1,415
Sell Coinbase International live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$505	10.9 bp −$5,461

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	−0.0118%	1h	86,430	+0.024%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,360	−0.057%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,345	−0.074%	$332K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,432.2	+0.026%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,428.1	+0.022%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0001%	8h	86,423.6	+0.017%	$501.4M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,361.4	−0.055%	$414K	$22.9M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,376.4	−0.038%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0017%	8h	86,402.3	−0.008%	$849.9M	$715.6M	125x	as long as short
Reya BTCRUSDPERP	+0.0032%	1h	86,409.8	+0.001%	$6.7M	$145.5M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0042%	8h	86,418.7	+0.011%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,408.1	−0.001%	$2.96B	$5.13B	150x	as long as short
Phemex BTCUSDT	+0.0054%	8h	86,375.2	−0.039%	$150.3M	$478.5M	150x	as long as short
dYdX BTC-USD	+0.0060%	1h	86,411.1	+0.002%	$16.9M	$21.2M	50x	as long as short
MEXC BTC_USDT	+0.0068%	8h	86,395.5	−0.016%	$5.16B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,425	+0.018%	$9.42B	$24.59B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,358.4	−0.059%	$2.4M	$1.3M	20x	as long as short
Deribit BTC-PERPETUAL	+0.0072%	1h	86,409.2	0.000%	$914.2M	$1.48B	50x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,412.4	+0.004%	$5.86B	$10.78B	200x	as long as short
SoDEX BTC-USD	+0.0087%	1h	86,365	−0.051%	$60.3M	$338.0M	40x	as long as short
Lighter BTClong	+0.0096%	1h	86,409.3	long leg	$170.2M	$1.02B	50x
Lighter RH BTC	+0.0096%	1h	86,390.8	−0.021%	$23.9M	$152.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,426	+0.019%	$8.4M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0097%	8h	86,434.4	+0.029%	$5.26B	$9.81B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,404	−0.006%	$199K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,447.8	+0.045%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,366.2	−0.050%	$21.8M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,451	+0.048%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,428.7	+0.022%	$41.0M	$529.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,416.4	+0.008%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,411	+0.002%	$3.9M	$18.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,452.9	+0.050%	$7.5M	$95.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,365.6	−0.051%	$37.9M	$156.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,405.8	−0.004%	$157.3M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,374.1	−0.041%	$279.0M	$945.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,418.1	+0.010%	$217.0M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,375.3	−0.039%	$141.3M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,377.3	−0.037%	$30.6M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,447.1	+0.044%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,419	+0.011%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,359	−0.058%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,361	−0.056%	$2.4M	$9.4M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,396.7	−0.015%	$140K	$664K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,401.3	−0.009%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,321.1	−0.102%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,352.6	−0.066%	$2.29B	$969.7M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,464.9	+0.064%	$572.1M	$16.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,401.4	−0.009%	$45.5M	$227.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,355.4	−0.062%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,399.5	−0.011%	$191.7M	$955.4M	100x	as long as short
Coinbase International BTC-PERP-INTXshort	+0.0112%	1h	86,417	+0.009%	$132.3M	$5.65B	50x
Aftermath Perps BTCUSD	+0.0152%	1h	86,442.9	+0.039%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,386.3	−0.027%	$727K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,365.3	−0.051%	$416.7M	$657.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0196% / S −0.0219%	1h	86,368.4	−0.047%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,377	−0.037%	$9.7M	$749.3M	6.4x	as long as short