Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:38 UTC+0.0351%/8h= +38.4% APRpaid last 24h −0.049%

Price spread now: Perpl against Lighter RH+0.039%7-day average +0.006% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Lighter RH Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.277%+$28 on $10k

Price spread, last 7 days+0.098%+$10 · spread now +0.039%, 7d avg +0.006%

Together, before fees+0.375%+ Points / potential airdropLighter RH: Points live · Perpl: Active · farm board+$38 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Perpl is 0.033% dearer against Lighter RH than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH BTC	85,504.6	0.0096	pay 0.0012% / 1h	53m 31s	$23.9M	$147.0M	50x
Short	Perpl BTC	85,538.1	0.0447	get 0.0040% / 43m	41m 31s	$510K	$19.6M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.039%Rate

Funding earned: $73.61
Price spread: +0.039% → +0.006%: $3.27
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: $63.08
Costs to cover: 0.138%
Break-even: 1.0 days

Slippage unknown: Lighter RH: live order book, 6 min ago; Perpl: 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, 6 min ago	0.47 bp	1.2 bp −$1	1.4 bp −$14	3.3 bp −$334	24.0 bp −$12.0K
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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 55 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	−0.0144%	1h	85,538	+0.039%	$2.1M	$10.3M	40x	as long as short
ApeX Omni BTCUSDT	−0.0123%	1h	85,466.5	−0.045%	$139.7M	$316.3M	100x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,516	+0.013%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,515.5	+0.013%	$365K	$2.3M	50x	as long as short
Nado BTC-PERP	−0.0013%	1h	85,501.3	−0.004%	$22.5M	$221.6M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,532.4	+0.033%	$16.7M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,505.8	+0.001%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0018%	8h	85,506	+0.002%	$515.5M	$1.11B	200x	as long as short
KuCoin XBTUSDTM	+0.0019%	8h	85,485.6	−0.022%	$904.8M	$745.1M	125x	as long as short
BingX BTC-USDC	+0.0054%	8h	85,506.1	+0.002%	—	$17.0M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX BTC-USDT	+0.0058%	8h	85,496.9	−0.009%	$2.27B	$929.9M	200x	as long as short
Reya BTCRUSDPERP	+0.0064%	1h	85,482.5	−0.026%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,503.9	−0.001%	$2.94B	$5.01B	150x	as long as short
SoDEX BTC-USD	+0.0069%	1h	85,515	+0.012%	$59.9M	$336.4M	40x	as long as short
SunX BTC-USDT	+0.0075%	8h	85,478.4	−0.031%	$2.9M	$6.2M	100x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	+0.131%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,505.5	+0.001%	$2.4M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0084%	8h	85,518.7	+0.016%	$9.33B	$23.82B	150x	as long as short
MEXC BTC_USDT	+0.0084%	8h	85,499.9	−0.005%	$5.07B	$5.57B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,499.9	−0.005%	$169.4M	$982.9M	50x	as long as short
Lighter RH BTClong	+0.0096%	1h	85,504.6	long leg	$23.9M	$147.0M	50x
Popdex BTCUSDT	+0.0096%	1h	85,519	+0.017%	$8.4M	$51.5M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,547	+0.050%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,487	−0.021%	$203K	$7.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,562	+0.067%	$3.76B	$4.90B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,533.2	+0.033%	$40.1M	$571.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,518.3	+0.016%	$5.32B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,512.9	+0.010%	$2.56B	$12.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,514	+0.011%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,473.9	−0.036%	$7.1M	$96.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,482.5	−0.026%	$608.2M	$317.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,518.7	+0.016%	$5.56B	$10.39B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,487	−0.021%	$34.7M	$169.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,577.1	+0.085%	$153.7M	$552.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,494.5	−0.012%	$278.1M	$928.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,468	−0.043%	$214.5M	$161.4M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,524.1	+0.023%	$30.2M	$211.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,548.9	+0.052%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,484	−0.024%	$11.0M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,491	−0.016%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,504.6	0.000%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,540.4	+0.042%	$196K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,505	0.000%	$30.0M	$52.7M	15x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,506.6	+0.002%	$149.1M	$478.8M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,489.7	−0.017%	$44.3M	$226.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,509.6	+0.006%	—	$103.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,547.6	+0.050%	$130.6M	$5.06B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,538.8	+0.040%	$8.3M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0139%	1h	85,540.4	+0.042%	$187.0M	$949.1M	100x	as long as short
Aftermath Perps BTCUSD	+0.0192%	1h	85,561.1	+0.066%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	85,621	+0.136%	$683K	$7.8M	30x	as long as short
Deribit BTC-PERPETUAL	+0.0195%	1h	85,559.5	+0.064%	$894.9M	$1.52B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0181%	1h	85,500.7	−0.005%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	85,544	+0.046%	$10.4M	$760.4M	6.4x	as long as short
Perpl BTCshort	+0.0447%	43m	85,538.1	+0.039%	$510K	$19.6M	6.7x