Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.002%

Price spread now: Lighter against Gate−0.060%7-day average +0.113% · you buy dearer than you sell

Net, funding: paid 7d − costs−$198as in the Funding arb table

Net, price: spread back to 7d avg − costs−$219as in the Price arb table

costs, in and out, $10k−$2022.016% of the position

Long on Gate Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.031%+$3 on $10k

Price spread, last 4 days (all we have)+0.147%+$15 · spread now −0.060%, 7d avg +0.113%

Together, before fees+0.178%+ Points / potential airdropLighter: Season 3 · farm board+$18 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 0.174% cheaper against Gate than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of +0.113%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate SPX_USDT	0.5157	0.0100	pay 0.0050% / 4h	1h 43m	$1.0M	$640K	50x
Short	Lighter SPX	0.5154	0.0096	get 0.0012% / 1h	43m 15s	$141K	$404K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Gate. 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 GatebpFee LighterbpOrdersPrice spread, now −0.060%Rate

Funding earned: −$0.84
Price spread: −0.060% → +0.113%: −$17.35
Slippage, 4 orders: −$186.61
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter: 0 bp × 2 orders: $0
Net: −$219.8
Costs to cover: 2.016%
Break-even: never at this rate

Slippage from Gate: live order book, 4 min ago; Lighter: 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 Gate live order book, 4 min ago	7.74 bp	71.2 bp −$71	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 56 min ago	26.94 bp	27.0 bp −$27	91.6 bp −$916	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
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−3.452%	$9	$4K	5.5x	as long as short
Lighter SPXshort	+0.0096%	1h	0.5154	−0.060%	$141K	$404K	5x
Aster SPXUSDT	+0.0100%	4h	0.5163	+0.114%	$138K	$93K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5150	−0.141%	$5.2M	$23.8M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5152	−0.097%	$11.8M	$17.7M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5142	−0.291%	$975K	$3.4M	20x	as long as short
Gate SPX_USDTlong	+0.0100%	4h	0.5157	long leg	$1.0M	$640K	50x
MEXC SPX_USDT	+0.0100%	4h	0.5154	−0.058%	$11.9M	$5.3M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5159	+0.039%	$3.7M	$5.4M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5163	+0.116%	$2.7M	$1.6M	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SPX-USDT	+0.0100%	4h	0.5154	−0.058%	—	$6.9M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5144	−0.250%	$957K	$1.5M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5171	+0.271%	$27K	$254K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5145	−0.233%	$8K	$1.8M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5147	−0.187%	$34K	$242K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0182%	4h	0.5160	+0.058%	$20K	$599	10x	as long as short
Hyperliquid SPX	+0.0311%	1h	0.5158	+0.023%	$10.4M	$8.2M	5x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5157	0.000%	$262K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1606%	1h	0.5158	+0.019%	$255K	$556K	20x	as long as short