Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.011%

Price spread now: Gate against Lighter−0.276%7-day average −0.112% · you buy dearer than you sell

Net, funding: paid 7d − costs−$201as in the Funding arb table

Net, price: spread back to 7d avg − costs−$213as in the Price arb table

costs, in and out, $10k−$1971.971% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.039%−$4 on $10k

Price spread, last 4 days (all we have)+0.297%+$30 · spread now −0.276%, 7d avg −0.112%

Together, before fees+0.258%+ Points / potential airdropLighter: Season 3 · farm board+$26 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: Gate is 0.163% cheaper against Lighter than usual: you would sell low and buy high, −$16 on $10k if it goes back to its 7-day average of −0.112%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SPX	0.5079	0.0096	pay 0.0012% / 1h	54m 46s	$117K	$319K	5x
Short	Gate SPX_USDT	0.5065	0.0100	get 0.0050% / 4h	1h 54m	$1.0M	$473K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.276%Rate

Funding earned: $0.84
Price spread: −0.276% → −0.112%: −$16.32
Slippage, 4 orders: −$182.11
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$212.6
Costs to cover: 1.971%
Break-even: 1778.6 days

Slippage from Lighter: live order book, 19 min ago; Gate: live order book, 2 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	22.14 bp	22.1 bp −$22	68.0 bp −$680	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	6.99 bp	70.6 bp −$71	doesn't fit	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
Kraken Futures PF_SPXUSD	−0.1237%	1h	0.5068	−0.209%	$235K	$559K	20x	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−1.969%	$9	$4K	5.5x	as long as short
Lighter SPXlong	+0.0096%	1h	0.5079	long leg	$117K	$319K	5x
Variational Omni SPX	+0.0098%	4h	0.5004	−1.475%	$872K	$1.3M	—	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5077	−0.041%	$9.9M	$7.3M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5052	−0.532%	$126K	$101K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5075	−0.071%	$5.0M	$19.7M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5064	−0.295%	$11.8M	$15.5M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5070	−0.177%	$978K	$2.6M	20x	as long as short
Gate SPX_USDTshort	+0.0100%	4h	0.5065	−0.276%	$1.0M	$473K	50x

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SPX_USDT	+0.0100%	4h	0.5061	−0.354%	$11.5M	$4.6M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5065	−0.276%	$3.8M	$5.2M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5071	−0.158%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5067	−0.236%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5004	−1.477%	$45K	$248K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5066	−0.256%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5062	−0.335%	$8K	$1.6M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5058	−0.410%	$34K	$226K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5063	−0.315%	$250K	$936K	75x	as long as short