Funding arb · Price arb /

SPX

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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 Bitget+0.036%7-day average +0.066% · you sell dearer than you buy

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$830.832% of the position

Long on Bitget 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)−0.028%−$3 · spread now +0.036%, 7d avg +0.066%

Together, before fees−0.014%+ Points / potential airdropLighter: Season 3 · farm board−$1 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 0.030% cheaper against Bitget than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.066%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget SPXUSDT	0.5026	0.0100	pay 0.0050% / 4h	2h 15m	$2.6M	$1.4M	50x
Short	Lighter SPX	0.5028	0.0096	get 0.0012% / 1h	15m 40s	$116K	$319K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bitget. 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 BitgetbpFee LighterbpOrdersPrice spread, now +0.036%Rate

Funding earned: −$0.84
Price spread: +0.036% → +0.066%: −$3.01
Slippage, 4 orders: −$71.24
Fee Bitget: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$87.09
Costs to cover: 0.832%
Break-even: never at this rate

Slippage from Bitget: live order book, 2 min ago; Lighter: live order book, 67 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 Bitget live order book, 2 min ago	7.94 bp	14.4 bp −$14	61.8 bp −$618	doesn't fit	doesn't fit
Sell Lighter live order book, 67 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	−0.0413%	1h	0.5026	+0.006%	$233K	$560K	20x	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−0.935%	$9	$4K	5.5x	as long as short
Lighter SPXshort	+0.0096%	1h	0.5028	+0.036%	$116K	$319K	5x
Variational Omni SPX	+0.0100%	4h	0.5039	+0.253%	$877K	$1.3M	—	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5028	+0.030%	$9.8M	$7.2M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5027	+0.018%	$124K	$97K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5026	+0.006%	$4.9M	$19.5M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5020	−0.119%	$11.6M	$15.4M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5016	−0.199%	$973K	$2.6M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5024	−0.040%	$1.0M	$477K	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	0.5024	−0.040%	$11.5M	$4.6M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5026	0.000%	$3.8M	$5.2M	50x	as long as short
Bitget SPXUSDTlong	+0.0100%	4h	0.5026	long leg	$2.6M	$1.4M	50x
BingX SPX-USDT	+0.0100%	4h	0.5023	−0.060%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5043	+0.338%	$45K	$248K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5036	+0.199%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5020	−0.119%	$8K	$1.6M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5023	−0.053%	$34K	$226K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5037	+0.219%	$250K	$915K	75x	as long as short