Funding you earn now, next payment 09:00 UTC−0.0043%/8h= −4.7% APRnext payment −$0.05 per $10,000 · paid last 24h −0.046%
Price spread now: Phoenix against Lighter−0.080%7-day average +0.040% · you buy dearer than you sell
Net, funding: paid 7d − costs−$20as in the Funding arb table
Net, price: spread back to 7d avg − costs−$20as in the Price arb table
costs, in and out, $10k−$80.081% of the position
Funding, last 7 days−0.121%−$12 on $10k
+Price spread, last 7 days+0.129%+$13 · spread now −0.080%, 7d avg +0.040%
=Together, before fees+0.008%+ Points / potential airdropLighter: Season 3 · farm board+$1 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phoenix is 0.120% cheaper against Lighter than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.040%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter BTC | 86,002.7 | 0.0096 | pay 0.0012% / 1h | 17m 14s | $172.8M | $887.9M | 50x |
| Short | Phoenix BTC | 85,934 | 0.0053 | get 0.0007% / 1h | 17m 14s | $2.0M | $8.5M | 40x |
Lighter BTC
Phoenix BTCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix 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
- −$9.05
- Price spread: −0.080% → +0.040%
- −$11.96
- Slippage, 4 orders
- −$1.08
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$29.09
- Costs to cover
- 0.081%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 5 min ago; Phoenix: live order book, 5 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, 5 min ago | 0.24 bp | 0.4 bp $0 | 0.4 bp −$4 | 1.3 bp −$128 | 4.0 bp −$2,014 |
| Sell Phoenix live order book, 5 min ago | 0.06 bp | 3.7 bp −$4 | 5.2 bp −$52 | 10.3 bp −$1,034 | doesn't fit |
BTC on 55 exchanges
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 | |
|---|---|---|---|---|---|---|---|---|
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,972 | −0.036% | $8K | $2K | 50x | as long as short |
| ApeX Omni BTCUSDT | −0.0076% | 1h | 85,979.1 | −0.027% | $137.4M | $295.5M | 100x | as long as short |
| 01 Exchange BTCUSD | −0.0072% | 1h | 85,988.5 | −0.017% | $358K | $2.0M | 50x | as long as short |
| Injective BTC/USDC PERP | −0.0065% | 1h | 85,995 | −0.009% | $300K | $28.6M | 52x | as long as short |
| BloFin BTC-USDT | −0.0020% | 8h | 85,975.1 | −0.032% | $422.0M | $575.7M | 150x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,996.9 | −0.007% | $16.9M | $15.0M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,990.1 | −0.015% | $482K | $14.3M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,997.4 | −0.006% | $36.8M | — | 200x | as long as short |
| SoDEX BTC-USD | +0.0011% | 1h | 85,983 | −0.023% | $65.5M | $188.0M | 40x | as long as short |
| BingX BTC-USDT | +0.0020% | 8h | 86,000 | −0.003% | — | $1.37B | — | as long as short |
Hotstuff BTC-PERP
ApeX Omni BTCUSDT
01 Exchange BTCUSD
Injective BTC/USDC PERP
BloFin BTC-USDT
dYdX BTC-USD
Perpl BTC
gTrade (Gains Network) BTC/USD
SoDEX BTC-USD
BingX BTC-USDTShow all 55 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit BTCUSDT | +0.0029% | 8h | 85,986.8 | −0.018% | $5.10B | $8.35B | 150x | as long as short |
| Aster BTCUSDT | +0.0034% | 8h | 85,970.8 | −0.037% | $512.3M | $901.9M | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0041% | 8h | 85,987.5 | −0.018% | $928.6M | $647.3M | 125x | as long as short |
| Phoenix BTCshort | +0.0053% | 1h | 85,934 | −0.080% | $2.0M | $8.5M | 40x | |
| Gate BTC_USDT | +0.0068% | 8h | 85,985.1 | −0.020% | $5.50B | $9.28B | 200x | as long as short |
| Nado BTC-PERP | +0.0072% | 1h | 85,987.3 | −0.018% | $22.3M | $201.9M | 50x | as long as short |
| Lighter BTClong | +0.0096% | 1h | 86,002.7 | long leg | $172.8M | $887.9M | 50x | |
| Lighter RH BTC | +0.0096% | 1h | 86,006.2 | +0.004% | $23.1M | $124.9M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,985 | −0.021% | $8.8M | $46.6M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,970.1 | −0.038% | $2.4M | $6.7M | 20x | as long as short |
| HTX BTC-USDT | +0.0097% | 8h | 85,978.9 | −0.028% | $2.27B | $831.0M | 200x | as long as short |
| Bitget BTCUSDT | +0.0099% | 8h | 85,985.4 | −0.020% | $2.98B | $4.09B | 150x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,962 | −0.047% | $207K | $8.0M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,012.3 | +0.011% | $6.0M | $7.9M | 50x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 86,019.9 | +0.020% | $40.4M | $571.6M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,977.9 | −0.029% | $9.43B | $21.23B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,990.3 | −0.014% | $2.61B | $9.74B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,979 | −0.028% | $4.0M | $15.5M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,012.9 | +0.012% | $4.2M | $91.3M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,976.9 | −0.030% | $713.5M | $154.0M | 40x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,977.8 | −0.029% | $5.15B | $5.39B | 500x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,976.7 | −0.030% | $37.4M | $193.6M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,913 | −0.104% | $156.0M | $495.1M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,917.3 | −0.099% | $289.3M | $850.7M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,941.6 | −0.071% | $215.9M | $138.3M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,968.6 | −0.040% | $30.2M | $221.3M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,052.3 | +0.058% | — | $10.5M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,990 | −0.015% | $11.0M | $12.3M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,989 | −0.016% | $202K | $3.2M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,977.3 | −0.030% | $2.6M | $8.9M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 86,030.5 | +0.032% | $195K | $565K | 40x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,985.9 | −0.020% | $3.2M | $7.0M | 100x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,983.8 | −0.022% | $169.4M | $482.7M | 150x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0102% | 1h | 86,007 | +0.005% | $189.9M | $795.8M | 100x | as long as short |
| Hyperliquid BTC | +0.0104% | 1h | 86,084 | +0.095% | $3.94B | $4.47B | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,959.1 | −0.051% | $46.9M | $206.2M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,995.2 | −0.009% | — | $82.4M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0120% | 1h | 86,034.5 | +0.037% | $112.4M | $5.03B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0160% | 1h | 85,972.3 | −0.035% | $6.6M | $131.5M | 40x | as long as short |
| Kalshi KXBTCPERP | +0.0164% | 8h | 86,009 | +0.007% | $11.3M | $730.7M | 6.4x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0199% / S −0.0183% | 1h | 85,948.8 | −0.063% | $13.2M | — | 200x | as long as short |
| RISEx BTC/USDC | +0.0204% | 1h | 86,016.1 | +0.016% | $9.0M | $38.4M | 25x | as long as short |
| Hibachi BTC/USDT-P | +0.0312% | 1h | 86,021 | +0.021% | $709K | $7.0M | 30x | as long as short |
| Deribit BTC-PERPETUAL | +0.0332% | 1h | 86,049.2 | +0.054% | $827.7M | $1.53B | 50x | as long as short |
| Aftermath Perps BTCUSD | +0.0432% | 1h | 85,985.2 | −0.020% | $81K | $246K | 20x | as long as short |
Bybit BTCUSDT
Aster BTCUSDT
KuCoin XBTUSDTM
Gate BTC_USDT
Nado BTC-PERP
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
HTX BTC-USDT
Bitget BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Pacifica BTC
Binance BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
MEXC BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
SunX BTC-USDT
Phemex BTCUSDT
Kraken Futures PF_XBTUSD
Hyperliquid BTC
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Reya BTCRUSDPERP
Kalshi KXBTCPERP
GMX BTC/USD [WBTC.b-USDC]
RISEx BTC/USDC
Hibachi BTC/USDT-P
Deribit BTC-PERPETUAL
Aftermath Perps BTCUSD