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 −0.009%

Price spread now: OKX against Lighter−0.018%7-day average −0.191% · you buy dearer than you sell

Net, funding: paid 7d − costs−$108as in the Funding arb table

Net, price: spread back to 7d avg − costs−$89as in the Price arb table

costs, in and out, $10k−$1071.068% of the position

Long on Lighter Short on OKX

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)−0.132%−$13 · spread now −0.018%, 7d avg −0.191%

Together, before fees−0.146%+ Points / potential airdropLighter: Season 3 · farm board−$15 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: OKX is 0.173% dearer against Lighter than usual: you sell high and buy low, +$17 on $10k if it goes back to its 7-day average of −0.191%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SPX	0.4961	0.0096	pay 0.0012% / 1h	9m 56s	$114K	$319K	5x
Short	OKX SPX-USDT-SWAP	0.4960	0.0100	get 0.0050% / 4h	1h 09m	$969K	$2.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.018%Rate

Funding earned: $0.84
Price spread: −0.018% → −0.191%: $17.33
Slippage, 4 orders: −$96.81
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$88.64
Costs to cover: 1.068%
Break-even: 745.6 days

Slippage from Lighter: live order book, 64 min ago; OKX: 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, 64 min ago	22.14 bp	22.1 bp −$22	68.0 bp −$680	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	5.01 bp	35.5 bp −$36	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	−0.1264%	1h	0.4958	−0.068%	$231K	$555K	20x	as long as short
Variational Omni SPX	−0.0007%	4h	0.4983	+0.442%	$840K	$1.3M	—	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	+0.365%	$9	$4K	5.5x	as long as short
Lighter SPXlong	+0.0096%	1h	0.4961	long leg	$114K	$319K	5x
Hyperliquid SPX	+0.0100%	1h	0.4961	−0.002%	$9.6M	$7.5M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.4956	−0.098%	$124K	$107K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.4962	+0.022%	$4.9M	$20.7M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.4956	−0.099%	$11.5M	$15.8M	50x	as long as short
OKX SPX-USDT-SWAPshort	+0.0100%	4h	0.4960	−0.018%	$969K	$2.7M	20x
Gate SPX_USDT	+0.0100%	4h	0.4955	−0.119%	$1.0M	$494K	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	0.4960	−0.018%	$11.2M	$4.7M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.4960	−0.018%	$3.7M	$5.2M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.4958	−0.058%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.4959	−0.038%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.4980	+0.385%	$45K	$247K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.4963	+0.042%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.4951	−0.200%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.4958	−0.049%	$34K	$228K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.4993	+0.647%	$251K	$946K	75x	as long as short