Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.017%

Price spread now: Lighter against KuCoin+0.171%7-day average +0.102% · you sell dearer than you buy

Net, funding: paid 7d − costs−$220as in the Funding arb table

Net, price: spread back to 7d avg − costs−$216as in the Price arb table

costs, in and out, $10k−$2232.229% of the position

Long on KuCoin 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)−0.093%−$9 · spread now +0.171%, 7d avg +0.102%

Together, before fees−0.062%+ Points / potential airdropLighter: Season 3 · farm board−$6 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 0.069% dearer against KuCoin than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.102%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin SPXUSDTM	0.5140	0.0100	pay 0.0050% / 4h	3h 00m	$3.7M	$5.4M	50x
Short	Lighter SPX	0.5149	0.0096	get 0.0012% / 1h	0m 55s	$150K	$370K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against KuCoin. 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 KuCoinbpFee LighterbpOrdersPrice spread, now +0.171%Rate

Funding earned: −$0.84
Price spread: +0.171% → +0.102%: $6.9
Slippage, 4 orders: −$210.89
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$216.83
Costs to cover: 2.229%
Break-even: never at this rate

Slippage from KuCoin: live order book, 2 min ago; Lighter: live order book, 44 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 KuCoin live order book, 2 min ago	2.93 bp	110.8 bp −$111	500.1 bp −$5,001	doesn't fit	doesn't fit
Sell Lighter live order book, 44 min ago	27.83 bp	27.8 bp −$28	71.2 bp −$712	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	−3.132%	$9	$4K	5.5x	as long as short
Lighter SPXshort	+0.0096%	1h	0.5149	+0.171%	$150K	$370K	5x
Hyperliquid SPX	+0.0100%	1h	0.5145	+0.095%	$10.4M	$7.9M	5x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5141	+0.019%	$5.1M	$22.3M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5139	−0.019%	$11.7M	$17.0M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5135	−0.097%	$936K	$3.1M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5139	−0.019%	$1.0M	$600K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5143	+0.058%	$11.9M	$5.1M	100x	as long as short
KuCoin SPXUSDTMlong	+0.0100%	4h	0.5140	long leg	$3.7M	$5.4M	50x
Bitget SPXUSDT	+0.0100%	4h	0.5144	+0.078%	$2.7M	$1.5M	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	0.5139	−0.019%	—	$6.9M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5135	−0.105%	$947K	$1.5M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5125	−0.292%	$26K	$254K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5124	−0.311%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5136	−0.085%	$33K	$252K	10x	as long as short
Aster SPXUSDT	+0.0109%	4h	0.5136	−0.073%	$137K	$130K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0204%	4h	0.5146	+0.117%	$20K	$599	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5150	+0.195%	$255K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1221%	1h	0.5152	+0.235%	$252K	$546K	20x	as long as short