Funding you earn now, next payment 01:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.01 per $10,000 · paid last 24h +0.008%
Price spread now: Derive against Lighter+0.094%7-day average −0.017% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.068%−$7 on $10k
+Price spread, last 3 days (all we have)−0.142%−$14 · spread now +0.094%, 7d avg −0.017%
=Together, before fees−0.210%+ Points / potential airdropLighter: Season 3 · farm board−$21 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: Derive is 0.110% dearer against Lighter than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of −0.017%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter BTC | 86,366.5 | 0.0096 | pay 0.0012% / 1h | 35m 30s | $170.4M | $984.9M | 50x |
| Short | Derive BTC-PERP | 86,447.5 | 0.0100 | get 0.0013% / 1h | 35m 30s | $30.5M | $58.9M | 15x |
Lighter BTC
Derive BTC-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Derive against Lighter. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
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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: +0.094% → −0.017%
- $11.03
- Slippage, 4 orders
- no order book: not counted
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Derive: 3 bp × 2 orders
- −$6
- Net
- $5.87
- Costs to cover
- 0.060%
- Break-even
- from the start
Slippage unknown: Lighter: live order book, 9 min ago; Derive: no order-book sample. Net counts fees only.
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, 9 min ago | 0.01 bp | 0.2 bp $0 | 0.7 bp −$7 | 1.4 bp −$142 | 3.4 bp −$1,715 |
| Sell Derive no order-book sample | — | — | — | — | — |
Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | −0.0129% | 1h | 86,435 | +0.079% | $2.2M | $11.2M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,414 | +0.055% | $9K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0032% | 1h | 86,349.5 | −0.020% | $361K | $2.4M | 50x | as long as short |
| Bluefin BTC-PERP | −0.0014% | 1h | 85,574.3 | −0.917% | $143K | $666K | 40x | as long as short |
| Perpl BTC | 0.0000% | 43m | 86,444.1 | +0.090% | $498K | $21.8M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 86,431.1 | +0.075% | $36.9M | — | 200x | as long as short |
| Phemex BTCUSDT | +0.0017% | 8h | 86,418.1 | +0.060% | $154.0M | $474.0M | 150x | as long as short |
| Aster BTCUSDT | +0.0021% | 8h | 86,369.5 | +0.004% | $500.9M | $1.14B | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0023% | 1h | 86,430 | +0.074% | $333K | $26.9M | 52x | as long as short |
| dYdX BTC-USD | +0.0026% | 1h | 86,393.1 | +0.031% | $16.9M | $20.5M | 50x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
Bluefin BTC-PERP
Perpl BTC
gTrade (Gains Network) BTC/USD
Phemex BTCUSDT
Aster BTCUSDT
Injective BTC/USDC PERP
dYdX BTC-USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin XBTUSDTM | +0.0038% | 8h | 86,363.2 | −0.004% | $830.6M | $721.5M | 125x | as long as short |
| Reya BTCRUSDPERP | +0.0044% | 1h | 86,332.8 | −0.039% | $6.7M | $145.7M | 40x | as long as short |
| BingX BTC-USDT | +0.0050% | 8h | 86,358.9 | −0.009% | — | $1.58B | — | as long as short |
| RISEx BTC/USDC | +0.0052% | 1h | 86,347.1 | −0.022% | $8.3M | $42.5M | 25x | as long as short |
| Deribit BTC-PERPETUAL | +0.0057% | 1h | 86,459.9 | +0.108% | $903.2M | $1.51B | 50x | as long as short |
| Bitget BTCUSDT | +0.0062% | 8h | 86,325.3 | −0.048% | $2.97B | $5.04B | 150x | as long as short |
| MEXC BTC_USDT | +0.0077% | 8h | 86,352.7 | −0.016% | $5.13B | $5.69B | 500x | as long as short |
| Binance BTCUSDT | +0.0078% | 8h | 86,335 | −0.036% | $9.40B | $24.31B | 150x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 86,396.5 | +0.035% | $2.5M | $1.7M | 20x | as long as short |
| Lighter BTClong | +0.0096% | 1h | 86,366.5 | long leg | $170.4M | $984.9M | 50x | |
| Lighter RH BTC | +0.0096% | 1h | 86,384.6 | +0.021% | $23.7M | $149.1M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 86,345 | −0.025% | $8.4M | $52.0M | 100x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,325 | −0.048% | $203K | $7.2M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,395.6 | +0.034% | $4.4M | $8.6M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 86,369.9 | +0.004% | $22.0M | $228.9M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 86,441 | +0.086% | $3.79B | $4.99B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 86,396.8 | +0.035% | $40.7M | $551.7M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 86,340.6 | −0.030% | $5.25B | $9.67B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 86,350 | −0.019% | $2.56B | $12.49B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,372 | +0.006% | $3.9M | $17.9M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,383.8 | +0.020% | $7.2M | $95.0M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,348 | −0.021% | $573.1M | $19.8M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 86,358 | −0.010% | $5.81B | $10.52B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 86,409.3 | +0.050% | $37.6M | $155.5M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 86,400.1 | +0.039% | $158.2M | $561.5M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,397.1 | +0.035% | $279.1M | $950.2M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 86,397.9 | +0.036% | $217.0M | $165.4M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 86,397.4 | +0.036% | $141.7M | $321.3M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,386.3 | +0.023% | $30.7M | $208.9M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,395.5 | +0.034% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,334 | −0.038% | $11.1M | $14.1M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 86,414.1 | +0.055% | $193K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 86,416.4 | +0.058% | $2.4M | $8.9M | 100x | as long as short |
| Derive BTC-PERPshort | +0.0100% | 1h | 86,447.5 | +0.094% | $30.5M | $58.9M | 15x | |
| SunX BTC-USDT | +0.0100% | 8h | 86,429 | +0.072% | $3.4M | $5.2M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 86,418 | +0.060% | $60.4M | $338.2M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 86,395 | +0.033% | $2.29B | $964.8M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,332 | −0.040% | $45.8M | $222.2M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,439.6 | +0.085% | — | $98.9M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0120% | 1h | 86,462 | +0.111% | $132.2M | $5.44B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0121% | 1h | 86,450.8 | +0.098% | $192.3M | $941.7M | 100x | as long as short |
| Hibachi BTC/USDT-P | +0.0160% | 1h | 86,449.8 | +0.096% | $711K | $8.0M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0166% | 1h | 86,430.1 | +0.074% | $78K | $217K | 20x | as long as short |
| BloFin BTC-USDT | +0.0197% | 8h | 86,425.1 | +0.068% | $416.3M | $648.1M | 150x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0204% / S −0.0218% | 1h | 86,428.1 | +0.071% | $14.5M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0210% | 8h | 86,455 | +0.102% | $10.0M | $761.6M | 6.4x | as long as short |
KuCoin XBTUSDTM
Reya BTCRUSDPERP
BingX BTC-USDT
RISEx BTC/USDC
Deribit BTC-PERPETUAL
Bitget BTCUSDT
MEXC BTC_USDT
Binance BTCUSDT
Aevo BTC-PERP
Lighter RH BTC
Popdex BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Nado BTC-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk 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
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Kraken Futures PF_XBTUSD
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD
BloFin BTC-USDT
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP