Funding you earn now, next payment 02:00 UTC−0.0009%/8h= −1.0% APRpaid last 24h −0.019%
Price spread now: Binance against Lighter+0.025%7-day average −0.005% · you sell dearer than you buy
Net, funding: paid 7d − costs−$38as in the Funding arb table
Net, price: spread back to 7d avg − costs−$9as in the Price arb table
costs, in and out, $10k−$120.116% of the position
Funding, last 7 days−0.266%−$27 on $10k
+Price spread, last 2 days (all we have)+0.003%$0 · spread now +0.025%, 7d avg −0.005%
=Together, before fees−0.263%+ Points / potential airdropLighter: Season 3 · farm board−$26 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Binance is 0.030% dearer against Lighter than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.005%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter SPY | 774.01 | 0.0032 | pay 0.0004% / 1h | 47m 40s | $8.3M | $21.3M | 50x |
| Short | Binance SPYUSDT | 774.20 | 0.0023 | get 0.0023% / 8h | 6h 47m | $28.4M | $81.0M | 50x |
Lighter SPY
Binance SPYUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Binance 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
- −$1.91
- Price spread: +0.025% → −0.005%
- $2.97
- Slippage, 4 orders
- −$1.61
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Binance: 5 bp × 2 orders
- −$10
- Net
- −$10.55
- Costs to cover
- 0.116%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 6 min ago; Binance: live order book, 10 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, 6 min ago | 0.45 bp | 0.9 bp −$1 | 4.4 bp −$44 | 14.5 bp −$1,449 | 29.0 bp −$14.5K |
| Sell Binance live order book, 10 min ago | 0.06 bp | 5.1 bp −$5 | 5.8 bp −$58 | 10.3 bp −$1,028 | 31.1 bp −$15.6K |
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 | −0.0096% | 8h | 774.30 | +0.037% | $417K | $545K | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.32 | +0.040% | $6.3M | $2.0M | 100x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.78 | −0.030% | $780K | $2.3M | 75x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.46 | +0.058% | $11.0M | $2.2M | 50x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.39 | +0.178% | $2K | $1.5M | 10x | as long as short |
| Deribit SPY_USDC-PERPETUAL | 0.0000% | 1h | 773.91 | −0.013% | $23K | $55K | 20x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.54 | +0.068% | $308K | $20K | 50x | as long as short |
| OKX SPY-USDT-SWAP | +0.0014% | 8h | 774.25 | +0.031% | $7.9M | $3.3M | 50x | as long as short |
| Aster SPYUSDT | +0.0016% | 8h | 774.26 | +0.032% | $863K | $204K | 20x | as long as short |
| MEXC SPY_USDT | +0.0022% | 8h | 774.20 | +0.025% | $19.7M | $11.7M | 100x | as long as short |
BloFin SPY-USDT
Bybit SPYUSDT
Gate SPY_USDT
Bitget SPYUSDT
SunX SPY-USDT
Deribit SPY_USDC-PERPETUAL
HTX SPY-USDT
OKX SPY-USDT-SWAP
Aster SPYUSDT
MEXC SPY_USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance SPYUSDTshort | +0.0023% | 8h | 774.20 | +0.025% | $28.4M | $81.0M | 50x | |
| GRVT SPY_USDT_Perp | +0.0029% | 8h | 774.37 | +0.047% | $163K | $381K | 10x | as long as short |
| Lighter SPYlong | +0.0032% | 1h | 774.01 | long leg | $8.3M | $21.3M | 50x | |
| Lighter RH SPY | +0.0032% | 1h | 774.45 | +0.057% | $57.3M | $112.0M | 50x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 773.41 | −0.078% | $935K | $1.4M | 50x | as long as short |
| Phoenix SPY | +0.0041% | 1h | 773.76 | −0.032% | $161K | $296K | 20x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.05 | −0.124% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.28 | −0.094% | $4.8M | $841K | 20x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0088% | 1h | 774.14 | +0.017% | $955K | $555K | 20x | as long as short |
| Nado SPY-PERP | +0.0095% | 1h | 773.89 | −0.016% | $1.5M | $285K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.94 | −0.009% | $2.5M | $946K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 773.88 | −0.017% | $159K | $23K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.16 | +0.019% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.65 | −0.047% | $87K | — | 10x | as long as short |
| RISEx SPY/USDC | +0.0190% | 1h | 774.27 | +0.034% | $7.0M | $5.2M | 25x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.25 | +0.030% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0652% | 4h | 774.20 | +0.024% | $640K | $242K | 20x | as long as short |
GRVT SPY_USDT_Perp
Lighter RH SPY
Arcus SPY-USD
Phoenix SPY
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
RISEx SPY/USDC
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC