Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0017%/8h= −1.9% APRpaid last 24h −0.020%

Price spread now: Gate against Lighter RH−0.040%7-day average −0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$170.165% of the position

Long on Lighter RH Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.082%−$8 on $10k

Price spread, last 7 days+0.051%+$5 · spread now −0.040%, 7d avg −0.012%

Together, before fees−0.031%+ Points / potential airdropLighter RH: Points live · farm board−$3 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 Gate is 0.028% cheaper against Lighter RH than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.012%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH BTC	86,385.2	0.0096	pay 0.0012% / 1h	13m 21s	$24.1M	$152.5M	50x
Short	Gate BTC_USDT	86,350.7	0.0079	get 0.0079% / 8h	1h 13m	$5.84B	$10.75B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.040%Rate

Funding earned: −$3.57
Price spread: −0.040% → −0.012%: −$2.81
Slippage, 4 orders: −$1.52
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$22.9
Costs to cover: 0.165%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 6 min ago; Gate: live order book, 6 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	0.27 bp	0.6 bp −$1	1.0 bp −$10	3.4 bp −$336	25.0 bp −$12.5K
Sell Gate live order book, 6 min ago	0.01 bp	7.5 bp −$8	8.1 bp −$81	9.0 bp −$900	11.5 bp −$5,753

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	−0.0681%	1h	86,371.4	−0.016%	$140K	$620K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,402	+0.019%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,361	−0.028%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,365.8	−0.022%	$360K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0011%	8h	86,346.5	−0.045%	$503.3M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	86,359.9	−0.029%	$850.9M	$712.2M	125x	as long as short
dYdX BTC-USD	+0.0005%	1h	86,406.9	+0.025%	$17.0M	$21.1M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,369.7	−0.018%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,365.4	−0.023%	$8.4M	$42.8M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0012%	1h	86,388.6	+0.004%	$917.8M	$1.49B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0023%	1h	86,338.4	−0.054%	$6.7M	$145.0M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,360	−0.029%	$332K	$26.8M	52x	as long as short
Aftermath Perps BTCUSD	+0.0033%	1h	86,441	+0.065%	$81K	$218K	20x	as long as short
BingX BTC-USDC	+0.0036%	8h	86,333.1	−0.060%	—	$15.3M	—	as long as short
Phemex BTCUSDT	+0.0040%	8h	86,357.5	−0.032%	$150.0M	$476.9M	150x	as long as short
Bitget BTCUSDT	+0.0046%	8h	86,347.4	−0.044%	$2.95B	$5.10B	150x	as long as short
Binance BTCUSDT	+0.0064%	8h	86,346.6	−0.045%	$9.42B	$24.44B	150x	as long as short
MEXC BTC_USDT	+0.0064%	8h	86,348.4	−0.043%	$5.14B	$5.70B	500x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,340.1	−0.052%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDTshort	+0.0079%	8h	86,350.7	−0.040%	$5.84B	$10.75B	200x
Bybit BTCUSDT	+0.0093%	8h	86,351.5	−0.039%	$5.25B	$9.78B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,365.6	−0.023%	$170.5M	$1.01B	50x	as long as short
Lighter RH BTClong	+0.0096%	1h	86,385.2	long leg	$24.1M	$152.5M	50x
Popdex BTCUSDT	+0.0096%	1h	86,352	−0.038%	$8.4M	$52.4M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,339	−0.053%	$201K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,399.2	+0.016%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,365.8	−0.023%	$21.7M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,426	+0.047%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,400.2	+0.017%	$40.7M	$513.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,347	−0.044%	$2.53B	$12.71B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,365	−0.023%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,419	+0.039%	$7.8M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,498.7	+0.131%	$571.7M	$18.6M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,365	−0.023%	$37.8M	$155.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,394.8	+0.011%	$155.5M	$568.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,426.9	+0.048%	$279.3M	$949.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,418.2	+0.038%	$217.1M	$176.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,418.4	+0.038%	$141.3M	$323.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,380	−0.006%	$30.7M	$203.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,406.9	+0.025%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,350	−0.041%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,352	−0.038%	$190K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,352.5	−0.038%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,360.3	−0.029%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,339.2	−0.053%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,350	−0.041%	$60.4M	$337.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,346.4	−0.045%	$2.29B	$968.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,330	−0.064%	$45.5M	$226.2M	50x	as long as short
Hibachi BTC/USDT-P	+0.0104%	1h	86,421.2	+0.042%	$719K	$8.1M	30x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,375.5	−0.011%	—	$98.8M	500x	as long as short
Perpl BTC	+0.0112%	43m	86,388.4	+0.004%	$421K	$23.6M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,398.9	+0.016%	$131.3M	$5.69B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,382.6	−0.003%	$191.1M	$944.0M	100x	as long as short
BloFin BTC-USDT	+0.0184%	8h	86,353.7	−0.036%	$414.2M	$653.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0186% / S −0.0213%	1h	86,360.5	−0.029%	$15.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0199%	8h	86,409	+0.028%	$9.7M	$734.4M	6.4x	as long as short