Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0027%/8hpaid last 24h −0.020%

Price spread now: Gate against Lighter+0.016%7-day average −0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

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

costs, in and out, $10k−$160.157% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.075%−$8 on $10k

Price spread, last 7 days−0.014%−$1 · spread now +0.016%, 7d avg −0.012%

Together, before fees−0.089%+ Points / potential airdropLighter: Season 3 · farm board−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.028% dearer against Lighter than usual: you sell high and buy low (spread +0.016% now, against its 7-day average of −0.012%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BTC	86,472.2	0.0096	pay 0.0012% / 1h	5m 39s	$173.0M	$981.0M	50x
Short	Gate BTC_USDT	86,486.3	0.0069	get 0.0069% / 8h	4h 05m	$5.98B	$10.20B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.016%Rate

Funding earned: −$5.67
Price spread: +0.016% → −0.012%: $2.82
Slippage, 4 orders: −$0.75
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$18.6
Costs to cover: 0.157%
Break-even: never at this rate

Slippage from Lighter: live order book, 8 min ago; Gate: live order book, 3 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	0.01 bp	0.0 bp $0	0.0 bp $0	0.6 bp −$60	2.7 bp −$1,349
Sell Gate live order book, 3 min ago	0.01 bp	7.5 bp −$8	7.5 bp −$75	8.7 bp −$870	10.2 bp −$5,115

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	−0.0132%	1h	86,513	+0.047%	$2.1M	$11.1M	40x	as long as short
Perpl BTC	−0.0112%	43m	86,474.6	+0.003%	$410K	$25.9M	6.7x	as long as short
BloFin BTC-USDT	−0.0082%	8h	86,503.8	+0.037%	$422.7M	$595.4M	150x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,489	+0.019%	$9K	$4K	50x	as long as short
Aftermath Perps BTCUSD	−0.0046%	1h	86,527.5	+0.064%	$85K	$166K	20x	as long as short
Kraken Futures PF_XBTUSD	−0.0030%	1h	86,496.3	+0.028%	$184.5M	$860.3M	100x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,510.6	+0.044%	$303K	$2.4M	50x	as long as short
dYdX BTC-USD	−0.0014%	1h	86,517	+0.052%	$17.3M	$18.2M	50x	as long as short
KuCoin XBTUSDTM	−0.0010%	8h	86,462	−0.012%	$823.0M	$665.8M	125x	as long as short
Kalshi KXBTCPERP	0.0000%	8h	86,518	+0.053%	$8.8M	$694.5M	6.4x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	0.0000%	1h	86,572	+0.115%	$327K	$27.0M	52x	as long as short
Reya BTCRUSDPERP	+0.0004%	1h	86,488.6	+0.019%	$6.7M	$139.9M	40x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,509.2	+0.043%	$37.1M	—	200x	as long as short
BingX BTC-USDT	+0.0006%	8h	86,456.8	−0.018%	—	$1.46B	—	as long as short
SoDEX BTC-USD	+0.0008%	1h	86,449	−0.027%	$61.0M	$311.5M	40x	as long as short
Bitget BTCUSDT	+0.0008%	8h	86,477.6	+0.006%	$2.97B	$4.90B	150x	as long as short
Aster BTCUSDT	+0.0021%	8h	86,458.9	−0.015%	$506.2M	$1.12B	200x	as long as short
RISEx BTC/USDC	+0.0027%	1h	86,496.6	+0.028%	$8.9M	$39.7M	25x	as long as short
Phemex BTCUSDT	+0.0035%	8h	86,464.6	−0.009%	$153.4M	$444.3M	150x	as long as short
MEXC BTC_USDT	+0.0037%	8h	86,466.8	−0.006%	$5.13B	$5.35B	500x	as long as short
Binance BTCUSDT	+0.0038%	8h	86,459.6	−0.015%	$9.53B	$23.28B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0039%	8h	86,450.7	−0.025%	$2.63B	$12.16B	100x	as long as short
Aevo BTC-PERP	+0.0040%	1h	86,477.6	+0.006%	$2.4M	$1.3M	20x	as long as short
ApeX Omni BTCUSDT	+0.0043%	1h	86,479.2	+0.008%	$140.5M	$320.6M	100x	as long as short
Bulk BTC-USD	+0.0062%	1h	86,467	−0.006%	$570.2M	$47.0M	40x	as long as short
HTX BTC-USDT	+0.0066%	8h	86,456.3	−0.018%	$2.30B	$896.2M	200x	as long as short
Bluefin BTC-PERP	+0.0068%	1h	86,497.4	+0.029%	$141K	$505K	40x	as long as short
Gate BTC_USDTshort	+0.0069%	8h	86,486.3	+0.016%	$5.98B	$10.20B	200x
Bybit BTCUSDT	+0.0075%	8h	86,462.5	−0.011%	$5.29B	$9.20B	150x	as long as short
Popdex BTCUSDT	+0.0080%	1h	86,487	+0.017%	$8.5M	$49.9M	100x	as long as short
Orderly PERP_BTC_USDC	+0.0088%	8h	86,483.3	+0.013%	$2.3M	$7.7M	100x	as long as short
Variational Omni BTC	+0.0089%	8h	86,459	−0.015%	$163.4M	$537.2M	—	as long as short
Lighter BTClong	+0.0096%	1h	86,472.2	long leg	$173.0M	$981.0M	50x
Lighter RH BTC	+0.0096%	1h	86,487	+0.017%	$24.2M	$147.0M	50x	as long as short
Hibachi BTC/USDT-P	+0.0096%	1h	86,542.8	+0.082%	$615K	$6.8M	30x	as long as short
GRVT BTC_USDT_Perp	+0.0097%	8h	86,471.7	−0.001%	$217.2M	$181.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	86,484.5	+0.014%	$4.5M	$7.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,498	+0.030%	$212K	$6.1M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,456	−0.019%	$23.4M	$229.8M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,477.1	+0.006%	$37.3M	$446.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,503	+0.036%	$3.9M	$18.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,518.4	+0.053%	$6.9M	$92.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,468.8	−0.004%	$37.6M	$140.1M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,473	+0.001%	$284.3M	$906.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,505.7	+0.039%	$30.8M	$208.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,563	+0.105%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,499	+0.031%	$11.0M	$13.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,484	+0.014%	$237K	$3.4M	20x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,479.5	+0.008%	$30.2M	$60.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,480.9	+0.010%	$3.4M	$5.7M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,458.1	−0.016%	$47.8M	$218.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,480.6	+0.010%	—	$87.3M	500x	as long as short
Hyperliquid BTC	+0.0155%	1h	86,579	+0.124%	$3.99B	$4.76B	40x	as long as short
Coinbase International BTC-PERP-INTX	+0.0168%	1h	86,514.2	+0.049%	$131.6M	$5.89B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0179% / S −0.0204%	1h	86,505.1	+0.038%	$14.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0208%	1h	86,536.4	+0.074%	$932.2M	$1.22B	50x	as long as short