Funding you earn now, next payment 01:00 UTC+0.0019%/8h= +2.1% APRpaid last 24h +0.027%
Price spread now: Lighter against Binance−0.039%7-day average +0.007% · you buy dearer than you sell
Net, funding: paid 7d − costs+$14as in the Funding arb table
Net, price: spread back to 7d avg − costs−$17as in the Price arb table
costs, in and out, $10k−$120.120% of the position
Funding, last 7 days+0.264%+$26 on $10k
+Price spread, last 2 days (all we have)+0.019%+$2 · spread now −0.039%, 7d avg +0.007%
=Together, before fees+0.282%+ Points / potential airdropLighter: Season 3 · farm board+$28 on $10k · with fees, hour by hour
Funding pays, the price is against you. Lighter is 0.046% cheaper against Binance than usual: you would sell low and buy high (spread −0.039% now, against its 7-day average of +0.007%). If the spread goes back, that is −$5 on $10k: about 7.8 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.264% in total) that is about 29 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Binance SPYUSDT | 774.64 | 0.0013 | pay 0.0013% / 8h | 7h 54m | $28.5M | $82.1M | 50x |
| Short | Lighter SPY | 774.34 | 0.0032 | get 0.0004% / 1h | 54m 27s | $8.2M | $21.2M | 50x |
Binance SPYUSDT
Lighter SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against Binance. 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
- $4.09
- Price spread: −0.039% → +0.007%
- −$4.59
- Slippage, 4 orders
- −$1.99
- Fee Binance: 5 bp × 2 orders
- −$10
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- −$12.49
- Costs to cover
- 0.120%
- Break-even
- 28.4 days
Slippage from Binance: live order book, 3 min ago; Lighter: live order book, 14 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 Binance live order book, 3 min ago | 0.06 bp | 5.1 bp −$5 | 5.9 bp −$59 | 10.2 bp −$1,023 | 30.0 bp −$15.0K |
| Sell Lighter live order book, 14 min ago | 0.65 bp | 0.9 bp −$1 | 4.2 bp −$42 | 23.7 bp −$2,365 | 42.1 bp −$21.1K |
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 | |
|---|---|---|---|---|---|---|---|---|
| BloFin SPY-USDT | −0.0108% | 8h | 774.65 | +0.001% | $412K | $571K | 50x | as long as short |
| Phoenix SPY | −0.0052% | 1h | 774.07 | −0.074% | $161K | $296K | 20x | as long as short |
| Arcus SPY-USD | −0.0016% | 1h | 773.43 | −0.156% | $937K | $1.4M | 50x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 774.52 | −0.016% | $863K | $204K | 20x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.78 | +0.018% | $6.3M | $2.0M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.69 | +0.006% | $7.9M | $3.3M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 774.33 | −0.040% | $762K | $2.3M | 75x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.75 | +0.143% | $2K | $1.5M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.74 | +0.013% | $308K | $20K | 50x | as long as short |
| MEXC SPY_USDT | +0.0012% | 8h | 774.64 | 0.000% | $28.7M | $11.4M | 100x | as long as short |
BloFin SPY-USDT
Phoenix SPY
Arcus SPY-USD
Aster SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
SunX SPY-USDT
HTX SPY-USDT
MEXC SPY_USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance SPYUSDTlong | +0.0013% | 8h | 774.64 | long leg | $28.5M | $82.1M | 50x | |
| Lighter SPYshort | +0.0032% | 1h | 774.34 | −0.039% | $8.2M | $21.2M | 50x | |
| Lighter RH SPY | +0.0040% | 1h | 774.82 | +0.023% | $57.2M | $112.1M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.34 | −0.168% | — | $123K | 50x | as long as short |
| Bitget SPYUSDT | +0.0049% | 8h | 774.71 | +0.009% | $11.0M | $2.5M | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.70 | −0.121% | $4.8M | $847K | 20x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0064% | 1h | 774.00 | −0.083% | $954K | $580K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 774.11 | −0.068% | $2.5M | $952K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 774.00 | −0.083% | $159K | $23K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.58 | −0.008% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 774.11 | −0.068% | $87K | — | 10x | as long as short |
| GRVT SPY_USDT_Perp | +0.0118% | 8h | 774.63 | −0.001% | $157K | $400K | 10x | as long as short |
| Nado SPY-PERP | +0.0122% | 1h | 774.11 | −0.069% | $1.5M | $290K | 20x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0125% | 1h | 774.29 | −0.045% | $23K | $59K | 20x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0208% / S −0.0429% | 1h | 774.64 | +0.001% | $10K | — | 26x | as long as short |
| RISEx SPY/USDC | +0.0320% | 1h | 774.70 | +0.007% | $6.9M | $5.2M | 25x | as long as short |
| edgeX SPYUSDC | +0.0362% | 4h | 774.49 | −0.020% | $640K | $241K | 20x | as long as short |
Lighter RH SPY
Vest SPY-USD-PERP
Bitget SPYUSDT
Ondo Perps SPY-USD.P
Coinbase International SPY-PERP-INTX
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
GRVT SPY_USDT_Perp
Nado SPY-PERP
Deribit SPY_USDC-PERPETUAL
GMX SPY/USD [ETH-USDC]
RISEx SPY/USDC
edgeX SPYUSDC