Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0092%/8h= −10.1% APRpaid last 24h +0.004%

Price spread now: Lighter against Orderly0.000%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Lighter

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_SPX_USDC	0.5057	0.0188	pay 0.0094% / 4h	0m 55s	$20K	$599	10x
Short	Lighter SPX	0.5057	0.0096	get 0.0012% / 1h	0m 55s	$136K	$357K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. 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 OrderlybpFee LighterbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$19.42
Price spread: 0.000% → 0.000%: $0
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: −$25.42
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 49 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter live order book, 49 min ago	22.24 bp	22.3 bp −$22	79.3 bp −$793	doesn't fit	doesn't fit

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	−1.542%	$9	$4K	5.5x	as long as short
Lighter SPXshort	+0.0096%	1h	0.5057	0.000%	$136K	$357K	5x
Hyperliquid SPX	+0.0100%	1h	0.5060	+0.055%	$10.2M	$7.6M	5x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5057	0.000%	$5.1M	$21.6M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5052	−0.099%	$11.4M	$16.4M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5057	0.000%	$939K	$2.9M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5054	−0.059%	$1.0M	$568K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5058	+0.020%	$11.7M	$4.9M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5062	+0.099%	$3.7M	$5.3M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5058	+0.020%	$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	0.5053	−0.079%	—	$6.9M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5056	−0.027%	$852K	$1.4M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5037	−0.395%	$26K	$254K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5048	−0.178%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5057	−0.007%	$33K	$241K	10x	as long as short
Aster SPXUSDT	+0.0176%	4h	0.5039	−0.356%	$134K	$122K	10x	as long as short
Orderly PERP_SPX_USDClong	+0.0188%	4h	0.5057	long leg	$20K	$599	10x
BloFin SPX-USDT	+0.0340%	4h	0.5064	+0.138%	$250K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1276%	1h	0.5060	+0.067%	$247K	$550K	20x	as long as short