Funding you earn now, next payment 22:00 UTC−0.0032%/8h= −3.5% APRnext payment −$0.04 per $10,000 · paid last 24h +0.010%
Price spread now: Lighter RH against Coinbase International+0.129%7-day average +0.080% · you sell dearer than you buy
Net, funding: paid 7d − costs−$2as in the Funding arb table
Net, price: spread back to 7d avg − costs−$8as in the Price arb table
costs, in and out, $10k−$130.132% of the position
Funding, last 7 days+0.111%+$11 on $10k
+Price spread, last 3 days (all we have)−0.094%−$9 · spread now +0.129%, 7d avg +0.080%
=Together, before fees+0.017%+ Points / potential airdropLighter RH: Points live · farm board+$2 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Lighter RH is 0.049% dearer against Coinbase International than usual: you sell high and buy low (spread +0.129% now, against its 7-day average of +0.080%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5.1 days. Mind the row above: over the last 7 days funding on this pair paid +0.111%, so the current rate has only just turned against you.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Coinbase International SPY-PERP-INTX | 773.56 | 0.0064 | pay 0.0008% / 1h | 4m 45s | $955K | $630K | 20x |
| Short | Lighter RH SPY | 774.56 | 0.0032 | get 0.0004% / 1h | 4m 45s | $57.0M | $122.6M | 50x |
Coinbase International SPY-PERP-INTX
Lighter RH SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter RH 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
- −$6.72
- Price spread: +0.129% → +0.080%
- $4.9
- Slippage, 4 orders
- −$3.18
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Net
- −$15
- Costs to cover
- 0.132%
- Break-even
- never at this rate
Slippage from Coinbase International: live order book, 14 min ago; Lighter RH: live order book, 4 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, 14 min ago | 0.06 bp | 5.3 bp −$5 | 8.0 bp −$80 | 25.8 bp −$2,579 | doesn't fit |
| Sell Lighter RH live order book, 4 min ago | 0.19 bp | 0.4 bp $0 | 1.4 bp −$14 | 14.4 bp −$1,440 | 311.0 bp −$155.5K |
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 | 774.35 | +0.102% | $370K | $726K | 50x | as long as short |
| Arcus SPY-USD | −0.0112% | 1h | 773.28 | −0.036% | $939K | $1.4M | 50x | as long as short |
| Phoenix SPY | −0.0041% | 1h | 773.75 | +0.025% | $161K | $296K | 20x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 774.30 | +0.096% | $863K | $204K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.39 | +0.107% | $28.5M | $83.8M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.38 | +0.106% | $6.2M | $2.1M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.40 | +0.109% | $7.9M | $3.4M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.72 | +0.021% | $746K | $2.2M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.38 | +0.106% | $26.7M | $12.6M | 100x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.29 | +0.095% | $157K | $419K | 10x | as long as short |
BloFin SPY-USDT
Arcus SPY-USD
Phoenix SPY
Aster SPYUSDT
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
GRVT SPY_USDT_PerpShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX SPY-USDT | 0.0000% | 8h | 775.44 | +0.243% | $2K | $1.5M | 10x | as long as short |
| Deribit SPY_USDC-PERPETUAL | 0.0000% | 1h | 774.03 | +0.061% | $23K | $67K | 20x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.51 | +0.123% | $308K | $20K | 50x | as long as short |
| Bitget SPYUSDT | +0.0013% | 8h | 774.41 | +0.110% | $11.0M | $2.6M | 50x | as long as short |
| Lighter SPY | +0.0032% | 1h | 774.11 | +0.071% | $8.5M | $22.6M | 50x | as long as short |
| Lighter RH SPYshort | +0.0032% | 1h | 774.56 | +0.129% | $57.0M | $122.6M | 50x | |
| Nado SPY-PERP | +0.0045% | 1h | 773.92 | +0.047% | $1.5M | $304K | 20x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.15 | −0.053% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.52 | −0.005% | $4.8M | $911K | 20x | as long as short |
| Coinbase International SPY-PERP-INTXlong | +0.0064% | 1h | 773.56 | long leg | $955K | $630K | 20x | |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.84 | +0.036% | $2.5M | $980K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 773.83 | +0.035% | $158K | $23K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.24 | +0.088% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.74 | +0.023% | $87K | — | 10x | as long as short |
| RISEx SPY/USDC | +0.0204% | 1h | 774.43 | +0.112% | $6.9M | $5.2M | 25x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0208% / S −0.0429% | 1h | 774.40 | +0.109% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0620% | 4h | 774.17 | +0.079% | $640K | $241K | 20x | as long as short |
SunX SPY-USDT
Deribit SPY_USDC-PERPETUAL
HTX SPY-USDT
Bitget SPYUSDT
Lighter SPY
Nado SPY-PERP
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
RISEx SPY/USDC
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC