Funding you earn now, next payment 03:00 UTC+0.0193%/8h= +21.2% APRnext payment +$0.24 per $10,000 · paid last 24h −0.004%
Price spread now: Phoenix against Backpack+0.469%80s7-day average +0.092% · you sell dearer than you buy
Net, funding: paid 7d − costs−$46as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$430.434% of the position
Funding, last 7 days−0.024%−$2 on $10k
+Price spread, last 4 days (all we have)+0.661%+$66 · spread now +0.469%, 7d avg +0.092%
=Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Phoenix is 0.377% dearer against Backpack than usual: you sell high and buy low: +$38 more if the spread goes back to its 7-day average of +0.092%. The two prices were read 80 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.024% in total (about -1.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.24 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack LIT_USDC_PERP | 4.6724 | −0.0228 | get 0.0028% / 1h | 49m 48s | $662K | $1.4M | 5x |
| Short | Phoenix LIT | 4.6943 | −0.0034 | pay 0.0004% / 1h | 49m 48s | $202K | $305K | 5x |
Backpack LIT_USDC_PERP
Phoenix LITFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Backpack. 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
- $40.63
- Price spread: +0.469% → +0.092%
- $37.7
- Slippage, 4 orders
- −$26.39
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $34.95
- Costs to cover
- 0.434%
- Break-even
- 1.0 days
Slippage from Backpack: live order book, 4 min ago; Phoenix: 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 Backpack live order book, 4 min ago | 0.32 bp | 5.5 bp −$5 | 15.9 bp −$159 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 6 min ago | 1.92 bp | 16.1 bp −$16 | 50.4 bp −$504 | doesn't fit | doesn't fit |
LIT on 42 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 | |
|---|---|---|---|---|---|---|---|---|
| 01 Exchange LITUSD | −0.0504% | 1h | 4.6616 | −0.231% | $32K | $4K | 5x | as long as short |
| Orderly PERP_LIT_USDC | −0.0390% | 4h | 4.6643 | −0.173% | $32K | $1K | 10x | as long as short |
| Deribit LIT_USDC-PERPETUAL | −0.0373% | 1h | 4.6695 | −0.063% | $41K | $40K | 10x | as long as short |
| Bullet LIT-USD | −0.0297% | 1h | 4.6686 | −0.082% | $84K | $68K | 20x | as long as short |
| Backpack LIT_USDC_PERPlong | −0.0228% | 1h | 4.6724 | long leg | $662K | $1.4M | 5x | |
| Gate LIT_USDT | −0.0194% | 4h | 4.6710 | −0.030% | $2.7M | $4.2M | 50x | as long as short |
| Coinbase International LIT-PERP-INTX | −0.0192% | 1h | 4.6848 | +0.264% | $612K | $404K | 50x | as long as short |
| Phemex LITUSDT | −0.0135% | 4h | 4.6680 | −0.094% | $1.3M | $2.8M | 20x | as long as short |
| Phoenix LITshort | −0.0034% | 1h | 4.6943 | +0.469% | $202K | $305K | 5x | |
| Bybit LITUSDT | −0.0022% | 4h | 4.6640 | −0.180% | $41.2M | $28.6M | 75x | as long as short |
01 Exchange LITUSD
Orderly PERP_LIT_USDC
Deribit LIT_USDC-PERPETUAL
Bullet LIT-USD
Gate LIT_USDT
Coinbase International LIT-PERP-INTX
Phemex LITUSDT
Bybit LITUSDTShow all 42 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin LITUSDTM | −0.0016% | 4h | 4.6734 | +0.021% | $5.2M | $1.0M | 30x | as long as short |
| Polymarket Perps LIT-USD | 0.0000% | 1h | 4.6696 | −0.060% | $436K | $109K | 10x | as long as short |
| OKX LIT-USDT-SWAP | 0.0000% | 4h | 4.6661 | −0.135% | $25.1M | $61.2M | 50x | as long as short |
| dYdX LIT-USD | 0.0000% | 1h | 4.6722 | −0.005% | $34K | — | 5x | as long as short |
| gTrade (Gains Network) LIT/USD | L +0.0003% / S −0.0002% | 1h | 4.6726 | +0.004% | $11K | — | 150x | as long as short |
| ApeX Omni LITUSDT | +0.0020% | 1h | 4.6840 | +0.248% | $56K | $76K | 50x | as long as short |
| Injective LIT/USDC PERP | +0.0033% | 1h | 4.8040 | +2.817% | $422 | $178K | 5.5x | as long as short |
| Extended LIT-USD | +0.0048% | 1h | 4.6671 | −0.113% | $5.1M | $5.0M | 25x | as long as short |
| Paradex LIT-USD-PERP | +0.0060% | 8h | 4.6646 | −0.166% | $7K | $2K | 5x | as long as short |
| GRVT LIT_USDT_Perp | +0.0072% | 4h | 4.6863 | +0.298% | $908K | $1.7M | 10x | as long as short |
| RISEx LIT/USDC | +0.0073% | 1h | 4.6727 | +0.007% | $779K | $2.1M | 5x | as long as short |
| Nado LIT-PERP | +0.0074% | 1h | 4.6690 | −0.073% | $2.1M | $1.7M | 10x | as long as short |
| Lighter LIT | +0.0096% | 1h | 4.6701 | −0.049% | $58.2M | $28.5M | 5x | as long as short |
| Lighter RH LIT | +0.0096% | 1h | 4.6706 | −0.039% | $3.6M | $13.1M | 5x | as long as short |
| Hyperliquid LIT | +0.0100% | 1h | 4.6716 | −0.016% | $208.8M | $41.8M | 5x | as long as short |
| Pacifica LIT | +0.0100% | 1h | 4.6668 | −0.120% | $582K | $1.6M | 10x | as long as short |
| Binance LITUSDT | +0.0100% | 4h | 4.6654 | −0.149% | $74.5M | $78.9M | 75x | as long as short |
| Arcus LIT-USD | +0.0100% | 1h | 4.6682 | −0.090% | $122K | $454K | 5x | as long as short |
| Bulk LIT-USD | +0.0100% | 1h | 4.6887 | +0.349% | $117K | $973 | 10x | as long as short |
| MEXC LIT_USDT | +0.0100% | 4h | 4.6650 | −0.158% | $5.5M | $3.9M | 100x | as long as short |
| Bitget LITUSDT | +0.0100% | 4h | 4.6680 | −0.094% | $6.7M | $2.6M | 20x | as long as short |
| edgeX LITUSDC | +0.0100% | 4h | 4.6866 | +0.304% | $286K | $303K | 10x | as long as short |
| Derive LIT-PERP | +0.0100% | 1h | 4.6720 | −0.009% | $2K | — | 6.7x | as long as short |
| SunX LIT-USDT | +0.0100% | 4h | 4.6698 | −0.056% | $4K | $1.2M | 20x | as long as short |
| SoDEX LIT-USD | +0.0100% | 1h | 4.6710 | −0.030% | $2K | $390K | 5x | as long as short |
| HTX LIT-USDT | +0.0100% | 4h | 4.6799 | +0.161% | $198K | $388K | 30x | as long as short |
| Aevo LIT-PERP | +0.0104% | 1h | 4.6696 | −0.059% | $146K | — | 3x | as long as short |
| Aftermath Perps LITUSD | +0.0151% | 1h | 4.6840 | +0.248% | $8K | $206K | 10x | as long as short |
| Aster LITUSDT | +0.0185% | 4h | 4.6726 | +0.005% | $12.5M | $2.0M | 50x | as long as short |
| Perpl LIT | +0.0335% | 43m | 4.6720 | −0.008% | $31K | $794K | 33x | as long as short |
| BloFin LIT-USDT | +0.0340% | 4h | 4.6684 | −0.086% | $1.5M | $1.9M | 75x | as long as short |
| GMX LIT/USD [ETH-USDC] | L +0.0418% / S −0.0217% | 1h | 4.6724 | 0.000% | $62K | — | 50x | as long as short |
KuCoin LITUSDTM
Polymarket Perps LIT-USD
OKX LIT-USDT-SWAP
dYdX LIT-USD
gTrade (Gains Network) LIT/USD
ApeX Omni LITUSDT
Injective LIT/USDC PERP
Extended LIT-USD
Paradex LIT-USD-PERP
GRVT LIT_USDT_Perp
RISEx LIT/USDC
Nado LIT-PERP
Lighter LIT
Lighter RH LIT
Hyperliquid LIT
Pacifica LIT
Binance LITUSDT
Arcus LIT-USD
Bulk LIT-USD
MEXC LIT_USDT
Bitget LITUSDT
edgeX LITUSDC
Derive LIT-PERP
SunX LIT-USDT
SoDEX LIT-USD
HTX LIT-USDT
Aevo LIT-PERP
Aftermath Perps LITUSD
Aster LITUSDT
Perpl LIT
BloFin LIT-USDT
GMX LIT/USD [ETH-USDC]