Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.007%

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

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$120.122% of the position

Long on Lighter RH Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.033%−$3 on $10k

Price spread, last 7 days+0.033%+$3 · spread now −0.025%, 7d avg −0.009%

Together, before fees0.000%+ Points / potential airdropLighter RH: Points live · farm board$0 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH BTC	85,863.6	0.0096	pay 0.0012% / 1h	0m 32s	$23.4M	$152.8M	50x
Short	OKX BTC-USDT-SWAP	85,841.8	0.0100	get 0.0100% / 8h	7h 00m	$2.54B	$12.44B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.025%Rate

Funding earned: $0.84
Price spread: −0.025% → −0.009%: −$1.67
Slippage, 4 orders: −$2.23
Fee Lighter RH: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$13.05
Costs to cover: 0.122%
Break-even: 115.8 days

Slippage from Lighter RH: live order book, 4 min ago; OKX: live order book, 4 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, 4 min ago	0.20 bp	0.9 bp −$1	1.6 bp −$16	5.2 bp −$517	31.3 bp −$15.7K
Sell OKX live order book, 4 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.4 bp −$539	6.9 bp −$3,465

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	−0.0129%	1h	85,869	+0.006%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,878	+0.017%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,840.1	−0.027%	$362K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,918.5	+0.064%	$523K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,877.7	+0.016%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,155	+0.339%	$342K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0023%	1h	85,857.9	−0.007%	$16.8M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0029%	8h	85,851.1	−0.015%	$497.9M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0044%	8h	85,857.8	−0.007%	$822.6M	$719.5M	125x	as long as short
HTX BTC-USDT	+0.0047%	8h	85,834.5	−0.034%	$2.28B	$962.5M	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0051%	1h	85,827.3	−0.042%	$6.7M	$145.9M	40x	as long as short
RISEx BTC/USDC	+0.0052%	1h	85,855.5	−0.009%	$8.1M	$42.5M	25x	as long as short
BingX BTC-USDC	+0.0053%	8h	85,831.2	−0.038%	—	$15.3M	—	as long as short
SoDEX BTC-USD	+0.0064%	1h	85,850	−0.016%	$60.1M	$338.3M	40x	as long as short
Bitget BTCUSDT	+0.0065%	8h	85,836.1	−0.032%	$2.94B	$5.09B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,841	−0.026%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0081%	8h	85,839.9	−0.028%	$9.34B	$24.40B	150x	as long as short
MEXC BTC_USDT	+0.0081%	8h	85,841.2	−0.026%	$5.09B	$5.80B	500x	as long as short
Gate BTC_USDT	+0.0088%	8h	85,854.2	−0.011%	$5.71B	$10.75B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,879.7	+0.019%	$169.5M	$1.00B	50x	as long as short
Lighter RH BTClong	+0.0096%	1h	85,863.6	long leg	$23.4M	$152.8M	50x
Popdex BTCUSDT	+0.0096%	1h	85,843	−0.024%	$8.4M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,822	−0.048%	$200K	$7.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,873.8	+0.012%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,873.5	+0.011%	$22.0M	$226.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,933	+0.081%	$3.76B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,887	+0.027%	$40.7M	$560.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,849.1	−0.017%	$5.23B	$9.68B	150x	as long as short
OKX BTC-USDT-SWAPshort	+0.0100%	8h	85,841.8	−0.025%	$2.54B	$12.44B	100x
Ondo Perps BTC-USD.P	+0.0100%	1h	85,854	−0.011%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,846.4	−0.020%	$7.0M	$97.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,829.3	−0.040%	$35.2M	$162.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,848.7	−0.017%	$155.7M	$555.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,951.8	+0.103%	$277.5M	$943.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,079	+0.251%	$216.0M	$163.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,961.3	+0.114%	$140.7M	$320.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,886.8	+0.027%	$30.5M	$206.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,907	+0.050%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,838	−0.030%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,873	+0.011%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,854.8	−0.010%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,886.2	+0.026%	$169K	$692K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,864.4	+0.001%	$30.0M	$57.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,827.5	−0.042%	$3.2M	$5.6M	100x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,856.2	−0.009%	$154.8M	$474.2M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,141.5	+0.324%	$581.0M	$76.4M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,824.7	−0.045%	$45.4M	$224.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,912.5	+0.057%	—	$100.4M	500x	as long as short
Hibachi BTC/USDT-P	+0.0120%	1h	85,911.3	+0.056%	$720K	$8.0M	30x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	85,887.9	+0.028%	$131.4M	$5.25B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0122%	1h	85,876.1	+0.015%	$187.1M	$960.3M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0132%	1h	85,893	+0.034%	$902.3M	$1.51B	50x	as long as short
Aftermath Perps BTCUSD	+0.0164%	1h	86,070.9	+0.241%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0201%	8h	85,835.6	−0.033%	$414.7M	$642.4M	150x	as long as short
Kalshi KXBTCPERP	+0.0203%	8h	85,919	+0.065%	$10.3M	$766.8M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0203%	1h	85,878.5	+0.017%	$13.7M	—	200x	as long as short