Funding you earn now, next payment 08:00 UTC+0.0132%/8h= +14.4% APRnext payment +$0.16 per $10,000 · paid last 24h +0.034%
Price spread now: Phoenix against Lighter+0.093%7-day average +0.039% · you sell dearer than you buy
Net, funding: paid 7d − costs−$3as in the Funding arb table
Net, price: spread back to 7d avg − costs−$19as in the Price arb table
costs, in and out, $10k−$240.243% of the position
Funding, last 7 days+0.211%+$21 on $10k
+Price spread, last 4 days (all we have)−0.288%−$29 · spread now +0.093%, 7d avg +0.039%
=Together, before fees−0.077%+ Points / potential airdropLighter: Season 3 · farm board−$8 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Phoenix is 0.054% dearer against Lighter than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.039%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter COIN | 195.23 | 0.0032 | pay 0.0004% / 1h | 36m 32s | $360K | $2.0M | 10x |
| Short | Phoenix COIN | 195.41 | 0.0164 | get 0.0020% / 1h | 36m 32s | $4K | $283K | 10x |
Lighter COIN
Phoenix COINFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Lighter. 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
- $27.65
- Price spread: +0.093% → +0.039%
- $5.44
- Slippage, 4 orders
- −$17.25
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $8.84
- Costs to cover
- 0.243%
- Break-even
- 4.8 days
Slippage from Lighter: live order book, 5 min ago; Phoenix: live order book, 56 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 live order book, 5 min ago | 0.44 bp | 0.7 bp −$1 | 4.7 bp −$47 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 56 min ago | 3.58 bp | 11.6 bp −$12 | 24.5 bp −$245 | doesn't fit | doesn't fit |
COIN on 26 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective COIN/USDC PERP | −0.0440% | 1h | 194.87 | −0.183% | $43K | $40K | 30x | as long as short |
| Bitget COINUSDT | −0.0129% | 8h | 195.38 | +0.078% | $6.3M | $10.3M | 20x | as long as short |
| Vest COIN-USD-PERP | −0.0060% | 1h | 194.77 | −0.235% | — | $324K | 25x | as long as short |
| Aster COINUSDT | 0.0000% | 8h | 195.48 | +0.127% | $341K | $890K | 20x | as long as short |
| Bybit COINUSDT | 0.0000% | 8h | 195.31 | +0.042% | $4.6M | $6.1M | 50x | as long as short |
| OKX COIN-USDT-SWAP | 0.0000% | 8h | 195.24 | +0.006% | $3.0M | $4.6M | 20x | as long as short |
| Gate COIN_USDT | 0.0000% | 8h | 195.42 | +0.098% | $1.2M | $6.8M | 50x | as long as short |
| Variational Omni COIN | 0.0000% | 8h | 195.44 | +0.110% | $659K | $1.0M | — | as long as short |
| GRVT COIN_USDT_Perp | 0.0000% | 8h | 195.57 | +0.175% | $19K | $3.0M | 10x | as long as short |
| Lighter COINlong | +0.0032% | 1h | 195.23 | long leg | $360K | $2.0M | 10x |
Injective COIN/USDC PERP
Bitget COINUSDT
Vest COIN-USD-PERP
Aster COINUSDT
Bybit COINUSDT
OKX COIN-USDT-SWAP
Gate COIN_USDT
Variational Omni COIN
GRVT COIN_USDT_PerpShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter RH COIN | +0.0032% | 1h | 195.28 | +0.027% | $467K | $1.3M | 10x | as long as short |
| Binance COINUSDT | +0.0036% | 8h | 195.30 | +0.039% | $14.8M | $81.6M | 20x | as long as short |
| Extended COIN_24_5-USD | +0.0040% | 1h | 195.27 | +0.022% | $104K | $861K | 10x | as long as short |
| Arcus COIN-USD | +0.0040% | 1h | 195.52 | +0.150% | $17K | $57K | 5x | as long as short |
| QFEX COIN-USD | +0.0047% | 1h | 195.21 | −0.009% | $1.3M | $2.8M | 10x | as long as short |
| tradeXYZ xyz:COIN | +0.0050% | 1h | 195.14 | −0.045% | $15.1M | $12.7M | 10x | as long as short |
| Polymarket Perps COIN-USD | +0.0050% | 1h | 195.15 | −0.040% | $134K | $1.4M | 10x | as long as short |
| SoDEX COIN-USD | +0.0050% | 1h | 195.37 | +0.073% | $79 | $3K | 10x | as long as short |
| Ondo Perps COIN-USD.P | +0.0050% | 1h | 195.25 | +0.011% | $430K | $2.5M | 10x | as long as short |
| KuCoin COINUSDTM | +0.0100% | 8h | 195.27 | +0.022% | $983K | $182K | 20x | as long as short |
| ApeX Omni COINUSDT | +0.0100% | 1h | 195.45 | +0.114% | $88K | $287K | 50x | as long as short |
| Orderly PERP_COIN_USDC_mythos | +0.0100% | 8h | 195.39 | +0.083% | $565 | $4K | 10x | as long as short |
| Aevo COIN-PERP | +0.0104% | 1h | 195.39 | +0.083% | $115 | — | 10x | as long as short |
| BloFin COIN-USDT | +0.0150% | 8h | 195.40 | +0.088% | $187K | $473K | 20x | as long as short |
| Phoenix COINshort | +0.0164% | 1h | 195.41 | +0.093% | $4K | $283K | 10x | |
| edgeX COINUSDC | +0.0462% | 4h | 195.55 | +0.164% | $50K | $294K | 10x | as long as short |
Lighter RH COIN
Binance COINUSDT
Extended COIN_24_5-USD
Arcus COIN-USD
QFEX COIN-USD
tradeXYZ xyz:COIN
Polymarket Perps COIN-USD
SoDEX COIN-USD
Ondo Perps COIN-USD.P
KuCoin COINUSDTM
ApeX Omni COINUSDT
Orderly PERP_COIN_USDC_mythos
Aevo COIN-PERP
BloFin COIN-USDT
edgeX COINUSDC