Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0441%/8hnext payment −$0.55 per $10,000 · paid last 24h −0.033%

Price spread now: Lighter RH against Deribit−0.171%7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$250.246% of the position

Long on Deribit Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.053%−$5 on $10k

Price spread, last 3 days (all we have)+0.190%+$19 · spread now −0.171%, 7d avg −0.030%

Together, before fees+0.138%+ Points / potential airdropLighter RH: Points live · farm board+$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Lighter RH is 0.141% cheaper against Deribit than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.030%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.053% in total (about -4.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.55 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit SPCX_USDC-PERPETUAL	152.19	0.0473	pay 0.0059% / 1h	5m 23s	$70K	$995K	10x
Short	Lighter RH SPCX	151.93	0.0032	get 0.0004% / 1h	5m 23s	$2.4M	$7.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Deribit. 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 DeribitbpFee Lighter RHbpOrdersPrice spread, now −0.171%Rate

Funding earned: −$92.67
Price spread: −0.171% → −0.030%: −$14.07
Slippage, 4 orders: −$17.56
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$131.31
Costs to cover: 0.246%
Break-even: never at this rate

Slippage from Deribit: live order book, 28 min ago; Lighter RH: live order book, 3 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 Deribit live order book, 28 min ago	4.27 bp	8.4 bp −$8	12.4 bp −$124	doesn't fit	doesn't fit
Sell Lighter RH live order book, 3 min ago	0.33 bp	3.6 bp −$4	6.0 bp −$60	38.1 bp −$3,813	doesn't fit

SPCX on 39 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
GMX SPCX/USD [ETH-USDC]	L −0.0207% / S +0.0442%	1h	152.06	−0.089%	$88K	—	20x	as long as short
BloFin SPCX-USDT	−0.0049%	8h	152.12	−0.046%	$1.9M	$1.3M	75x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.03	−0.105%	$96.4M	$30.5M	100x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.49	+13.342%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.04	−0.099%	$300K	$3.1M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.14	−0.033%	$8K	$996K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.09	−0.066%	$1.3M	$1.6M	75x	as long as short
Lighter SPCX	+0.0032%	1h	151.90	−0.191%	$1.6M	$7.1M	20x	as long as short
Lighter RH SPCXshort	+0.0032%	1h	151.93	−0.171%	$2.4M	$7.5M	20x
Injective SPCX/USDC PERP	+0.0033%	1h	157.25	+3.325%	$9K	$27K	5.5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX SPCX-USDT-SWAP	+0.0037%	8h	152.19	0.000%	$39.2M	$164.5M	75x	as long as short
Variational Omni SPCX	+0.0039%	8h	152.09	−0.063%	$6.0M	$4.4M	—	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.05	−0.092%	—	$948K	10x	as long as short
tradeXYZ xyz:SPCX	+0.0050%	1h	152.04	−0.099%	$129.6M	$102.7M	20x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	151.94	−0.164%	$487K	$1.1M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.17	−0.013%	$1.7M	$80K	20x	as long as short
Phemex SPCXUSDT	+0.0050%	8h	152.00	−0.125%	$536K	$392K	50x	as long as short
Ondo Perps SPCX-USD.P	+0.0050%	1h	151.91	−0.184%	$3.1M	$2.5M	10x	as long as short
QFEX SPCX-USD	+0.0060%	1h	151.99	−0.131%	$1.2M	$7.5M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0062%	8h	152.01	−0.117%	$100	—	5x	as long as short
Bybit SPCXUSDT	+0.0062%	8h	152.15	−0.026%	$30.5M	$40.8M	100x	as long as short
Aster SPCXUSD1	+0.0069%	8h	152.04	−0.096%	$17.8M	$19.6M	20x	as long as short
Extended SPCX-USD	+0.0072%	1h	152.16	−0.017%	$712K	$3.5M	10x	as long as short
Binance SPCXUSDT	+0.0074%	8h	152.11	−0.050%	$253.6M	$1.35B	75x	as long as short
Pacifica SPCX	+0.0100%	1h	151.93	−0.171%	$175K	$137K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	151.94	−0.164%	$13.0M	$4.9M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	151.97	−0.145%	$58K	$270K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.10	−0.059%	$14K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.20	+0.006%	$88	—	10x	as long as short
edgeX SPCXUSDC	+0.0129%	4h	152.34	+0.096%	$1.7M	$893K	20x	as long as short
Aftermath Perps SPCXUSD	+0.0141%	1h	152.02	−0.111%	$7K	$10K	10x	as long as short
Bullet SPCX-USD	+0.0154%	1h	152.11	−0.053%	$11K	$191K	10x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0176%	1h	152.06	−0.085%	$747K	$928K	10x	as long as short
Phoenix SPCX	+0.0210%	1h	152.13	−0.039%	$370K	$186K	15x	as long as short
Arcus SPCX-USD	+0.0250%	1h	151.97	−0.145%	$105K	$296K	5x	as long as short
Nado SPCX-PERP	+0.0260%	1h	151.95	−0.158%	$669K	$838K	20x	as long as short
Bitget SPCXUSDT	+0.0267%	8h	152.19	0.000%	$29.3M	$64.0M	75x	as long as short
RISEx SPCX/USDC	+0.0357%	1h	152.04	−0.097%	$319K	$481K	20x	as long as short
Deribit SPCX_USDC-PERPETUALlong	+0.0473%	1h	152.19	long leg	$70K	$995K	10x