Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.01 per $10,000 · paid last 24h +0.008%
Price spread now: Derive against Lighter RH+0.019%7-day average −0.023% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.074%−$7 on $10k
+Price spread, last 3 days (all we have)−0.137%−$14 · spread now +0.019%, 7d avg −0.023%
=Together, before fees−0.211%+ Points / potential airdropLighter RH: Points live · farm board−$21 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: Derive is 0.042% dearer against Lighter RH than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.023%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter RH BTC | 86,572.9 | 0.0096 | pay 0.0012% / 1h | 59m 34s | $24.1M | $151.1M | 50x |
| Short | Derive BTC-PERP | 86,588.9 | 0.0100 | get 0.0013% / 1h | 59m 34s | $30.0M | $61.7M | 15x |
Lighter RH BTC
Derive BTC-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Derive 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: +0.019% → −0.023%
- $4.18
- Slippage, 4 orders
- no order book: not counted
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Fee Derive: 3 bp × 2 orders
- −$6
- Net
- −$0.98
- Costs to cover
- 0.060%
- Break-even
- 15.2 days
Slippage unknown: Lighter RH: live order book, 5 min ago; Derive: no order-book sample. Net counts fees only.
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, 5 min ago | 0.58 bp | 0.7 bp −$1 | 1.1 bp −$11 | 3.2 bp −$323 | 26.3 bp −$13.1K |
| Sell Derive no order-book sample | — | — | — | — | — |
Derive: 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 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 | |
|---|---|---|---|---|---|---|---|---|
| Aftermath Perps BTCUSD | −0.0248% | 1h | 86,615.5 | +0.049% | $81K | $193K | 20x | as long as short |
| Perpl BTC | −0.0223% | 43m | 86,606.5 | +0.039% | $425K | $24.5M | 6.7x | as long as short |
| Phoenix BTC | −0.0103% | 1h | 86,561 | −0.014% | $2.2M | $12.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,546 | −0.031% | $9K | $3K | 50x | as long as short |
| dYdX BTC-USD | −0.0066% | 1h | 86,591.4 | +0.021% | $17.6M | $20.6M | 50x | as long as short |
| Aster BTCUSDT | −0.0004% | 8h | 86,541.7 | −0.036% | $505.3M | $1.16B | 200x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 86,602.2 | +0.034% | $360K | $2.4M | 50x | as long as short |
| Deribit BTC-PERPETUAL | 0.0000% | 1h | 86,599.6 | +0.031% | $927.6M | $1.47B | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 86,611.2 | +0.044% | $36.8M | — | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0005% | 8h | 86,538.1 | −0.040% | $849.7M | $709.7M | 125x | as long as short |
Aftermath Perps BTCUSD
Perpl BTC
Phoenix BTC
Hotstuff BTC-PERP
dYdX BTC-USD
Aster BTCUSDT
01 Exchange BTCUSD
Deribit BTC-PERPETUAL
gTrade (Gains Network) BTC/USD
KuCoin XBTUSDTMShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| RISEx BTC/USDC | +0.0006% | 1h | 86,561.5 | −0.013% | $8.6M | $43.2M | 25x | as long as short |
| Reya BTCRUSDPERP | +0.0022% | 1h | 86,580.9 | +0.009% | $6.7M | $144.6M | 40x | as long as short |
| BingX BTC-USDC | +0.0030% | 8h | 86,540.4 | −0.038% | — | $15.4M | — | as long as short |
| Phemex BTCUSDT | +0.0032% | 8h | 86,569.9 | −0.003% | $149.6M | $472.6M | 150x | as long as short |
| Bitget BTCUSDT | +0.0038% | 8h | 86,543.9 | −0.033% | $2.95B | $5.09B | 150x | as long as short |
| Popdex BTCUSDT | +0.0048% | 1h | 86,586 | +0.015% | $8.5M | $52.3M | 100x | as long as short |
| Injective BTC/USDC PERP | +0.0049% | 1h | 86,614 | +0.047% | $315K | $26.8M | 52x | as long as short |
| Aevo BTC-PERP | +0.0056% | 1h | 86,586.4 | +0.016% | $2.4M | $1.3M | 20x | as long as short |
| MEXC BTC_USDT | +0.0059% | 8h | 86,546.2 | −0.031% | $5.18B | $5.59B | 500x | as long as short |
| Binance BTCUSDT | +0.0059% | 8h | 86,586.2 | +0.015% | $9.42B | $24.38B | 150x | as long as short |
| Gate BTC_USDT | +0.0081% | 8h | 86,550.8 | −0.026% | $5.85B | $10.60B | 200x | as long as short |
| Bybit BTCUSDT | +0.0086% | 8h | 86,590.7 | +0.021% | $5.28B | $9.74B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 86,554.6 | −0.021% | $172.0M | $995.7M | 50x | as long as short |
| Lighter RH BTClong | +0.0096% | 1h | 86,572.9 | long leg | $24.1M | $151.1M | 50x | |
| OKX BTC-USDT-SWAP | +0.0099% | 8h | 86,551.2 | −0.025% | $2.55B | $12.73B | 100x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,544 | −0.033% | $201K | $6.8M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,588.4 | +0.018% | $4.8M | $8.3M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 86,585.1 | +0.014% | $21.7M | $235.0M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 86,620 | +0.054% | $3.81B | $5.12B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 86,586.1 | +0.015% | $41.0M | $499.4M | 50x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,546 | −0.031% | $3.9M | $18.6M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,621.5 | +0.056% | $7.4M | $94.1M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,590.2 | +0.020% | $572.1M | $20.3M | 40x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 86,566.3 | −0.008% | $38.2M | $151.5M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 86,596.1 | +0.027% | $159.3M | $566.2M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,587.2 | +0.017% | $279.6M | $942.7M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 86,592.7 | +0.023% | $217.3M | $184.7M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 86,597.4 | +0.028% | $141.6M | $323.1M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,588.3 | +0.018% | $30.7M | $203.4M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,642.1 | +0.080% | — | $11.6M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,600 | +0.031% | $11.1M | $13.8M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 86,591 | +0.021% | $190K | $3.4M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 86,598.5 | +0.030% | $2.5M | $8.6M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 86,613 | +0.046% | $140K | $619K | 40x | as long as short |
| Derive BTC-PERPshort | +0.0100% | 1h | 86,588.9 | +0.019% | $30.0M | $61.7M | 15x | |
| SunX BTC-USDT | +0.0100% | 8h | 86,588.1 | +0.018% | $3.4M | $5.5M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 86,565 | −0.009% | $60.5M | $336.7M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 86,583.3 | +0.012% | $2.30B | $960.5M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,532.5 | −0.047% | $46.4M | $226.7M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,623.4 | +0.058% | — | $98.9M | 500x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0117% | 1h | 86,590.1 | +0.020% | $187.0M | $934.9M | 100x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0120% | 1h | 86,619.6 | +0.054% | $131.9M | $5.82B | 50x | as long as short |
| Hibachi BTC/USDT-P | +0.0160% | 1h | 86,622.8 | +0.058% | $774K | $8.1M | 30x | as long as short |
| Kalshi KXBTCPERP | +0.0179% | 8h | 86,622 | +0.057% | $9.6M | $727.2M | 6.4x | as long as short |
| BloFin BTC-USDT | +0.0179% | 8h | 86,596.9 | +0.028% | $416.9M | $655.7M | 150x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0180% / S −0.0209% | 1h | 86,607.1 | +0.039% | $15.0M | — | 200x | as long as short |
RISEx BTC/USDC
Reya BTCRUSDPERP
BingX BTC-USDC
Phemex BTCUSDT
Bitget BTCUSDT
Popdex BTCUSDT
Injective BTC/USDC PERP
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Gate BTC_USDT
Bybit BTCUSDT
Lighter BTC
OKX BTC-USDT-SWAP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Nado BTC-PERP
Hyperliquid BTC
Pacifica BTC
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
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
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Kraken Futures PF_XBTUSD
Coinbase International BTC-PERP-INTX
Hibachi BTC/USDT-P
Kalshi KXBTCPERP
BloFin BTC-USDT
GMX BTC/USD [WBTC.b-USDC]