BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0057%/8h= −6.3% APRnext payment −$0.07 per $10,000 · paid last 24h +0.028%

Price spread now: Deribit against Lighter−0.019%7-day average +0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$80.084% of the position

Long on Lighter Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.023%−$2 on $10k

Price spread, last 3 days (all we have)+0.045%+$5 · spread now −0.019%, 7d avg +0.035%

Together, before fees+0.022%+ Points / potential airdropLighter: Season 3 · farm board+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Deribit is 0.053% cheaper against Lighter than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.035%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BTC	86,411.3	0.0096	pay 0.0012% / 1h	20m 30s	$170.1M	$1.02B	50x
Short	Deribit BTC-PERPETUAL	86,395.3	0.0039	get 0.0005% / 1h	20m 30s	$914.0M	$1.48B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.019%Rate

Funding earned: −$12.02
Price spread: −0.019% → +0.035%: −$5.31
Slippage, 4 orders: −$1.41
Fee Lighter: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$25.74
Costs to cover: 0.084%
Break-even: never at this rate

Slippage from Lighter: live order book, 4 min ago; Deribit: 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	0.5 bp −$5	0.9 bp −$90	3.5 bp −$1,745
Sell Deribit live order book, 4 min ago	0.03 bp	3.8 bp −$4	4.0 bp −$40	5.8 bp −$580	14.1 bp −$7,067

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	86,367	−0.051%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,378	−0.039%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,345	−0.077%	$332K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,400.9	−0.012%	$8.3M	$42.7M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,400.7	−0.012%	$359K	$2.5M	50x	as long as short
Perpl BTC	0.0000%	43m	86,418.6	+0.008%	$412K	$22.9M	6.7x	as long as short
Aster BTCUSDT	+0.0001%	8h	86,393.7	−0.020%	$501.2M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,387.9	−0.027%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0017%	8h	86,397.5	−0.016%	$852.8M	$715.8M	125x	as long as short
Reya BTCRUSDPERP	+0.0033%	1h	86,384	−0.032%	$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
Deribit BTC-PERPETUALshort	+0.0039%	1h	86,395.3	−0.019%	$914.0M	$1.48B	50x
BingX BTC-USDT	+0.0042%	8h	86,391.1	−0.023%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,383.9	−0.032%	$2.96B	$5.13B	150x	as long as short
Phemex BTCUSDT	+0.0054%	8h	86,361.3	−0.058%	$150.1M	$478.8M	150x	as long as short
dYdX BTC-USD	+0.0059%	1h	86,411.1	0.000%	$16.9M	$21.2M	50x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,346.4	−0.075%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0069%	8h	86,387.6	−0.027%	$5.16B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,392.6	−0.022%	$9.42B	$24.56B	150x	as long as short
Gate BTC_USDT	+0.0080%	8h	86,388.1	−0.027%	$5.85B	$10.78B	200x	as long as short
SoDEX BTC-USD	+0.0089%	1h	86,354	−0.066%	$60.4M	$338.1M	40x	as long as short
Lighter BTClong	+0.0096%	1h	86,411.3	long leg	$170.1M	$1.02B	50x
Lighter RH BTC	+0.0096%	1h	86,421.5	+0.012%	$23.9M	$152.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,390	−0.025%	$8.4M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0097%	8h	86,400.5	−0.012%	$5.26B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,367	−0.051%	$202K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,435.8	+0.028%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,398.1	−0.015%	$21.9M	$234.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,481	+0.081%	$3.79B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,417.7	+0.007%	$41.0M	$529.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,399.1	−0.014%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,411	0.000%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,429.9	+0.022%	$7.4M	$95.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,364.3	−0.054%	$37.9M	$157.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,376.4	−0.040%	$157.0M	$568.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,328.2	−0.096%	$278.8M	$946.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,354.3	−0.066%	$216.8M	$171.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,355.9	−0.064%	$141.2M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,411	0.000%	$30.7M	$205.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,432.1	+0.024%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,391	−0.023%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,382.9	−0.033%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,352.1	−0.069%	$2.4M	$9.4M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,379.4	−0.037%	$140K	$664K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,387.9	−0.027%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,402.6	−0.010%	$3.4M	$5.3M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,350.1	−0.071%	$2.29B	$968.1M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,464.9	+0.062%	$572.1M	$16.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,372.4	−0.045%	$45.6M	$227.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,421.4	+0.012%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,385.3	−0.030%	$191.7M	$953.9M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,408.2	−0.004%	$132.2M	$5.64B	50x	as long as short
Aftermath Perps BTCUSD	+0.0154%	1h	86,432.6	+0.025%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,447.2	+0.042%	$728K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,357.9	−0.062%	$415.7M	$658.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0197% / S −0.0220%	1h	86,390.8	−0.024%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,411	0.000%	$9.8M	$749.4M	6.4x	as long as short