Funding you earn now, next payment 11:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.025%
Price spread now: Lighter against Bybit−0.031%7-day average −0.069% · you buy dearer than you sell
Net, funding: paid 7d − costs−$4as in the Funding arb table
Net, price: spread back to 7d avg − costs−$12as in the Price arb table
costs, in and out, $10k−$160.162% of the position
Funding, last 7 days+0.121%+$12 on $10k
+Price spread, last 7 days−0.104%−$10 · spread now −0.031%, 7d avg −0.069%
=Together, before fees+0.017%+ Points / potential airdropLighter: Season 3 · farm board+$2 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Lighter is 0.038% dearer against Bybit than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.069%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bybit SPYUSDT | 774.94 | 0 | get 0.0000% / 8h | 5h 51m | $6.2M | $1.5M | 100x |
| Short | Lighter SPY | 774.70 | 0.0032 | get 0.0004% / 1h | 51m 36s | $7.8M | $16.3M | 50x |
Bybit SPYUSDT
Lighter SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against Bybit. 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
- $6.72
- Price spread: −0.031% → −0.069%
- $3.76
- Slippage, 4 orders
- −$5.19
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- −$5.71
- Costs to cover
- 0.162%
- Break-even
- 12.9 days
Slippage from Bybit: live order book, 4 min ago; Lighter: live order book, 5 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 Bybit live order book, 4 min ago | 0.71 bp | 7.1 bp −$7 | 10.9 bp −$109 | 43.9 bp −$4,385 | doesn't fit |
| Sell Lighter live order book, 5 min ago | 0.45 bp | 0.6 bp −$1 | 3.1 bp −$31 | 18.1 bp −$1,811 | 36.2 bp −$18.1K |
SPY on 27 exchanges
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 | |
|---|---|---|---|---|---|---|---|---|
| ApeX Omni SPYUSDT | −0.0507% | 1h | 773.49 | −0.187% | $164K | $22K | 50x | as long as short |
| BloFin SPY-USDT | −0.0120% | 8h | 774.83 | −0.014% | $416K | $419K | 50x | as long as short |
| Nado SPY-PERP | −0.0015% | 1h | 774.51 | −0.056% | $1.5M | $282K | 20x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 774.66 | −0.036% | $863K | $200K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.91 | −0.004% | $28.5M | $75.7M | 50x | as long as short |
| Bybit SPYUSDTlong | 0.0000% | 8h | 774.94 | long leg | $6.2M | $1.5M | 100x | |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.86 | −0.010% | $7.8M | $3.1M | 50x | as long as short |
| RISEx SPY/USDC | 0.0000% | 1h | 774.83 | −0.015% | $7.1M | $3.3M | 25x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 774.33 | −0.079% | $790K | $2.5M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.89 | −0.006% | $29.2M | $13.3M | 100x | as long as short |
ApeX Omni SPYUSDT
BloFin SPY-USDT
Nado SPY-PERP
Aster SPYUSDT
Binance SPYUSDT
OKX SPY-USDT-SWAP
RISEx SPY/USDC
Gate SPY_USDT
MEXC SPY_USDTShow all 27 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget SPYUSDT | 0.0000% | 8h | 774.93 | −0.001% | $11.1M | $1.6M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.88 | −0.008% | $161K | $336K | 10x | as long as short |
| Phoenix SPY | 0.0000% | 1h | 774.24 | −0.090% | $158K | $74K | 20x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.95 | +0.130% | $2K | $1.2M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.99 | +0.006% | $300K | $38K | 50x | as long as short |
| Arcus SPY-USD | +0.0015% | 1h | 773.94 | −0.129% | $980K | $1.4M | 50x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0021% | 1h | 774.59 | −0.045% | $23K | $39K | 20x | as long as short |
| Lighter SPYshort | +0.0032% | 1h | 774.70 | −0.031% | $7.8M | $16.3M | 50x | |
| Lighter RH SPY | +0.0032% | 1h | 774.98 | +0.005% | $56.9M | $114.5M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.70 | −0.160% | — | $85K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.87 | −0.138% | $4.8M | $846K | 20x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0056% | 1h | 774.22 | −0.093% | $952K | $171K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 774.31 | −0.081% | $2.5M | $1.0M | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.76 | −0.023% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 774.22 | −0.093% | $87K | — | 10x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.88 | −0.007% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0219% | 4h | 774.66 | −0.036% | $640K | $242K | 20x | as long as short |
Bitget SPYUSDT
GRVT SPY_USDT_Perp
Phoenix SPY
SunX SPY-USDT
HTX SPY-USDT
Arcus SPY-USD
Deribit SPY_USDC-PERPETUAL
Lighter RH SPY
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
Coinbase International SPY-PERP-INTX
KuCoin SPYUSDTM
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC