Funding arb · Price arb /

SPY

RWAall SPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0822%/8h= +90.0% APRpaid last 24h +0.010%

Price spread now: edgeX against Lighter RH−0.056%7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$111as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$200.200% of the position

Long on Lighter RH Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.911%−$91 on $10k

Price spread, last 4 days (all we have)−0.006%−$1 · spread now −0.056%, 7d avg −0.027%

Together, before fees−0.917%+ Points / potential airdropLighter RH: Points live · edgeX: Active · farm board−$92 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.030% cheaper against Lighter RH than usual: you would sell low and buy high (spread −0.056% now, against its 7-day average of −0.027%). If the spread goes back, that is −$3 on $10k: about 3 hours of funding at the current rate (+$25 a day). Mind the row above: over the last 7 days funding on this pair cost −0.911%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH SPY	774.65	0.0032	pay 0.0004% / 1h	27m 14s	$56.2M	$119.0M	50x
Short	edgeX SPYUSDC	774.21	0.0854	get 0.0427% / 4h	1h 27m	$640K	$241K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Lighter RH. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Lighter RHbpFee edgeXbpOrdersPrice spread, now −0.056%Rate

Funding earned: $172.53
Price spread: −0.056% → −0.027%: −$2.95
Slippage, 4 orders: −$11.01
Fee Lighter RH: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $149.56
Costs to cover: 0.200%
Break-even: 0.9 days

Slippage from Lighter RH: live order book, 2 min ago; edgeX: live order book, 16 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 RH live order book, 2 min ago	0.06 bp	0.2 bp $0	0.7 bp −$7	8.6 bp −$858	doesn't fit
Sell edgeX live order book, 16 min ago	5.17 bp	9.7 bp −$10	10.4 bp −$104	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
ApeX Omni SPYUSDT	−0.0211%	1h	773.24	−0.182%	$164K	$25K	50x	as long as short
BloFin SPY-USDT	−0.0120%	8h	774.10	−0.071%	$419K	$472K	50x	as long as short
Phoenix SPY	−0.0114%	1h	773.79	−0.111%	$161K	$294K	20x	as long as short
Ondo Perps SPY-USD.P	−0.0030%	1h	773.22	−0.185%	$4.8M	$870K	20x	as long as short
Nado SPY-PERP	−0.0010%	1h	774.11	−0.070%	$1.6M	$254K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	774.25	−0.052%	$863K	$198K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.36	−0.037%	$28.7M	$78.7M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.21	−0.057%	$6.2M	$1.7M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.27	−0.049%	$8.0M	$3.3M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.86	−0.102%	$770K	$2.5M	75x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SPY_USDT	0.0000%	8h	774.35	−0.039%	$29.7M	$11.9M	100x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.51	−0.018%	$10.9M	$1.8M	50x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.43	−0.029%	$158K	$361K	10x	as long as short
SunX SPY-USDT	0.0000%	8h	775.45	+0.103%	$2K	$1.4M	10x	as long as short
Deribit SPY_USDC-PERPETUAL	0.0000%	1h	773.94	−0.092%	$23K	$56K	20x	as long as short
HTX SPY-USDT	0.0000%	8h	774.57	−0.010%	$300K	$38K	50x	as long as short
Lighter SPY	+0.0032%	1h	774.43	−0.028%	$8.2M	$18.6M	50x	as long as short
Lighter RH SPYlong	+0.0032%	1h	774.65	long leg	$56.2M	$119.0M	50x
Coinbase International SPY-PERP-INTX	+0.0032%	1h	773.92	−0.094%	$950K	$555K	20x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.53	−0.145%	$927K	$1.4M	50x	as long as short
RISEx SPY/USDC	+0.0043%	1h	774.62	−0.004%	$7.1M	$4.2M	25x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.39	−0.163%	—	$123K	50x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.51	−0.147%	$2.5M	$999K	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.24	−0.053%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.81	−0.108%	$87K	—	10x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.36	−0.038%	$10K	—	26x	as long as short
edgeX SPYUSDCshort	+0.0854%	4h	774.21	−0.056%	$640K	$241K	20x