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 0.000%

Price spread now: Lighter RH against Paradex−0.069%7-day average 0.000% · 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−$15as in the Price arb table

costs, in and out, $10k−$80.078% of the position

Long on Paradex Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.005%+$1 on $10k

Price spread, last 7 days+0.017%+$2 · spread now −0.069%, 7d avg 0.000%

Together, before fees+0.022%+ Points / potential airdropParadex: Active · Lighter RH: Points live · farm board+$2 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: Lighter RH is 0.069% cheaper against Paradex than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of 0.000%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex BTC-USD-PERP	86,356.2	0.0100	pay 0.0100% / 8h	7h 52m	$4.8M	$8.5M	50x
Short	Lighter RH BTC	86,296.3	0.0096	get 0.0012% / 1h	52m 05s	$23.7M	$148.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Paradex. 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 ParadexbpFee Lighter RHbpOrdersPrice spread, now −0.069%Rate

Funding earned: −$0.82
Price spread: −0.069% → 0.000%: −$6.93
Slippage, 4 orders: −$3.77
Fee Paradex: 2 bp × 2 orders: −$4
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$15.52
Costs to cover: 0.078%
Break-even: never at this rate

Slippage from Paradex: live order book, 2 min ago; Lighter RH: live order book, 2 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 Paradex live order book, 2 min ago	1.32 bp	3.3 bp −$3	3.3 bp −$33	doesn't fit	doesn't fit
Sell Lighter RH live order book, 2 min ago	0.54 bp	0.5 bp −$1	0.8 bp −$8	3.0 bp −$299	25.3 bp −$12.6K

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	86,441	+0.098%	$2.2M	$11.2M	40x	as long as short
ApeX Omni BTCUSDT	−0.0120%	1h	86,477.3	+0.140%	$141.6M	$323.3M	100x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,359	+0.003%	$9K	$3K	50x	as long as short
Bluefin BTC-PERP	−0.0070%	1h	86,375.5	+0.022%	$140K	$663K	40x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,359.4	+0.004%	$362K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,368.1	+0.014%	$432K	$22.1M	6.7x	as long as short
dYdX BTC-USD	+0.0004%	1h	86,351.3	−0.006%	$16.9M	$20.6M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,383.2	+0.031%	$36.9M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0012%	1h	86,321.2	−0.041%	$903.4M	$1.51B	50x	as long as short
Aster BTCUSDT	+0.0015%	8h	86,289.6	−0.077%	$500.4M	$1.15B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0023%	1h	86,616	+0.301%	$333K	$26.9M	52x	as long as short
GRVT BTC_USDT_Perp	+0.0026%	8h	86,468.8	+0.130%	$217.1M	$171.1M	50x	as long as short
KuCoin XBTUSDTM	+0.0029%	8h	86,288.2	−0.079%	$830.7M	$723.2M	125x	as long as short
Reya BTCRUSDPERP	+0.0041%	1h	86,344.6	−0.013%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDT	+0.0046%	8h	86,290.6	−0.076%	—	$1.59B	—	as long as short
SoDEX BTC-USD	+0.0049%	1h	86,292	−0.074%	$60.3M	$338.1M	40x	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,375.1	+0.022%	$8.3M	$42.9M	25x	as long as short
Gate BTC_USDT	+0.0056%	8h	86,289.6	−0.077%	$5.83B	$10.46B	200x	as long as short
Bitget BTCUSDT	+0.0059%	8h	86,284.6	−0.083%	$2.96B	$5.10B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,447.8	+0.106%	$2.5M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0075%	8h	86,287.3	−0.080%	$5.12B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0076%	8h	86,279	−0.089%	$9.40B	$24.53B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,299.3	−0.066%	$170.0M	$980.8M	50x	as long as short
Lighter RH BTCshort	+0.0096%	1h	86,296.3	−0.069%	$23.7M	$148.7M	50x
Popdex BTCUSDT	+0.0096%	1h	86,368	+0.014%	$8.4M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,346	−0.012%	$197K	$7.1M	50x	as long as short
Paradex BTC-USD-PERPlong	+0.0100%	8h	86,356.2	long leg	$4.8M	$8.5M	50x
Nado BTC-PERP	+0.0100%	1h	86,360.9	+0.005%	$22.0M	$232.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,355	−0.001%	$3.79B	$5.04B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,360.9	+0.005%	$40.7M	$540.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,292.4	−0.074%	$5.25B	$9.76B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,294	−0.072%	$2.55B	$12.64B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,348	−0.010%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,393.9	+0.044%	$7.3M	$96.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,523.6	+0.194%	$572.9M	$12.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,271.6	−0.098%	$37.5M	$155.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,440	+0.097%	$157.9M	$568.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,483.7	+0.148%	$279.3M	$947.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,433	+0.089%	$30.7M	$208.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,400.5	+0.051%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,340	−0.019%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,358.5	+0.003%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,303.3	−0.061%	$2.5M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,333.1	−0.027%	$30.4M	$62.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,284.4	−0.083%	$3.4M	$5.3M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,294.2	−0.072%	$2.29B	$967.6M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,294.1	−0.072%	$152.8M	$478.7M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,277.9	−0.091%	$45.9M	$224.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,343.1	−0.015%	—	$99.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,321.9	−0.040%	$133.0M	$5.57B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,312.6	−0.051%	$192.3M	$951.0M	100x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,459.5	+0.120%	$714K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0168%	1h	86,471.1	+0.133%	$78K	$218K	20x	as long as short
BloFin BTC-USDT	+0.0195%	8h	86,393.3	+0.043%	$415.5M	$655.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0201% / S −0.0214%	1h	86,374.7	+0.021%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	86,364	+0.009%	$9.5M	$759.6M	6.4x	as long as short