Funding you earn now, next payment 00:00 UTC+0.0298%/8h= +32.6% APRnext payment +$0.37 per $10,000 · paid last 24h +0.056%
Price spread now: Lighter against Arcus+0.102%7-day average +0.021% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$2as in the Price arb table
costs, in and out, $10k−$100.101% of the position
Funding, last 3 days (all we have)+0.012%+$1 on $10k
+Price spread, last 7 days−0.148%−$15 · spread now +0.102%, 7d avg +0.021%
=Together, before fees−0.135%+ Points / potential airdropLighter: Season 3 · farm board−$14 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Lighter is 0.082% dearer against Arcus than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.021%.
The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.012% in total (about 1.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.37 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 | Arcus SPY-USD | 773.48 | −0.0266 | get 0.0033% / 1h | 21m 41s | $941K | $1.4M | 50x |
| Short | Lighter SPY | 774.27 | 0.0032 | get 0.0004% / 1h | 21m 41s | $8.2M | $22.3M | 50x |
Arcus SPY-USD
Lighter SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against Arcus. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $62.48
- Price spread: +0.102% → +0.021%
- $8.16
- Slippage, 4 orders
- −$5.56
- Fee Arcus: 2.25 bp × 2 orders
- −$4.5
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- $60.58
- Costs to cover
- 0.101%
- Break-even
- 0.2 days
Slippage from Arcus: live order book, 2 min ago; Lighter: live order book, 7 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 Arcus live order book, 2 min ago | 0.06 bp | 3.8 bp −$4 | 3.9 bp −$39 | doesn't fit | doesn't fit |
| Sell Lighter live order book, 7 min ago | 0.52 bp | 0.7 bp −$1 | 3.4 bp −$34 | 22.4 bp −$2,240 | 40.8 bp −$20.4K |
SPY on 27 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 | |
|---|---|---|---|---|---|---|---|---|
| Arcus SPY-USDlong | −0.0266% | 1h | 773.48 | long leg | $941K | $1.4M | 50x | |
| BloFin SPY-USDT | −0.0120% | 8h | 774.50 | +0.132% | $414K | $726K | 50x | as long as short |
| Phoenix SPY | −0.0052% | 1h | 773.85 | +0.048% | $161K | $296K | 20x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 774.30 | +0.106% | $863K | $204K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.46 | +0.126% | $28.6M | $82.9M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.44 | +0.124% | $6.2M | $2.1M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.42 | +0.122% | $7.9M | $3.4M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.93 | +0.058% | $755K | $2.3M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.46 | +0.127% | $28.0M | $11.8M | 100x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.56 | +0.269% | $2K | $1.5M | 10x | as long as short |
BloFin SPY-USDT
Phoenix SPY
Aster SPYUSDT
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
SunX SPY-USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX SPY-USDT | 0.0000% | 8h | 774.67 | +0.154% | $308K | $20K | 50x | as long as short |
| GRVT SPY_USDT_Perp | +0.0004% | 8h | 774.60 | +0.145% | $157K | $411K | 10x | as long as short |
| Lighter SPYshort | +0.0032% | 1h | 774.27 | +0.102% | $8.2M | $22.3M | 50x | |
| Lighter RH SPY | +0.0032% | 1h | 774.58 | +0.142% | $56.9M | $119.3M | 50x | as long as short |
| Bitget SPYUSDT | +0.0033% | 8h | 774.49 | +0.131% | $11.0M | $2.6M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.18 | −0.039% | — | $123K | 50x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0048% | 1h | 773.56 | +0.010% | $955K | $584K | 20x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.84 | +0.047% | $4.8M | $847K | 20x | as long as short |
| Nado SPY-PERP | +0.0083% | 1h | 773.91 | +0.055% | $1.5M | $293K | 20x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0099% | 1h | 774.17 | +0.089% | $23K | $58K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.80 | +0.041% | $2.5M | $968K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 773.85 | +0.048% | $159K | $23K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.39 | +0.118% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.97 | +0.064% | $87K | — | 10x | as long as short |
| RISEx SPY/USDC | +0.0110% | 1h | 774.61 | +0.146% | $6.9M | $5.2M | 25x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0208% / S −0.0429% | 1h | 774.50 | +0.131% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0724% | 4h | 774.33 | +0.110% | $640K | $241K | 20x | as long as short |
HTX SPY-USDT
GRVT SPY_USDT_Perp
Lighter RH SPY
Bitget SPYUSDT
Vest SPY-USD-PERP
Coinbase International SPY-PERP-INTX
Ondo Perps SPY-USD.P
Nado SPY-PERP
Deribit SPY_USDC-PERPETUAL
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
RISEx SPY/USDC
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC