Funding arb · Price arb /

SPX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.009%

Price spread now: Lighter against OKX+0.016%7-day average +0.191% · you sell dearer than you buy

Net, funding: paid 7d − costs−$117as in the Funding arb table

Net, price: spread back to 7d avg − costs−$136as in the Price arb table

costs, in and out, $10k−$1181.184% of the position

Long on OKX Short on Lighter

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)+0.134%+$13 · spread now +0.016%, 7d avg +0.191%

Together, before fees+0.148%+ 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: Lighter is 0.176% cheaper against OKX than usual: you would sell low and buy high, −$18 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	OKX SPX-USDT-SWAP	0.5048	0.0100	pay 0.0050% / 4h	53m 34s	$966K	$2.8M	20x
Short	Lighter SPX	0.5049	0.0096	get 0.0012% / 1h	53m 34s	$116K	$318K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against OKX. 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 OKXbpFee LighterbpOrdersPrice spread, now +0.016%Rate

Funding earned: −$0.84
Price spread: +0.016% → +0.191%: −$17.56
Slippage, 4 orders: −$108.4
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$136.8
Costs to cover: 1.184%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Lighter: live order book, 16 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 OKX live order book, 4 min ago	1.98 bp	27.7 bp −$28	948.4 bp −$9,484	doesn't fit	doesn't fit
Sell Lighter live order book, 16 min ago	25.58 bp	25.6 bp −$26	80.0 bp −$800	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	−0.1176%	1h	0.5067	+0.371%	$241K	$560K	20x	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−1.367%	$9	$4K	5.5x	as long as short
Variational Omni SPX	+0.0062%	4h	0.5034	−0.271%	$847K	$1.3M	—	as long as short
Lighter SPXshort	+0.0096%	1h	0.5049	+0.016%	$116K	$318K	5x
Hyperliquid SPX	+0.0100%	1h	0.5044	−0.069%	$9.7M	$7.5M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5053	+0.098%	$128K	$108K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5047	−0.020%	$4.9M	$20.9M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5039	−0.178%	$11.5M	$16.0M	50x	as long as short
OKX SPX-USDT-SWAPlong	+0.0100%	4h	0.5048	long leg	$966K	$2.8M	20x
Gate SPX_USDT	+0.0100%	4h	0.5052	+0.079%	$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	0.5045	−0.059%	$11.3M	$4.7M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5052	+0.079%	$3.8M	$5.3M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5046	−0.040%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5044	−0.079%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5032	−0.317%	$45K	$247K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5067	+0.376%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5051	+0.059%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5046	−0.039%	$34K	$228K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5052	+0.079%	$244K	$962K	75x	as long as short