Spread before costs (cost unknown: a leg has no order-book sample)+0.008%
7d average−0.042%if it closes, per $10,000$1funding while held, a day+$0.11
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter BTC | 85,789 | 0.0096 | pay 0.0012% / 1h | 7m 35s | $171.7M | $948.9M | 50x |
| Short | Katana Perps BTC-USD | 85,796 | 0.0100 | get 0.0100% / 8h | 6h 07m | $193K | $5.8M | 50x |
Lighter BTC
Katana Perps BTC-USDPrice spread history
latest
Range statsloading…
How often the spread is this wide
share of time at each level, last 7DBacktest
opened in the past, held until now, after costsProfit calculator
- Spread captured
- $0.82
- Funding while held
- $0.11
- Slippage, 4 orders
- no order book: not counted
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Katana Perps: 1.9 bp × 2 orders
- −$3.8
- Net
- −$2.87
- Spread needed to break even
- 0.038%
Slippage unknown: Lighter: live order book, 8 min ago; Katana Perps: no order-book sample. Net counts fees only.
Cost of waiting
funding view- Funding /8h
- +0.0004%
- Per $10,000 a day
- +$0.11
- Average in range /8h
- —
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 | 0.1 bp $0 | 0.2 bp −$2 | 0.9 bp −$90 | 3.3 bp −$1,668 |
| Sell Katana Perps no order-book sample | — | — | — | — | — |
Katana Perps: 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 price on every exchange
against the cheapest. Click to use as the short leg.Phemex85,747.4cheapestHTX85,750+0.003%Bullet85,752+0.005%SoDEX85,755+0.009%Backpack85,757.7+0.012%Aevo85,758.9+0.013%KuCoin85,761+0.016%Orderly85,764.1+0.019%Derive85,769+0.025%Hotstuff85,769+0.025%Arcus85,769.1+0.025%MEXC85,769.4+0.026%Extended85,774.5+0.032%Nado85,775.6+0.033%ApeX Omni85,779.9+0.038%StandX85,781+0.039%Bluefin85,783.2+0.042%gTrade (Gains Network)85,783.8+0.042%GMX85,785+0.044%Lighter RH85,787.6+0.047%Perpl85,787.6+0.047%edgeX85,788.6+0.048%
Phemex
HTX
Bullet
SoDEX
Backpack
Aevo
KuCoin
Orderly
Derive
Hotstuff
Arcus
MEXC
Extended
Nado
ApeX Omni
StandX
Bluefin
gTrade (Gains Network)
GMX
Lighter RH
PerplLighter85,789+0.049%
Gate85,790.4+0.050%dYdX85,790.6+0.050%Pacifica85,791+0.051%Ondo Perps85,791+0.051%Aster85,794.4+0.055%
Gate
dYdX
Pacifica
Ondo Perps
AsterKatana Perps85,796+0.057%
BloFin85,799.2+0.060%OKX85,800.7+0.062%BingX85,801.6+0.063%Kraken Futures85,802.1+0.064%Reya85,804+0.066%Variational Omni85,804.2+0.066%Bitget85,804.7+0.067%Bybit85,804.9+0.067%SunX85,805+0.067%Jupiter Perps85,806.8+0.069%Popdex85,810+0.073%Binance85,810.4+0.073%Phoenix85,813+0.077%Hibachi85,814.4+0.078%Kalshi85,821+0.086%Paradex85,822.2+0.087%Polymarket Perps85,823+0.088%RISEx85,828+0.094%Deribit85,829.7+0.096%01 Exchange85,837.6+0.105%Hyperliquid85,839.2+0.107%Coinbase International85,843.9+0.113%Aftermath Perps85,848.5+0.118%Vest85,852+0.122%Bulk85,855.6+0.126%Injective85,970+0.260%
BloFin
OKX
BingX
Kraken Futures
Reya
Variational Omni
Bitget
Bybit
SunX
Jupiter Perps
Popdex
Binance
Phoenix
Hibachi
Paradex
Polymarket Perps
RISEx
Deribit
Hyperliquid
Coinbase International
Vest
Bulk
InjectiveBTC on 55 venues
cheapest first. Swap a leg.| Exchange | vs long leg | Funding /8h | Every | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|
| Phemex BTCUSDT | −0.048% | +0.0005% | 8h | $147.9M | $419.4M | 150x | as long as short |
| HTX BTC-USDT | −0.045% | +0.0082% | 8h | $2.28B | $835.1M | 200x | as long as short |
| Bullet BTC-USD | −0.043% | +0.0100% | 1h | $236K | $3.3M | 20x | as long as short |
| SoDEX BTC-USD | −0.040% | −0.0004% | 1h | $60.8M | $284.3M | 40x | as long as short |
| Backpack BTC_USDC_PERP | −0.036% | +0.0100% | 1h | $37.1M | $128.0M | 75x | as long as short |
| Aevo BTC-PERP | −0.035% | +0.0024% | 1h | $2.4M | $1.3M | 20x | as long as short |
| KuCoin XBTUSDTM | −0.033% | −0.0005% | 8h | $804.6M | $618.6M | 125x | as long as short |
| Orderly PERP_BTC_USDC | −0.029% | +0.0100% | 8h | $2.4M | $7.5M | 100x | as long as short |
| Derive BTC-PERP | −0.023% | +0.0100% | 1h | $30.4M | $58.9M | 15x | as long as short |
| Hotstuff BTC-PERP | −0.023% | −0.0080% | 1h | $9K | $4K | 50x | as long as short |
Show all 55 venues
| Exchange | vs long leg | Funding /8h | Every | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|
| Arcus BTC-USD | −0.023% | −0.0377% | 1h | $6.7M | $85.4M | 40x | as long as short |
| MEXC BTC_USDT | −0.023% | +0.0021% | 8h | $5.18B | $5.18B | 500x | as long as short |
| Extended BTC-USD | −0.017% | +0.0056% | 1h | $48.7M | $199.9M | 50x | as long as short |
| Nado BTC-PERP | −0.016% | +0.0100% | 1h | $23.3M | $227.1M | 50x | as long as short |
| ApeX Omni BTCUSDT | −0.011% | −0.0074% | 1h | $139.2M | $319.7M | 100x | as long as short |
| StandX BTC-USD | −0.009% | +0.0074% | 1h | $30.6M | $219.0M | 40x | as long as short |
| Bluefin BTC-PERP | −0.007% | −0.1020% | 1h | $143K | $410K | 40x | as long as short |
| gTrade (Gains Network) BTC/USD | −0.006% | L +0.0005% / S −0.0004% | 1h | $36.7M | — | 200x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | −0.005% | L +0.0172% / S −0.0153% | 1h | $12.7M | — | 200x | as long as short |
| Lighter RH BTC | −0.002% | +0.0096% | 1h | $24.5M | $138.1M | 50x | as long as short |
| Perpl BTC | −0.002% | −0.0447% | 43m | $408K | $26.5M | 6.7x | as long as short |
| edgeX BTCUSDC | −0.001% | +0.0100% | 4h | $280.0M | $879.2M | 100x | as long as short |
| Lighter BTClong | 0.000% | +0.0096% | 1h | $171.7M | $948.9M | 50x | |
| Gate BTC_USDT | +0.002% | +0.0009% | 8h | $6.07B | $9.61B | 200x | as long as short |
| dYdX BTC-USD | +0.002% | −0.0019% | 1h | $17.1M | $18.1M | 50x | as long as short |
| Pacifica BTC | +0.002% | +0.0100% | 1h | $36.5M | $404.7M | 50x | as long as short |
| Ondo Perps BTC-USD.P | +0.002% | +0.0100% | 1h | $3.9M | $16.8M | 25x | as long as short |
| Aster BTCUSDT | +0.006% | +0.0009% | 8h | $504.3M | $1.10B | 200x | as long as short |
| Katana Perps BTC-USDshort | +0.008% | +0.0100% | 8h | $193K | $5.8M | 50x | |
| BloFin BTC-USDT | +0.012% | −0.0098% | 8h | $422.9M | $565.9M | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.014% | +0.0017% | 8h | $2.65B | $11.55B | 100x | as long as short |
| BingX BTC-USDC | +0.015% | −0.0003% | 8h | — | $14.7M | — | as long as short |
| Kraken Futures PF_XBTUSD | +0.015% | −0.0073% | 1h | $190.8M | $812.2M | 100x | as long as short |
| Reya BTCRUSDPERP | +0.017% | −0.0017% | 1h | $6.7M | $138.2M | 40x | as long as short |
| Variational Omni BTC | +0.018% | +0.0059% | 8h | $171.4M | $507.4M | — | as long as short |
| Bitget BTCUSDT | +0.018% | −0.0003% | 8h | $2.96B | $4.68B | 150x | as long as short |
| Bybit BTCUSDT | +0.019% | +0.0016% | 8h | $5.25B | $8.61B | 150x | as long as short |
| SunX BTC-USDT | +0.019% | +0.0100% | 8h | $3.4M | $5.8M | 100x | as long as short |
| Jupiter Perps WBTC-PERP | +0.021% | L +0.0104% / S +0.0048% | 1h | — | $84.8M | 500x | as long as short |
| Popdex BTCUSDT | +0.024% | +0.0048% | 1h | $8.5M | $46.5M | 100x | as long as short |
| Binance BTCUSDT | +0.025% | +0.0022% | 8h | $9.47B | $22.12B | 150x | as long as short |
| Phoenix BTC | +0.028% | −0.0096% | 1h | $1.9M | $11.0M | 40x | as long as short |
| Hibachi BTC/USDT-P | +0.030% | +0.0112% | 1h | $754K | $6.8M | 30x | as long as short |
| Kalshi KXBTCPERP | +0.037% | +0.0102% | 8h | $13.1M | $643.0M | 6.4x | as long as short |
| Paradex BTC-USD-PERP | +0.039% | +0.0097% | 8h | $4.4M | $6.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.040% | +0.0100% | 1h | $11.0M | $11.7M | 50x | as long as short |
| RISEx BTC/USDC | +0.045% | +0.0040% | 1h | $9.1M | $38.7M | 25x | as long as short |
| Deribit BTC-PERPETUAL | +0.047% | +0.0094% | 1h | $916.2M | $1.10B | 50x | as long as short |
| 01 Exchange BTCUSD | +0.057% | −0.0048% | 1h | $309K | $2.4M | 50x | as long as short |
| Hyperliquid BTC | +0.059% | +0.0157% | 1h | $3.92B | $4.39B | 40x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.064% | +0.0184% | 1h | $128.9M | $5.87B | 50x | as long as short |
| Aftermath Perps BTCUSD | +0.069% | +0.0057% | 1h | $86K | $153K | 20x | as long as short |
| Vest BTC-PERP | +0.073% | +0.0100% | 1h | — | $11.5M | 50x | as long as short |
| Bulk BTC-USD | +0.078% | −0.0012% | 1h | $561.5M | $139.4M | 40x | as long as short |
| Injective BTC/USDC PERP | +0.211% | −0.0019% | 1h | $308K | $27.0M | 52x | as long as short |