BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0052%/8h= −5.7% APRnext payment −$0.06 per $10,000 · paid last 24h −0.006%

Price spread now: RISEx against Lighter−0.005%7-day average −0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$8as in the Price arb table

costs, in and out, $10k−$80.076% of the position

Long on Lighter Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.012%−$1 on $10k

Price spread, last 7 days+0.030%+$3 · spread now −0.005%, 7d avg −0.002%

Together, before fees+0.018%+ Points / potential airdropLighter: Season 3 · farm board+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.002%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BTC	85,671.9	0.0096	pay 0.0012% / 1h	17m 18s	$170.5M	$992.8M	50x
Short	RISEx BTC/USDC	85,667.3	0.0044	get 0.0006% / 1h	17m 18s	$8.2M	$42.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now −0.005%Rate

Funding earned: −$10.9
Price spread: −0.005% → −0.002%: −$0.36
Slippage, 4 orders: −$1.61
Fee Lighter: 0 bp × 2 orders: $0
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$18.87
Costs to cover: 0.076%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 min ago; RISEx: live order book, 2 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, 7 min ago	0.25 bp	0.3 bp $0	0.7 bp −$7	1.4 bp −$141	3.9 bp −$1,934
Sell RISEx live order book, 2 min ago	0.01 bp	3.9 bp −$4	3.9 bp −$39	11.3 bp −$1,127	doesn't fit

BTC on 55 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	−0.0144%	1h	85,785	+0.132%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,660	−0.014%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,632.6	−0.046%	$362K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,692.4	+0.024%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,673.6	+0.002%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	+0.022%	$340K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0031%	8h	85,649.9	−0.026%	$900.5M	$753.5M	125x	as long as short
Aster BTCUSDT	+0.0033%	8h	85,630.4	−0.048%	$515.8M	$1.14B	200x	as long as short
RISEx BTC/USDCshort	+0.0044%	1h	85,667.3	−0.005%	$8.2M	$42.1M	25x
Nado BTC-PERP	+0.0044%	1h	85,663.2	−0.010%	$22.6M	$227.4M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0056%	8h	85,648.2	−0.028%	—	$17.1M	—	as long as short
Reya BTCRUSDPERP	+0.0059%	1h	85,635.1	−0.043%	$6.7M	$146.3M	40x	as long as short
HTX BTC-USDT	+0.0061%	8h	85,652.2	−0.023%	$2.27B	$947.6M	200x	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,659.5	−0.014%	$2.95B	$5.08B	150x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,660.3	−0.014%	$9.33B	$24.29B	150x	as long as short
ApeX Omni BTCUSDT	+0.0091%	1h	85,637.3	−0.040%	$140.0M	$318.1M	100x	as long as short
MEXC BTC_USDT	+0.0092%	8h	85,660	−0.014%	$5.08B	$5.74B	500x	as long as short
Lighter BTClong	+0.0096%	1h	85,671.9	long leg	$170.5M	$992.8M	50x
Lighter RH BTC	+0.0096%	1h	85,681.4	+0.011%	$23.5M	$147.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,636	−0.042%	$8.4M	$51.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,655.3	−0.019%	$2.5M	$1.8M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,616	−0.065%	$202K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,637.8	−0.040%	$3.8M	$8.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,707	+0.041%	$3.76B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,692	+0.023%	$40.8M	$571.9M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,673.6	+0.002%	$5.31B	$9.74B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,672.8	+0.001%	$2.54B	$12.34B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,652	−0.023%	$3.9M	$18.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,616	−0.065%	$7.2M	$97.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,744.8	+0.085%	$590.5M	$195.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,666.7	−0.006%	$5.59B	$10.57B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,649.4	−0.026%	$35.2M	$165.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,688	+0.019%	$156.6M	$555.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,614.3	−0.067%	$278.4M	$941.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,656.6	−0.018%	$214.9M	$164.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,624.3	−0.056%	$30.3M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,702.1	+0.035%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,655	−0.020%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,663	−0.010%	$187K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,656.2	−0.018%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,701.5	+0.035%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,661.5	−0.012%	$30.0M	$56.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,628.8	−0.050%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,660	−0.014%	$60.0M	$337.0M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,668	−0.005%	$153.3M	$480.8M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,643.1	−0.034%	$44.0M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,652.6	−0.022%	—	$101.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,704	+0.037%	$131.2M	$5.15B	50x	as long as short
Hibachi BTC/USDT-P	+0.0144%	1h	85,671.4	−0.001%	$694K	$7.8M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,692.5	+0.024%	$187.9M	$963.6M	100x	as long as short
Aftermath Perps BTCUSD	+0.0171%	1h	85,703	+0.036%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0189%	1h	85,670.8	−0.001%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,676	+0.005%	$10.3M	$770.1M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0219%	1h	85,710.9	+0.045%	$894.7M	$1.54B	50x	as long as short
Perpl BTC	+0.0447%	43m	85,666.2	−0.007%	$513K	$20.5M	6.7x	as long as short