Funding you earn now, next payment 11:00 UTC+0.0032%/8h= +3.5% APRnext payment +$0.04 per $10,000 · paid last 24h −0.011%
Price spread now: Lighter RH against Deribit+0.062%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 RH: Points live · farm boardneeds both histories
Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Lighter RH is 0.062% dearer against Deribit than usual: you sell high and buy low: +$6 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 | 774.76 | 0 | get 0.0000% / 1h | 6m 29s | $23K | $38K | 20x |
| Short | Lighter RH SPY | 775.24 | 0.0032 | get 0.0004% / 1h | 6m 29s | $57.1M | $117.1M | 50x |
Deribit SPY_USDC-PERPETUAL
Lighter RH SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter RH 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
- $6.72
- Price spread: +0.062% → 0.000%
- $6.2
- Slippage, 4 orders
- no order book: not counted
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Net
- $5.92
- Costs to cover
- 0.070%
- Break-even
- 0.8 days
Slippage unknown: Deribit: no order-book sample; Lighter RH: live order book, 6 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 RH live order book, 6 min ago | 0.19 bp | 0.7 bp −$1 | 1.4 bp −$14 | 7.0 bp −$704 | doesn't fit |
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 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 | |
|---|---|---|---|---|---|---|---|---|
| BloFin SPY-USDT | −0.0120% | 8h | 775.15 | +0.050% | $418K | $377K | 50x | as long as short |
| Nado SPY-PERP | −0.0035% | 1h | 774.77 | +0.001% | $1.5M | $277K | 20x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 774.97 | +0.027% | $865K | $201K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 775.11 | +0.045% | $28.5M | $73.5M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 775.07 | +0.040% | $6.2M | $1.5M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 775.03 | +0.035% | $7.8M | $3.0M | 50x | as long as short |
| RISEx SPY/USDC | 0.0000% | 1h | 775.01 | +0.033% | $7.1M | $3.2M | 25x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 774.72 | −0.005% | $788K | $2.5M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 775.12 | +0.046% | $29.2M | $13.3M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 775.20 | +0.057% | $11.1M | $1.5M | 50x | as long as short |
BloFin SPY-USDT
Nado SPY-PERP
Aster SPYUSDT
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
RISEx SPY/USDC
Gate SPY_USDT
MEXC SPY_USDT
Bitget SPYUSDTShow all 27 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 775.10 | +0.044% | $165K | $335K | 10x | as long as short |
| Phoenix SPY | 0.0000% | 1h | 774.52 | −0.031% | $158K | $74K | 20x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 776.26 | +0.194% | $2K | $1.1M | 10x | as long as short |
| Deribit SPY_USDC-PERPETUALlong | 0.0000% | 1h | 774.76 | long leg | $23K | $38K | 20x | |
| HTX SPY-USDT | 0.0000% | 8h | 775.33 | +0.074% | $300K | $25K | 50x | as long as short |
| Arcus SPY-USD | +0.0015% | 1h | 774.15 | −0.079% | $1.0M | $1.4M | 50x | as long as short |
| Lighter SPY | +0.0032% | 1h | 774.90 | +0.018% | $7.8M | $16.4M | 50x | as long as short |
| Lighter RH SPYshort | +0.0032% | 1h | 775.24 | +0.062% | $57.1M | $117.1M | 50x | |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.99 | −0.099% | — | $85K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.99 | −0.099% | $4.8M | $836K | 20x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0056% | 1h | 774.26 | −0.065% | $952K | $172K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 774.38 | −0.049% | $2.5M | $1.0M | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 774.75 | −0.001% | $222K | $52K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.95 | +0.025% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 774.47 | −0.038% | $87K | — | 10x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 775.14 | +0.050% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0909% | 4h | 774.82 | +0.008% | $640K | $242K | 20x | as long as short |
GRVT SPY_USDT_Perp
Phoenix SPY
SunX SPY-USDT
HTX SPY-USDT
Arcus SPY-USD
Lighter SPY
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
Coinbase International SPY-PERP-INTX
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC