Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0045%/8h= +4.9% APRpaid last 24h −0.004%

Price spread now: Orderly against Lighter−0.171%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Funding pays, the price is against you. Orderly is 0.171% cheaper against Lighter than usual: you would sell low and buy high (spread −0.171% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$17 on $10k: about 13 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SPX	0.5086	0.0096	pay 0.0012% / 1h	41m 20s	$136K	$359K	5x
Short	Orderly PERP_SPX_USDC	0.5077	0.0141	get 0.0070% / 4h	1h 41m	$20K	$599	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.171%Rate

Funding earned: $9.35
Price spread: −0.171% → 0.000%: −$17.11
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$13.75
Costs to cover: 0.060%
Break-even: 17.3 days

Slippage unknown: Lighter: live order book, 13 min ago; Orderly: no order-book sample. Net counts fees only.

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, 13 min ago	23.01 bp	23.1 bp −$23	63.0 bp −$630	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−2.098%	$9	$4K	5.5x	as long as short
Lighter SPXlong	+0.0096%	1h	0.5086	long leg	$136K	$359K	5x
Hyperliquid SPX	+0.0100%	1h	0.5071	−0.299%	$10.2M	$7.4M	5x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5069	−0.328%	$5.1M	$21.1M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5064	−0.427%	$11.5M	$16.1M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5060	−0.505%	$947K	$2.9M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5079	−0.132%	$1.0M	$555K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5067	−0.368%	$11.8M	$4.7M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5076	−0.191%	$3.7M	$5.3M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5071	−0.289%	$2.7M	$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	0.5066	−0.387%	—	$6.9M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5062	−0.474%	$875K	$1.4M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5109	+0.458%	$46K	$243K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5094	+0.163%	$8K	$1.6M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5068	−0.344%	$34K	$251K	10x	as long as short
Orderly PERP_SPX_USDCshort	+0.0141%	4h	0.5077	−0.171%	$20K	$599	10x
Aster SPXUSDT	+0.0171%	4h	0.5103	+0.343%	$130K	$111K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5088	+0.045%	$258K	$1.1M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1412%	1h	0.5108	+0.447%	$253K	$544K	20x	as long as short