Funding you earn now, next payment 08:00 UTC−0.0046%/8h= −5.0% APRnext payment −$0.06 per $10,000 · paid last 24h −0.022%
Price spread now: Nado against Lighter−0.047%7-day average +0.064% · 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−$26as in the Price arb table
costs, in and out, $10k−$150.149% of the position
Funding, last 4 days (all we have)−0.100%−$10 on $10k
+Price spread, last 7 days+0.198%+$20 · spread now −0.047%, 7d avg +0.064%
=Together, before fees+0.099%+ Points / potential airdropLighter: Season 3 · Nado: Active · farm board+$10 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Nado is 0.112% cheaper against Lighter than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.064%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter SPY | 774.32 | 0.0048 | pay 0.0006% / 1h | 51m 07s | $8.2M | $17.5M | 50x |
| Short | Nado SPY-PERP | 773.96 | 0.0002 | get 0.0000% / 1h | 51m 07s | $1.5M | $245K | 20x |
Lighter SPY
Nado SPY-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Nado 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
- −$9.66
- Price spread: −0.047% → +0.064%
- −$11.15
- Slippage, 4 orders
- −$7.91
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Nado: 3.5 bp × 2 orders
- −$7
- Net
- −$35.72
- Costs to cover
- 0.149%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 8 min ago; Nado: live order book, 2 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, 8 min ago | 0.39 bp | 0.7 bp −$1 | 2.8 bp −$28 | 14.0 bp −$1,397 | 28.9 bp −$14.4K |
| Sell Nado live order book, 2 min ago | 0.06 bp | 6.9 bp −$7 | 15.1 bp −$151 | 54.9 bp −$5,495 | 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 | |
|---|---|---|---|---|---|---|---|---|
| ApeX Omni SPYUSDT | −0.0234% | 1h | 773.48 | −0.108% | $164K | $25K | 50x | as long as short |
| Phoenix SPY | −0.0155% | 1h | 773.67 | −0.084% | $161K | $254K | 20x | as long as short |
| BloFin SPY-USDT | −0.0120% | 8h | 774.09 | −0.030% | $418K | $446K | 50x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 774.23 | −0.012% | $864K | $193K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.30 | −0.003% | $28.6M | $76.6M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.05 | −0.035% | $6.2M | $1.7M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.22 | −0.013% | $7.9M | $3.3M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.76 | −0.072% | $770K | $2.4M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.31 | −0.001% | $29.7M | $11.8M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.45 | +0.017% | $10.9M | $1.6M | 50x | as long as short |
ApeX Omni SPYUSDT
Phoenix SPY
BloFin SPY-USDT
Aster SPYUSDT
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
Bitget SPYUSDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.37 | +0.006% | $158K | $351K | 10x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.42 | +0.142% | $2K | $1.3M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.58 | +0.034% | $300K | $38K | 50x | as long as short |
| Nado SPY-PERPshort | +0.0002% | 1h | 773.96 | −0.047% | $1.5M | $245K | 20x | |
| RISEx SPY/USDC | +0.0014% | 1h | 774.50 | +0.024% | $7.1M | $4.1M | 25x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0024% | 1h | 773.92 | −0.052% | $950K | $531K | 20x | as long as short |
| Lighter RH SPY | +0.0032% | 1h | 774.51 | +0.025% | $56.7M | $117.5M | 50x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0034% | 1h | 774.12 | −0.026% | $23K | $54K | 20x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 773.64 | −0.088% | $926K | $1.4M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.24 | −0.139% | — | $123K | 50x | as long as short |
| Lighter SPYlong | +0.0048% | 1h | 774.32 | long leg | $8.2M | $17.5M | 50x | |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.45 | −0.112% | $4.8M | $866K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.64 | −0.088% | $2.5M | $1.0M | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.28 | −0.005% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.75 | −0.074% | $87K | — | 10x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.27 | −0.006% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0990% | 4h | 774.22 | −0.013% | $640K | $242K | 20x | as long as short |
GRVT SPY_USDT_Perp
SunX SPY-USDT
HTX SPY-USDT
RISEx SPY/USDC
Coinbase International SPY-PERP-INTX
Lighter RH SPY
Deribit SPY_USDC-PERPETUAL
Arcus SPY-USD
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
KuCoin SPYUSDTM
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC