Funding you earn now, next payment 07:00 UTC−0.0039%/8h= −4.2% APRnext payment −$0.05 per $10,000 · paid last 24h −0.019%
Price spread now: Injective against Lighter+0.032%7-day average +0.004% · you sell dearer than you buy
Net, funding: paid 7d − costs−$7as in the Funding arb table
Net, price: spread back to 7d avg − costs−$1as in the Price arb table
costs, in and out, $10k−$40.040% of the position
Funding, last 7 days−0.028%−$3 on $10k
+Price spread, last 4 days (all we have)−0.061%−$6 · spread now +0.032%, 7d avg +0.004%
=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. Injective is 0.028% dearer against Lighter than usual: you sell high and buy low (spread +0.032% now, against its 7-day average of +0.004%): +$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 2.4 days. At the pace of the last 7 days (−0.028% in total) that is about 7.0 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter BTC | 85,392.6 | 0.0096 | pay 0.0012% / 1h | 2m 51s | $169.6M | $1.03B | 50x |
| Short | Injective BTC/USDC PERP | 85,420 | 0.0057 | get 0.0007% / 1h | 2m 51s | $339K | $26.8M | 52x |
Lighter BTC
Injective BTC/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective 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
- −$8.09
- Price spread: +0.032% → +0.004%
- $2.83
- Slippage, 4 orders
- −$4.03
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- −$9.31
- Costs to cover
- 0.040%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 6 min ago; Injective: live order book, 1 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, 6 min ago | 0.05 bp | 0.5 bp $0 | 0.8 bp −$8 | 1.7 bp −$168 | 4.1 bp −$2,056 |
| Sell Injective live order book, 1 min ago | 1.58 bp | 1.6 bp −$2 | 8.9 bp −$89 | 596.4 bp −$59.6K | 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 | −0.0082% | 1h | 85,520 | +0.149% | $2.3M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,392 | −0.001% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0032% | 8h | 85,352.4 | −0.047% | $928.2M | $772.9M | 125x | as long as short |
| BloFin BTC-USDT | −0.0023% | 8h | 85,381.7 | −0.013% | $421.4M | $680.9M | 150x | as long as short |
| Aster BTCUSDT | −0.0004% | 8h | 85,342.7 | −0.058% | $512.2M | $1.09B | 200x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,411.1 | +0.022% | $352K | $2.4M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,421.5 | +0.034% | $492K | $18.3M | 6.7x | as long as short |
| dYdX BTC-USD | +0.0001% | 1h | 85,430.1 | +0.044% | $16.7M | $21.0M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,418.4 | +0.030% | $36.5M | — | 200x | as long as short |
| Nado BTC-PERP | +0.0047% | 1h | 85,400.1 | +0.009% | $24.1M | $219.7M | 50x | 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
Nado BTC-PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective BTC/USDC PERPshort | +0.0057% | 1h | 85,420 | +0.032% | $339K | $26.8M | 52x | |
| BingX BTC-USDC | +0.0074% | 8h | 85,322.3 | −0.082% | — | $17.3M | — | as long as short |
| Kraken Futures PF_XBTUSD | +0.0089% | 1h | 85,394.2 | +0.002% | $186.0M | $951.7M | 100x | as long as short |
| Bitget BTCUSDT | +0.0091% | 8h | 85,342.5 | −0.059% | $2.96B | $5.15B | 150x | as long as short |
| Bybit BTCUSDT | +0.0092% | 8h | 85,336.9 | −0.065% | $5.13B | $9.97B | 150x | as long as short |
| SoDEX BTC-USD | +0.0092% | 1h | 85,375 | −0.021% | $59.7M | $336.6M | 40x | as long as short |
| Lighter BTClong | +0.0096% | 1h | 85,392.6 | long leg | $169.6M | $1.03B | 50x | |
| Lighter RH BTC | +0.0096% | 1h | 85,392.6 | 0.000% | $23.6M | $149.0M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,414 | +0.025% | $8.4M | $57.2M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,374.9 | −0.021% | $2.4M | $6.7M | 20x | as long as short |
| MEXC BTC_USDT | +0.0097% | 8h | 85,345.3 | −0.055% | $5.03B | $5.78B | 500x | as long as short |
| Binance BTCUSDT | +0.0097% | 8h | 85,345 | −0.056% | $9.42B | $24.87B | 150x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,382 | −0.012% | $245K | $8.6M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,442.8 | +0.059% | $5.8M | $9.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,423 | +0.036% | $3.75B | $5.06B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,432.1 | +0.046% | $40.4M | $603.0M | 50x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,348 | −0.052% | $2.60B | $12.18B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,384 | −0.010% | $3.8M | $17.1M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,395.4 | +0.003% | $5.1M | $96.0M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,351.7 | −0.048% | $5.55B | $11.09B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,351.7 | −0.048% | $37.4M | $182.7M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,432.9 | +0.047% | $156.6M | $557.5M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,433.6 | +0.048% | $279.9M | $953.7M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,439 | +0.054% | $214.5M | $163.3M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,433.9 | +0.048% | $139.7M | $313.2M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,401.3 | +0.010% | $30.1M | $207.3M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,437 | +0.052% | — | $9.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,384 | −0.010% | $11.0M | $14.6M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,366.7 | −0.030% | $198K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,379.2 | −0.016% | $2.6M | $9.8M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,403 | +0.012% | $194K | $795K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,383.8 | −0.010% | $30.0M | $46.1M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,385.9 | −0.008% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,363.7 | −0.034% | $2.26B | $963.1M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,391.8 | −0.001% | $157.4M | $512.2M | 150x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,413.1 | +0.024% | $689.0M | $342.5M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,318.5 | −0.087% | $45.3M | $240.1M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,410.9 | +0.021% | — | $104.3M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,419.8 | +0.032% | $112.9M | $5.48B | 50x | as long as short |
| Deribit BTC-PERPETUAL | +0.0113% | 1h | 85,421 | +0.033% | $852.7M | $1.64B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0134% | 1h | 85,360.1 | −0.038% | $6.6M | $147.7M | 40x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0175% / S −0.0148% | 1h | 85,372.4 | −0.024% | $13.0M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0177% | 8h | 85,403 | +0.012% | $11.9M | $739.1M | 6.4x | as long as short |
| RISEx BTC/USDC | +0.0193% | 1h | 85,427.1 | +0.040% | $8.8M | $42.7M | 25x | as long as short |
| Hibachi BTC/USDT-P | +0.0208% | 1h | 85,443.3 | +0.059% | $685K | $7.8M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0271% | 1h | 85,444.3 | +0.061% | $79K | $246K | 20x | as long as short |
BingX BTC-USDC
Kraken Futures PF_XBTUSD
Bitget BTCUSDT
Bybit BTCUSDT
SoDEX BTC-USD
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
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
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Phemex BTCUSDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Deribit BTC-PERPETUAL
Reya BTCRUSDPERP
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
RISEx BTC/USDC
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD