Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.009%

Price spread now: Lighter against BingX−0.122%7-day average +0.116% · you buy dearer than you sell

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs−$110as in the Price arb table

costs, in and out, $10k−$860.860% of the position

Long on BingX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.014%+$1 on $10k

Price spread, last 4 days (all we have)+0.012%+$1 · spread now −0.122%, 7d avg +0.116%

Together, before fees+0.025%+ Points / potential airdropLighter: Season 3 · farm board+$3 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 is 0.238% cheaper against BingX than usual: you would sell low and buy high, −$24 on $10k if it goes back to its 7-day average of +0.116%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX SPX-USDT	0.5018	0.0100	pay 0.0050% / 4h	2h 53m	—	$6.9M	—
Short	Lighter SPX	0.5012	0.0096	get 0.0012% / 1h	53m 58s	$116K	$318K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BingX. 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 BingXbpFee LighterbpOrdersPrice spread, now −0.122%Rate

Funding earned: −$0.84
Price spread: −0.122% → +0.116%: −$23.8
Slippage, 4 orders: −$76.02
Fee BingX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$110.66
Costs to cover: 0.860%
Break-even: never at this rate

Slippage from BingX: live order book, 14 min ago; Lighter: live order book, 29 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 BingX live order book, 14 min ago	7.91 bp	24.0 bp −$24	54.5 bp −$545	315.1 bp −$31.5K	1237.9 bp −$618.9K
Sell Lighter live order book, 29 min ago	20.35 bp	20.3 bp −$20	63.5 bp −$635	doesn't fit	doesn't fit

SPX on 19 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
Kraken Futures PF_SPXUSD	−0.0415%	1h	0.5006	−0.231%	$229K	$560K	20x	as long as short
Variational Omni SPX	−0.0007%	4h	0.5025	+0.149%	$847K	$1.3M	—	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−0.777%	$9	$4K	5.5x	as long as short
Lighter SPXshort	+0.0096%	1h	0.5012	−0.122%	$116K	$318K	5x
Hyperliquid SPX	+0.0100%	1h	0.5017	−0.028%	$9.8M	$7.1M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5022	+0.080%	$123K	$97K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5020	+0.047%	$5.0M	$19.6M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5013	−0.100%	$11.6M	$15.4M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5017	−0.020%	$978K	$2.6M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5006	−0.239%	$1.0M	$476K	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SPX_USDT	+0.0100%	4h	0.5019	+0.020%	$11.5M	$4.5M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5013	−0.100%	$3.8M	$5.2M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5018	0.000%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDTlong	+0.0100%	4h	0.5018	long leg	—	$6.9M	—
ApeX Omni SPXUSDT	+0.0100%	1h	0.5031	+0.259%	$45K	$248K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5019	+0.020%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5005	−0.259%	$8K	$1.6M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5017	−0.020%	$34K	$227K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5035	+0.339%	$254K	$920K	75x	as long as short