Funding you earn now, next payment 00:00 UTC−0.0298%/8h= −32.6% APRnext payment −$0.37 per $10,000 · paid last 24h −0.056%
Price spread now: Arcus against Lighter−0.097%7-day average −0.021% · you buy dearer than you sell
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$18as in the Price arb table
costs, in and out, $10k−$100.101% of the position
Funding, last 3 days (all we have)−0.012%−$1 on $10k
+Price spread, last 7 days+0.142%+$14 · spread now −0.097%, 7d avg −0.021%
=Together, before fees+0.130%+ Points / potential airdropLighter: Season 3 · farm board+$13 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Arcus is 0.076% cheaper against Lighter than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.021%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.012% in total (about -1.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.37 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter SPY | 774.25 | 0.0032 | pay 0.0004% / 1h | 23m 19s | $8.2M | $22.3M | 50x |
| Short | Arcus SPY-USD | 773.50 | −0.0266 | pay 0.0033% / 1h | 23m 19s | $940K | $1.4M | 50x |
Lighter SPY
Arcus SPY-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Arcus against Lighter. 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
- −$62.48
- Price spread: −0.097% → −0.021%
- −$7.63
- Slippage, 4 orders
- −$5.56
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Arcus: 2.25 bp × 2 orders
- −$4.5
- Net
- −$80.18
- Costs to cover
- 0.101%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 5 min ago; Arcus: live order book, 1 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 Lighter live order book, 5 min ago | 0.52 bp | 1.6 bp −$2 | 5.7 bp −$57 | 14.2 bp −$1,417 | 28.9 bp −$14.5K |
| Sell Arcus live order book, 1 min ago | 0.06 bp | 3.9 bp −$4 | 6.4 bp −$64 | doesn't fit | doesn't fit |
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-USDshort | −0.0266% | 1h | 773.50 | −0.097% | $940K | $1.4M | 50x | |
| BloFin SPY-USDT | −0.0120% | 8h | 774.50 | +0.032% | $414K | $726K | 50x | as long as short |
| Phoenix SPY | −0.0052% | 1h | 773.85 | −0.052% | $161K | $296K | 20x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 774.30 | +0.006% | $863K | $204K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.49 | +0.031% | $28.6M | $82.9M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.38 | +0.017% | $6.2M | $2.1M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.42 | +0.022% | $7.9M | $3.4M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.95 | −0.039% | $755K | $2.3M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.46 | +0.027% | $28.0M | $11.8M | 100x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.56 | +0.169% | $2K | $1.5M | 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
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 | +0.054% | $308K | $20K | 50x | as long as short |
| GRVT SPY_USDT_Perp | +0.0004% | 8h | 774.60 | +0.046% | $157K | $411K | 10x | as long as short |
| Lighter SPYlong | +0.0032% | 1h | 774.25 | long leg | $8.2M | $22.3M | 50x | |
| Lighter RH SPY | +0.0032% | 1h | 774.57 | +0.041% | $56.9M | $119.2M | 50x | as long as short |
| Bitget SPYUSDT | +0.0032% | 8h | 774.49 | +0.031% | $11.0M | $2.6M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.13 | −0.145% | — | $123K | 50x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0048% | 1h | 773.56 | −0.089% | $955K | $584K | 20x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.83 | −0.054% | $4.8M | $847K | 20x | as long as short |
| Nado SPY-PERP | +0.0082% | 1h | 773.94 | −0.039% | $1.5M | $293K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.81 | −0.057% | $2.5M | $969K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 773.85 | −0.052% | $159K | $23K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.38 | +0.017% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.88 | −0.048% | $87K | — | 10x | as long as short |
| RISEx SPY/USDC | +0.0110% | 1h | 774.62 | +0.048% | $6.9M | $5.2M | 25x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0138% | 1h | 774.12 | −0.017% | $23K | $58K | 20x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0208% / S −0.0429% | 1h | 774.50 | +0.032% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0724% | 4h | 774.33 | +0.011% | $640K | $241K | 20x | as long as short |
HTX SPY-USDT
GRVT SPY_USDT_Perp
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