Funding you earn now, next payment 00:00 UTC+0.0028%/8h= +3.1% APRpaid last 24h +0.069%
Price spread now: Lighter against GRVT−0.041%48s7-day average −0.072% · you buy dearer than you sell
Net, funding: paid 7d − costs−$13as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$150.151% of the position
Funding, last 7 days+0.023%+$2 on $10k
+Price spread, last 3 days (all we have)−0.004%$0 · spread now −0.041%, 7d avg −0.072%
=Together, before fees+0.019%+ Points / potential airdropGRVT: Active · Lighter: 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 0.031% dearer against GRVT than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.072%. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | GRVT SPY_USDT_Perp | 774.60 | 0.0004 | pay 0.0004% / 8h | 22m 38s | $157K | $411K | 10x |
| Short | Lighter SPY | 774.29 | 0.0032 | get 0.0004% / 1h | 22m 38s | $8.2M | $22.3M | 50x |
GRVT SPY_USDT_Perp
Lighter SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against GRVT. 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
- $5.88
- Price spread: −0.041% → −0.072%
- $3.1
- Slippage, 4 orders
- −$6.12
- Fee GRVT: 4.5 bp × 2 orders
- −$9
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- −$6.14
- Costs to cover
- 0.151%
- Break-even
- 14.3 days
Slippage from GRVT: live order book, 55 min ago; Lighter: live order book, 6 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 GRVT live order book, 55 min ago | 1.81 bp | 6.3 bp −$6 | 7.2 bp −$72 | doesn't fit | doesn't fit |
| Sell Lighter live order book, 6 min ago | 0.52 bp | 0.7 bp −$1 | 3.4 bp −$34 | 22.4 bp −$2,240 | 40.8 bp −$20.4K |
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 | |
|---|---|---|---|---|---|---|---|---|
| Arcus SPY-USD | −0.0266% | 1h | 773.51 | −0.141% | $941K | $1.4M | 50x | as long as short |
| BloFin SPY-USDT | −0.0120% | 8h | 774.50 | −0.013% | $414K | $726K | 50x | as long as short |
| Phoenix SPY | −0.0052% | 1h | 773.85 | −0.097% | $161K | $296K | 20x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 774.30 | −0.039% | $863K | $204K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.49 | −0.015% | $28.6M | $82.9M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.40 | −0.026% | $6.2M | $2.1M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.42 | −0.024% | $7.9M | $3.4M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.94 | −0.086% | $755K | $2.3M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.49 | −0.015% | $28.0M | $11.8M | 100x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.56 | +0.123% | $2K | $1.5M | 10x | as long as short |
Arcus SPY-USD
BloFin SPY-USDT
Phoenix SPY
Aster SPYUSDT
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
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 | 774.67 | +0.009% | $308K | $20K | 50x | as long as short |
| GRVT SPY_USDT_Perplong | +0.0004% | 8h | 774.60 | long leg | $157K | $411K | 10x | |
| Lighter SPYshort | +0.0032% | 1h | 774.29 | −0.041% | $8.2M | $22.3M | 50x | |
| Lighter RH SPY | +0.0032% | 1h | 774.60 | −0.001% | $56.9M | $119.3M | 50x | as long as short |
| Bitget SPYUSDT | +0.0032% | 8h | 774.49 | −0.015% | $11.0M | $2.6M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.18 | −0.184% | — | $123K | 50x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0048% | 1h | 773.56 | −0.135% | $955K | $584K | 20x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.83 | −0.100% | $4.8M | $847K | 20x | as long as short |
| Nado SPY-PERP | +0.0083% | 1h | 773.91 | −0.090% | $1.5M | $293K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.80 | −0.104% | $2.5M | $968K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 773.85 | −0.097% | $159K | $23K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.38 | −0.029% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.88 | −0.093% | $87K | — | 10x | as long as short |
| RISEx SPY/USDC | +0.0110% | 1h | 774.62 | +0.002% | $6.9M | $5.2M | 25x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0138% | 1h | 774.12 | −0.063% | $23K | $58K | 20x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0208% / S −0.0429% | 1h | 774.50 | −0.014% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0724% | 4h | 774.33 | −0.035% | $640K | $241K | 20x | as long as short |
HTX SPY-USDT
Lighter RH SPY
Bitget SPYUSDT
Vest SPY-USD-PERP
Coinbase International SPY-PERP-INTX
Ondo Perps SPY-USD.P
Nado SPY-PERP
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
RISEx SPY/USDC
Deribit SPY_USDC-PERPETUAL
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC