Funding you earn now, next payment 02:00 UTC−0.0130%/8h= −14.2% APRnext payment −$0.16 per $10,000 · paid last 24h −0.062%
Price spread now: Lighter RH against Phoenix−0.182%7-day average −0.023% · you buy dearer than you sell
Net, funding: paid 7d − costs−$60as in the Funding arb table
Net, price: spread back to 7d avg − costs−$52as in the Price arb table
costs, in and out, $10k−$360.357% of the position
Funding, last 7 days−0.238%−$24 on $10k
+Price spread, last 4 days (all we have)+0.390%+$39 · spread now −0.182%, 7d avg −0.023%
=Together, before fees+0.152%+ Points / potential airdropLighter RH: Points live · farm board+$15 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Lighter RH is 0.159% cheaper against Phoenix than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.023%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix COIN | 197.44 | 0.0162 | pay 0.0020% / 1h | 46m 24s | $5K | $281K | 10x |
| Short | Lighter RH COIN | 197.08 | 0.0032 | get 0.0004% / 1h | 46m 24s | $449K | $1.5M | 10x |
Phoenix COIN
Lighter RH COINFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter RH against Phoenix. 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
- −$27.29
- Price spread: −0.182% → −0.023%
- −$15.91
- Slippage, 4 orders
- −$28.74
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Net
- −$78.95
- Costs to cover
- 0.357%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 11 min ago; Lighter RH: live order book, 1 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 Phoenix live order book, 11 min ago | 4.56 bp | 13.9 bp −$14 | 30.5 bp −$305 | doesn't fit | doesn't fit |
| Sell Lighter RH live order book, 1 min ago | 2.79 bp | 4.2 bp −$4 | 9.9 bp −$99 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Bitget COINUSDT | −0.0767% | 8h | 197.33 | −0.056% | $6.3M | $10.1M | 20x | as long as short |
| Injective COIN/USDC PERP | −0.0440% | 1h | 197.18 | −0.132% | $43K | $48K | 30x | as long as short |
| Gate COIN_USDT | −0.0158% | 8h | 197.23 | −0.106% | $1.2M | $7.0M | 50x | as long as short |
| Vest COIN-USD-PERP | −0.0091% | 1h | 196.69 | −0.380% | — | $284K | 25x | as long as short |
| Aster COINUSDT | 0.0000% | 8h | 197.18 | −0.132% | $348K | $877K | 20x | as long as short |
| Extended COIN_24_5-USD | 0.0000% | 1h | 197.07 | −0.188% | $119K | $691K | 10x | as long as short |
| Binance COINUSDT | 0.0000% | 8h | 197.26 | −0.089% | $15.1M | $78.2M | 20x | as long as short |
| Bybit COINUSDT | 0.0000% | 8h | 197.23 | −0.106% | $4.9M | $5.9M | 50x | as long as short |
| OKX COIN-USDT-SWAP | 0.0000% | 8h | 197.24 | −0.101% | $3.0M | $4.6M | 20x | as long as short |
| Variational Omni COIN | 0.0000% | 8h | 197.61 | +0.084% | $818K | $905K | — | as long as short |
Bitget COINUSDT
Injective COIN/USDC PERP
Gate COIN_USDT
Vest COIN-USD-PERP
Aster COINUSDT
Extended COIN_24_5-USD
Binance COINUSDT
Bybit COINUSDT
OKX COIN-USDT-SWAP
Variational Omni COINShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT COIN_USDT_Perp | 0.0000% | 8h | 197.63 | +0.096% | $14K | $2.1M | 10x | as long as short |
| QFEX COIN-USD | +0.0016% | 1h | 197.09 | −0.177% | $1.3M | $3.5M | 10x | as long as short |
| Lighter COIN | +0.0032% | 1h | 197.10 | −0.173% | $370K | $2.0M | 10x | as long as short |
| Lighter RH COINshort | +0.0032% | 1h | 197.08 | −0.182% | $449K | $1.5M | 10x | |
| Arcus COIN-USD | +0.0040% | 1h | 197.27 | −0.086% | $15K | $54K | 5x | as long as short |
| tradeXYZ xyz:COIN | +0.0050% | 1h | 197.18 | −0.132% | $15.6M | $13.4M | 10x | as long as short |
| Polymarket Perps COIN-USD | +0.0050% | 1h | 197.14 | −0.152% | $125K | $1.2M | 10x | as long as short |
| SoDEX COIN-USD | +0.0050% | 1h | 197.09 | −0.177% | $88 | $3K | 10x | as long as short |
| Ondo Perps COIN-USD.P | +0.0050% | 1h | 197.06 | −0.192% | $350K | $3.0M | 10x | as long as short |
| KuCoin COINUSDTM | +0.0100% | 8h | 197.23 | −0.106% | $993K | $143K | 20x | as long as short |
| ApeX Omni COINUSDT | +0.0100% | 1h | 197.16 | −0.142% | $89K | $286K | 50x | as long as short |
| Orderly PERP_COIN_USDC_mythos | +0.0100% | 8h | 197.24 | −0.101% | $570 | $4K | 10x | as long as short |
| Aevo COIN-PERP | +0.0104% | 1h | 197.21 | −0.118% | $116 | — | 10x | as long as short |
| BloFin COIN-USDT | +0.0120% | 8h | 197.10 | −0.172% | — | $389K | 20x | as long as short |
| Phoenix COINlong | +0.0162% | 1h | 197.44 | long leg | $5K | $281K | 10x | |
| edgeX COINUSDC | +0.0349% | 4h | 197.26 | −0.093% | $51K | $295K | 10x | as long as short |
GRVT COIN_USDT_Perp
QFEX COIN-USD
Lighter COIN
Arcus 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