Funding you earn now, next payment 05:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.01 per $10,000 · paid last 24h +0.001%
Price spread now: Bullet against Lighter RH−0.029%7-day average −0.004% · 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−$14as in the Price arb table
costs, in and out, $10k−$110.110% of the position
Funding, last 3 days (all we have)−0.005%−$1 on $10k
+Price spread, last 7 days+0.044%+$4 · spread now −0.029%, 7d avg −0.004%
=Together, before fees+0.039%+ Points / potential airdropLighter RH: Points live · farm board+$4 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bullet is 0.025% cheaper against Lighter RH than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.004%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter RH BTC | 85,646.6 | 0.0096 | pay 0.0012% / 1h | 47m 44s | $24.0M | $148.0M | 50x |
| Short | Bullet BTC-USD | 85,622 | 0.0100 | get 0.0013% / 1h | 47m 44s | $197K | $3.3M | 20x |
Lighter RH BTC
Bullet BTC-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bullet 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $0.84
- Price spread: −0.029% → −0.004%
- −$2.52
- Slippage, 4 orders
- −$3
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Fee Bullet: 4 bp × 2 orders
- −$8
- Net
- −$12.68
- Costs to cover
- 0.110%
- Break-even
- 112.6 days
Slippage from Lighter RH: live order book, 6 min ago; Bullet: 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 RH live order book, 6 min ago | 0.34 bp | 0.3 bp $0 | 0.9 bp −$9 | 2.7 bp −$273 | 23.0 bp −$11.5K |
| Sell Bullet live order book, 1 min ago | 0.06 bp | 4.5 bp −$4 | 8.7 bp −$87 | doesn't fit | 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 | −0.0140% | 1h | 85,589 | −0.067% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,634 | −0.015% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0038% | 8h | 85,619.8 | −0.031% | $917.5M | $756.2M | 125x | as long as short |
| BloFin BTC-USDT | −0.0020% | 8h | 85,603.2 | −0.051% | $418.0M | $675.3M | 150x | as long as short |
| 01 Exchange BTCUSD | −0.0016% | 1h | 85,640.7 | −0.007% | $366K | $2.3M | 50x | as long as short |
| Nado BTC-PERP | −0.0006% | 1h | 85,631.5 | −0.018% | $24.8M | $222.6M | 50x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,678.8 | +0.038% | $16.8M | $21.2M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,635.7 | −0.013% | $36.6M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0011% | 8h | 85,621.1 | −0.030% | $515.6M | $1.10B | 200x | as long as short |
| Deribit BTC-PERPETUAL | +0.0037% | 1h | 85,659.8 | +0.015% | $884.1M | $1.59B | 50x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
01 Exchange BTCUSD
Nado BTC-PERP
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
Deribit BTC-PERPETUALShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective BTC/USDC PERP | +0.0044% | 1h | 85,690 | +0.051% | $340K | $26.9M | 52x | as long as short |
| BingX BTC-USDC | +0.0064% | 8h | 85,611.6 | −0.041% | — | $17.1M | — | as long as short |
| Phemex BTCUSDT | +0.0067% | 8h | 85,617 | −0.035% | $148.8M | $490.9M | 150x | as long as short |
| SoDEX BTC-USD | +0.0078% | 1h | 85,617 | −0.035% | $60.0M | $336.1M | 40x | as long as short |
| Bitget BTCUSDT | +0.0081% | 8h | 85,632.7 | −0.016% | $2.96B | $5.11B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0092% | 1h | 85,642.3 | −0.005% | $6.6M | $146.9M | 40x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,642.2 | −0.005% | $172.1M | $1.01B | 50x | as long as short |
| Lighter RH BTClong | +0.0096% | 1h | 85,646.6 | long leg | $24.0M | $148.0M | 50x | |
| Popdex BTCUSDT | +0.0096% | 1h | 85,632 | −0.017% | $8.7M | $54.5M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,613.9 | −0.038% | $2.5M | $1.7M | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,614 | −0.038% | $205K | $8.2M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,703.7 | +0.067% | $5.6M | $9.3M | 50x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,664.7 | +0.021% | $40.6M | $584.8M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,629.9 | −0.020% | $9.42B | $24.31B | 150x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,628.2 | −0.021% | $5.19B | $9.84B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,638.9 | −0.009% | $2.59B | $12.16B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,622 | −0.029% | $3.8M | $17.8M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,619.8 | −0.031% | $4.4M | $98.5M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,632.3 | −0.017% | $5.54B | $10.76B | 200x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,630 | −0.019% | $5.07B | $5.64B | 500x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,613.3 | −0.039% | $35.9M | $177.1M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,614 | −0.038% | $153.6M | $564.6M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,619.2 | −0.032% | $279.6M | $925.3M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,677.6 | +0.036% | $215.0M | $168.4M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,670.8 | +0.028% | $140.1M | $315.7M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,624.6 | −0.026% | $30.2M | $208.0M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,696.1 | +0.058% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,647 | 0.000% | $11.1M | $14.3M | 50x | as long as short |
| Bullet BTC-USDshort | +0.0100% | 1h | 85,622 | −0.029% | $197K | $3.3M | 20x | |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,614.7 | −0.037% | $2.4M | $8.7M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,666.7 | +0.023% | $207K | $739K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,616.2 | −0.036% | $30.0M | $50.1M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,620.6 | −0.030% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,609.8 | −0.043% | $2.27B | $946.1M | 200x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,665.1 | +0.022% | $677.0M | $718.2M | 40x | as long as short |
| Hyperliquid BTC | +0.0102% | 1h | 85,718.3 | +0.084% | $3.79B | $5.01B | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,603.1 | −0.051% | $44.8M | $231.4M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,617 | −0.035% | — | $107.7M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,654 | +0.009% | $117.1M | $5.22B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0135% | 1h | 85,637 | −0.011% | $188.1M | $956.4M | 100x | as long as short |
| RISEx BTC/USDC | +0.0174% | 1h | 85,666.6 | +0.023% | $8.7M | $42.9M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0201% / S −0.0177% | 1h | 85,636.6 | −0.012% | $13.1M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0218% | 8h | 85,679 | +0.038% | $12.0M | $757.0M | 6.4x | as long as short |
| Aftermath Perps BTCUSD | +0.0229% | 1h | 85,650.5 | +0.005% | $78K | $220K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0256% | 1h | 85,633.7 | −0.015% | $698K | $7.9M | 30x | as long as short |
| Perpl BTC | +0.0335% | 43m | 85,655.5 | +0.010% | $503K | $18.8M | 6.7x | as long as short |
Injective BTC/USDC PERP
BingX BTC-USDC
Phemex BTCUSDT
SoDEX BTC-USD
Bitget BTCUSDT
Reya BTCRUSDPERP
Lighter BTC
Popdex BTCUSDT
Aevo BTC-PERP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Pacifica BTC
Binance BTCUSDT
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
MEXC 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
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Bulk BTC-USD
Hyperliquid BTC
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Kraken Futures PF_XBTUSD
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
Perpl BTC