Funding you earn now, next payment 04:00 UTC+0.0040%/8h= +4.4% APRnext payment +$0.05 per $10,000 · paid last 24h +0.023%
Price spread now: Lighter against Coinbase International+0.078%7-day average +0.035% · you sell dearer than you buy
Net, funding: paid 7d − costs−$1as in the Funding arb table
Net, price: spread back to 7d avg − costs−$8as in the Price arb table
costs, in and out, $10k−$120.122% of the position
Funding, last 7 days+0.113%+$11 on $10k
+Price spread, last 4 days (all we have)−0.123%−$12 · spread now +0.078%, 7d avg +0.035%
=Together, before fees−0.010%+ Points / potential airdropLighter: Season 3 · farm board−$1 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 0.042% dearer against Coinbase International than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.035%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Coinbase International SPY-PERP-INTX | 773.74 | 0.0056 | pay 0.0007% / 1h | 26m 48s | $950K | $556K | 20x |
| Short | Lighter SPY | 774.34 | 0.0096 | get 0.0012% / 1h | 26m 48s | $8.2M | $19.3M | 50x |
Coinbase International SPY-PERP-INTX
Lighter SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against Coinbase International. 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
- $8.4
- Price spread: +0.078% → +0.035%
- $4.23
- Slippage, 4 orders
- −$2.16
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- $0.47
- Costs to cover
- 0.122%
- Break-even
- 6.6 days
Slippage from Coinbase International: live order book, 27 min ago; Lighter: live order book, 12 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 Coinbase International live order book, 27 min ago | 0.06 bp | 5.3 bp −$5 | 8.3 bp −$83 | doesn't fit | doesn't fit |
| Sell Lighter live order book, 12 min ago | 0.13 bp | 0.4 bp $0 | 1.3 bp −$13 | 18.9 bp −$1,891 | 40.1 bp −$20.0K |
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 | −0.0120% | 8h | 774.27 | +0.068% | $417K | $468K | 50x | as long as short |
| Phoenix SPY | −0.0010% | 1h | 773.70 | −0.005% | $161K | $295K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.26 | +0.068% | $28.1M | $79.5M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.22 | +0.062% | $6.3M | $1.9M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.19 | +0.058% | $7.9M | $3.3M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.85 | +0.014% | $776K | $2.4M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.28 | +0.070% | $29.7M | $12.5M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.40 | +0.085% | $10.9M | $1.8M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.24 | +0.065% | $159K | $381K | 10x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.37 | +0.211% | $2K | $1.4M | 10x | as long as short |
BloFin SPY-USDT
Phoenix SPY
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
Bitget SPYUSDT
GRVT SPY_USDT_Perp
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 | 774.49 | +0.097% | $308K | $20K | 50x | as long as short |
| Aster SPYUSDT | +0.0007% | 8h | 774.09 | +0.045% | $864K | $194K | 20x | as long as short |
| Nado SPY-PERP | +0.0029% | 1h | 774.07 | +0.043% | $1.5M | $277K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0032% | 1h | 773.21 | −0.068% | $162K | $24K | 50x | as long as short |
| Lighter RH SPY | +0.0040% | 1h | 774.67 | +0.120% | $56.4M | $117.3M | 50x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 773.46 | −0.036% | $928K | $1.4M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.23 | −0.066% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.10 | −0.083% | $4.7M | $840K | 20x | as long as short |
| Coinbase International SPY-PERP-INTXlong | +0.0056% | 1h | 773.74 | long leg | $950K | $556K | 20x | |
| Deribit SPY_USDC-PERPETUAL | +0.0060% | 1h | 774.13 | +0.050% | $23K | $56K | 20x | as long as short |
| Lighter SPYshort | +0.0096% | 1h | 774.34 | +0.078% | $8.2M | $19.3M | 50x | |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.52 | −0.028% | $2.5M | $982K | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.16 | +0.054% | $1K | — | 20x | as long as short |
| RISEx SPY/USDC | +0.0100% | 1h | 774.46 | +0.094% | $7.0M | $5.0M | 25x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.68 | −0.008% | $87K | — | 10x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.28 | +0.070% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0606% | 4h | 774.08 | +0.044% | $640K | $243K | 20x | as long as short |
HTX SPY-USDT
Aster SPYUSDT
Nado SPY-PERP
ApeX Omni SPYUSDT
Lighter RH SPY
Arcus SPY-USD
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
Deribit SPY_USDC-PERPETUAL
KuCoin SPYUSDTM
Orderly PERP_SPY_USDC_mythos
RISEx SPY/USDC
Aevo SPY-PERP
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC