Funding you earn now, next payment 09:00 UTC+0.0103%/8h= +11.3% APRnext payment +$0.13 per $10,000 · paid last 24h +0.005%
Price spread now: Lighter against Deribit+0.022%7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 5 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories
Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Lighter is 0.022% dearer against Deribit than usual: you sell high and buy low: +$2 more if the spread goes back to zero (this spread has no 7-day history yet).
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Deribit SPY_USDC-PERPETUAL | 771.95 | 0.0009 | pay 0.0001% / 1h | 26m 46s | $23K | $55K | 20x |
| Short | Lighter SPY | 772.12 | 0.0112 | get 0.0014% / 1h | 26m 46s | $7.9M | $17.1M | 50x |
Deribit SPY_USDC-PERPETUAL
Lighter SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against Deribit. 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
- $21.6
- Price spread: +0.022% → 0.000%
- $2.2
- Slippage, 4 orders
- no order book: not counted
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- $16.8
- Costs to cover
- 0.070%
- Break-even
- 1.6 days
Slippage unknown: Deribit: no order-book sample; Lighter: live order book, 7 min ago. Net counts fees only.
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 Deribit no order-book sample | — | — | — | — | — |
| Sell Lighter live order book, 7 min ago | 0.65 bp | 0.8 bp −$1 | 1.1 bp −$11 | 16.3 bp −$1,628 | 34.2 bp −$17.1K |
Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | 772.15 | +0.026% | $417K | $436K | 50x | as long as short |
| Phoenix SPY | −0.0031% | 1h | 771.58 | −0.048% | $158K | $151K | 20x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 772.25 | +0.039% | $863K | $199K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 772.24 | +0.038% | $28.6M | $75.7M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 772.24 | +0.038% | $6.2M | $1.5M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 772.22 | +0.035% | $7.8M | $3.2M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 772.08 | +0.017% | $790K | $2.5M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 772.34 | +0.051% | $19.1M | $12.2M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 772.38 | +0.056% | $10.9M | $1.6M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 772.56 | +0.079% | $159K | $330K | 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
Bitget SPYUSDT
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 | 773.37 | +0.184% | $2K | $1.3M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 772.37 | +0.054% | $299K | $38K | 50x | as long as short |
| Deribit SPY_USDC-PERPETUALlong | +0.0009% | 1h | 771.95 | long leg | $23K | $55K | 20x | |
| Lighter RH SPY | +0.0032% | 1h | 772.28 | +0.043% | $56.7M | $119.3M | 50x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 771.42 | −0.069% | $922K | $1.3M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 771.05 | −0.117% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 771.40 | −0.071% | $4.8M | $849K | 20x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0056% | 1h | 771.63 | −0.041% | $949K | $506K | 20x | as long as short |
| Nado SPY-PERP | +0.0092% | 1h | 771.79 | −0.021% | $1.5M | $252K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 771.66 | −0.038% | $2.5M | $1.0M | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 771.86 | −0.012% | $164K | $25K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 772.18 | +0.030% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 771.61 | −0.044% | $87K | — | 10x | as long as short |
| Lighter SPYshort | +0.0112% | 1h | 772.12 | +0.022% | $7.9M | $17.1M | 50x | |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 772.25 | +0.038% | $10K | — | 26x | as long as short |
| RISEx SPY/USDC | +0.0211% | 1h | 772.24 | +0.038% | $7.2M | $3.5M | 25x | as long as short |
| edgeX SPYUSDC | +0.0861% | 4h | 772.20 | +0.033% | $638K | $243K | 20x | as long as short |
SunX SPY-USDT
HTX SPY-USDT
Lighter RH SPY
Arcus SPY-USD
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
Coinbase International SPY-PERP-INTX
Nado SPY-PERP
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
GMX SPY/USD [ETH-USDC]
RISEx SPY/USDC
edgeX SPYUSDC