Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0059%/8h= −6.5% APRpaid last 24h −0.020%

Price spread now: BingX against Lighter RH+0.025%7-day average −0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

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

costs, in and out, $10k−$110.115% of the position

Long on Lighter RH Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.069%−$7 on $10k

Price spread, last 7 days−0.022%−$2 · spread now +0.025%, 7d avg −0.009%

Together, before fees−0.091%+ Points / potential airdropLighter RH: Points live · farm board−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.034% dearer against Lighter RH than usual: you sell high and buy low (spread +0.025% now, against its 7-day average of −0.009%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 47 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH BTC	86,295.5	0.0096	pay 0.0012% / 1h	7m 30s	$24.0M	$152.9M	50x
Short	BingX BTC-USDT	86,317.1	0.0037	get 0.0037% / 8h	1h 07m	—	$1.59B	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Lighter RH. 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 Lighter RHbpFee BingXbpOrdersPrice spread, now +0.025%Rate

Funding earned: −$12.39
Price spread: +0.025% → −0.009%: $3.44
Slippage, 4 orders: −$1.49
Fee Lighter RH: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: −$20.44
Costs to cover: 0.115%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 7 min ago; BingX: live order book, 12 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 RH live order book, 7 min ago	0.64 bp	0.8 bp −$1	1.1 bp −$11	3.6 bp −$357	25.2 bp −$12.6K
Sell BingX live order book, 12 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$502	5.6 bp −$2,817

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
Bluefin BTC-PERP	−0.0543%	1h	86,338.4	+0.050%	$140K	$620K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,349	+0.062%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,270	−0.030%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,313.2	+0.021%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0011%	8h	86,310.3	+0.017%	$502.8M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	86,291	−0.005%	$849.2M	$712.7M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,328.6	+0.038%	$36.8M	—	200x	as long as short
dYdX BTC-USD	+0.0006%	1h	86,296.7	+0.001%	$16.9M	$21.1M	50x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,295.5	0.000%	$8.4M	$42.8M	25x	as long as short
Reya BTCRUSDPERP	+0.0023%	1h	86,307.2	+0.014%	$6.7M	$145.0M	40x	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	+0.0024%	1h	86,360	+0.075%	$332K	$26.8M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0033%	1h	86,312.1	+0.019%	$917.5M	$1.49B	50x	as long as short
BingX BTC-USDTshort	+0.0037%	8h	86,317.1	+0.025%	—	$1.59B	—
Phemex BTCUSDT	+0.0042%	8h	86,280.4	−0.017%	$150.0M	$476.8M	150x	as long as short
Bitget BTCUSDT	+0.0047%	8h	86,319.1	+0.027%	$2.95B	$5.11B	150x	as long as short
Aftermath Perps BTCUSD	+0.0060%	1h	86,363.3	+0.079%	$80K	$219K	20x	as long as short
MEXC BTC_USDT	+0.0063%	8h	86,314	+0.021%	$5.11B	$5.72B	500x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,272.7	−0.026%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0064%	8h	86,314.1	+0.022%	$9.41B	$24.49B	150x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,314.4	+0.022%	$5.84B	$10.77B	200x	as long as short
Bybit BTCUSDT	+0.0095%	8h	86,326.6	+0.036%	$5.26B	$9.80B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,278.4	−0.020%	$170.0M	$1.02B	50x	as long as short
Lighter RH BTClong	+0.0096%	1h	86,295.5	long leg	$24.0M	$152.9M	50x
Popdex BTCUSDT	+0.0096%	1h	86,300	+0.005%	$8.4M	$52.4M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,266	−0.034%	$205K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,305	+0.011%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,296.5	+0.001%	$21.7M	$234.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,383	+0.101%	$3.79B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,302.2	+0.008%	$40.7M	$517.9M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,332.6	+0.043%	$2.54B	$12.71B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,295	−0.001%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,341.6	+0.053%	$7.8M	$94.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,320.9	+0.029%	$570.7M	$18.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,278.1	−0.020%	$37.8M	$154.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,316.3	+0.024%	$155.5M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,321.8	+0.031%	$279.0M	$944.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,335.7	+0.047%	$216.9M	$174.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,333	+0.043%	$141.1M	$323.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,337	+0.048%	$30.6M	$204.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,350.2	+0.063%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,308	+0.014%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,316	+0.024%	$190K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,326.5	+0.036%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,302.4	+0.008%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,334.8	+0.046%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,277	−0.021%	$60.3M	$337.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,268.1	−0.032%	$2.29B	$969.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,254.4	−0.048%	$45.6M	$226.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,306.2	+0.012%	—	$98.9M	500x	as long as short
Perpl BTC	+0.0112%	43m	86,290.4	−0.006%	$421K	$23.5M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,314.7	+0.022%	$131.2M	$5.68B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,297.2	+0.002%	$191.4M	$946.3M	100x	as long as short
Hibachi BTC/USDT-P	+0.0128%	1h	86,325.6	+0.035%	$719K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0184%	8h	86,339.6	+0.051%	$414.4M	$653.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0187% / S −0.0210%	1h	86,295.7	0.000%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0198%	8h	86,347	+0.060%	$9.5M	$736.4M	6.4x	as long as short