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: Binance against Lighter+0.064%7-day average −0.043% · you sell dearer than you buy

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$750.749% of the position

Long on Lighter Short on Binance

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)−0.021%−$2 · spread now +0.064%, 7d avg −0.043%

Together, before fees−0.035%+ 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: Binance is 0.107% dearer against Lighter than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of −0.043%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SPX	0.5016	0.0096	pay 0.0012% / 1h	49m 48s	$116K	$318K	5x
Short	Binance SPXUSDT	0.5019	0.0100	get 0.0050% / 4h	2h 49m	$5.0M	$19.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Lighter. 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 LighterbpFee BinancebpOrdersPrice spread, now +0.064%Rate

Funding earned: $0.84
Price spread: +0.064% → −0.043%: $10.66
Slippage, 4 orders: −$64.93
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$63.43
Costs to cover: 0.749%
Break-even: 535.6 days

Slippage from Lighter: live order book, 33 min ago; Binance: live order book, 6 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 Lighter live order book, 33 min ago	20.35 bp	20.3 bp −$20	67.1 bp −$671	doesn't fit	doesn't fit
Sell Binance live order book, 6 min ago	0.99 bp	17.4 bp −$17	62.1 bp −$621	381.2 bp −$38.1K	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	−0.0414%	1h	0.5013	−0.064%	$230K	$560K	20x	as long as short
Variational Omni SPX	−0.0022%	4h	0.5000	−0.315%	$844K	$1.3M	—	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−0.734%	$9	$4K	5.5x	as long as short
Lighter SPXlong	+0.0096%	1h	0.5016	long leg	$116K	$318K	5x
Hyperliquid SPX	+0.0100%	1h	0.5021	+0.100%	$9.8M	$7.1M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5014	−0.041%	$123K	$97K	10x	as long as short
Binance SPXUSDTshort	+0.0100%	4h	0.5019	+0.064%	$5.0M	$19.5M	75x
Bybit SPXUSDT	+0.0100%	4h	0.5012	−0.076%	$11.6M	$15.4M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5014	−0.036%	$977K	$2.6M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5013	−0.056%	$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	0.5016	+0.004%	$11.5M	$4.5M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5014	−0.036%	$3.8M	$5.2M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5015	−0.016%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5007	−0.175%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5016	+0.004%	$45K	$248K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5020	+0.084%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5009	−0.136%	$8K	$1.6M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5017	+0.016%	$34K	$227K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5012	−0.076%	$253K	$910K	75x	as long as short