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: BingX against Lighter−0.038%7-day average −0.116% · you buy dearer than you sell

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$890.894% of the position

Long on Lighter Short on BingX

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)+0.148%+$15 · spread now −0.038%, 7d avg −0.116%

Together, before fees+0.134%+ Points / potential airdropLighter: Season 3 · farm board+$13 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: BingX is 0.079% dearer against Lighter than usual: you sell high and buy low, +$8 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	Lighter SPX	0.5015	0.0096	pay 0.0012% / 1h	49m 04s	$116K	$318K	5x
Short	BingX SPX-USDT	0.5013	0.0100	get 0.0050% / 4h	2h 49m	—	$6.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.038%Rate

Funding earned: $0.84
Price spread: −0.038% → −0.116%: $7.86
Slippage, 4 orders: −$79.35
Fee Lighter: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: −$80.66
Costs to cover: 0.894%
Break-even: 679.1 days

Slippage from Lighter: live order book, 34 min ago; BingX: live order book, 4 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, 34 min ago	20.35 bp	20.3 bp −$20	67.1 bp −$671	doesn't fit	doesn't fit
Sell BingX live order book, 4 min ago	6.99 bp	24.5 bp −$25	56.2 bp −$562	218.0 bp −$21.8K	1069.0 bp −$534.5K

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	0.5010	−0.095%	$230K	$560K	20x	as long as short
Variational Omni SPX	−0.0022%	4h	0.5000	−0.297%	$844K	$1.3M	—	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−0.716%	$9	$4K	5.5x	as long as short
Lighter SPXlong	+0.0096%	1h	0.5015	long leg	$116K	$318K	5x
Hyperliquid SPX	+0.0100%	1h	0.5016	+0.022%	$9.8M	$7.1M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5016	+0.018%	$123K	$97K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5013	−0.043%	$5.0M	$19.5M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5006	−0.177%	$11.6M	$15.4M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5008	−0.138%	$975K	$2.6M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5009	−0.118%	$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	0.5012	−0.058%	$11.5M	$4.5M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5010	−0.098%	$3.8M	$5.2M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5011	−0.078%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDTshort	+0.0100%	4h	0.5013	−0.038%	—	$6.9M	—
ApeX Omni SPXUSDT	+0.0100%	1h	0.5009	−0.118%	$45K	$248K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5020	+0.102%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5004	−0.217%	$8K	$1.6M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5011	−0.087%	$34K	$227K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5013	−0.038%	$254K	$907K	75x	as long as short