Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.013%

Price spread now: Bybit against Lighter−0.158%7-day average −0.187% · you buy dearer than you sell

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$83as in the Price arb table

costs, in and out, $10k−$860.862% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.072%−$7 on $10k

Price spread, last 4 days (all we have)+0.013%+$1 · spread now −0.158%, 7d avg −0.187%

Together, before fees−0.059%+ 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: Bybit is 0.029% dearer against Lighter than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.187%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SPX	0.5061	0.0096	pay 0.0012% / 1h	30m 20s	$136K	$357K	5x
Short	Bybit SPXUSDT	0.5053	0.0100	get 0.0050% / 4h	30m 20s	$11.4M	$16.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.158%Rate

Funding earned: $0.84
Price spread: −0.158% → −0.187%: $2.89
Slippage, 4 orders: −$75.24
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$82.51
Costs to cover: 0.862%
Break-even: 694.6 days

Slippage from Lighter: live order book, 19 min ago; Bybit: live order book, 3 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, 19 min ago	22.24 bp	22.2 bp −$22	69.9 bp −$699	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	2.00 bp	23.0 bp −$23	73.5 bp −$735	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	−1.620%	$9	$4K	5.5x	as long as short
Lighter SPXlong	+0.0096%	1h	0.5061	long leg	$136K	$357K	5x
Hyperliquid SPX	+0.0100%	1h	0.5057	−0.079%	$10.3M	$7.5M	5x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5056	−0.101%	$5.1M	$21.4M	75x	as long as short
Bybit SPXUSDTshort	+0.0100%	4h	0.5053	−0.158%	$11.4M	$16.4M	50x
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5055	−0.119%	$939K	$2.9M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5052	−0.178%	$1.0M	$560K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5054	−0.138%	$12.0M	$4.9M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5055	−0.119%	$3.7M	$5.2M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5054	−0.138%	$2.6M	$1.4M	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	0.5056	−0.099%	—	$6.9M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5033	−0.561%	$847K	$1.4M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5001	−1.186%	$25K	$254K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5054	−0.138%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5061	−0.007%	$33K	$249K	10x	as long as short
Aster SPXUSDT	+0.0150%	4h	0.5046	−0.290%	$135K	$122K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0167%	4h	0.5070	+0.178%	$20K	$599	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5032	−0.573%	$251K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1273%	1h	0.5069	+0.157%	$247K	$550K	20x	as long as short