Funding you earn now, next payment 08:00 UTC+0.0051%/8h= +5.6% APRnext payment +$0.06 per $10,000 · paid last 24h +0.022%
Price spread now: Lighter against Nado+0.052%7-day average −0.066% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$3as in the Price arb table
costs, in and out, $10k−$150.149% of the position
Funding, last 4 days (all we have)+0.099%+$10 on $10k
+Price spread, last 7 days−0.208%−$21 · spread now +0.052%, 7d avg −0.066%
=Together, before fees−0.109%+ Points / potential airdropNado: Active · Lighter: Season 3 · farm board−$11 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Lighter is 0.117% dearer against Nado than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.066%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Nado SPY-PERP | 773.91 | −0.0003 | get 0.0000% / 1h | 52m 07s | $1.5M | $245K | 20x |
| Short | Lighter SPY | 774.31 | 0.0048 | get 0.0006% / 1h | 52m 07s | $8.2M | $17.5M | 50x |
Nado SPY-PERP
Lighter SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against Nado. 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
- $10.69
- Price spread: +0.052% → −0.066%
- $11.71
- Slippage, 4 orders
- −$7.91
- Fee Nado: 3.5 bp × 2 orders
- −$7
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- $7.49
- Costs to cover
- 0.149%
- Break-even
- 2.1 days
Slippage from Nado: live order book, 1 min ago; Lighter: live order book, 7 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 Nado live order book, 1 min ago | 0.06 bp | 6.1 bp −$6 | 15.7 bp −$157 | 57.7 bp −$5,768 | doesn't fit |
| Sell Lighter live order book, 7 min ago | 0.39 bp | 1.2 bp −$1 | 3.5 bp −$35 | 21.2 bp −$2,124 | 39.9 bp −$20.0K |
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 | −0.0262% | 1h | 773.13 | −0.101% | $164K | $25K | 50x | as long as short |
| Phoenix SPY | −0.0155% | 1h | 773.83 | −0.010% | $161K | $254K | 20x | as long as short |
| BloFin SPY-USDT | −0.0120% | 8h | 774.09 | +0.023% | $418K | $467K | 50x | as long as short |
| Nado SPY-PERPlong | −0.0003% | 1h | 773.91 | long leg | $1.5M | $245K | 20x | |
| Aster SPYUSDT | 0.0000% | 8h | 774.23 | +0.041% | $864K | $193K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.27 | +0.046% | $28.6M | $76.5M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.05 | +0.018% | $6.2M | $1.7M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.21 | +0.039% | $7.9M | $3.3M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.76 | −0.020% | $770K | $2.4M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.27 | +0.046% | $29.7M | $11.8M | 100x | 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_USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget SPYUSDT | 0.0000% | 8h | 774.44 | +0.068% | $10.9M | $1.6M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.37 | +0.059% | $158K | $351K | 10x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.36 | +0.187% | $2K | $1.3M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.58 | +0.086% | $300K | $38K | 50x | as long as short |
| RISEx SPY/USDC | +0.0014% | 1h | 774.43 | +0.067% | $7.1M | $4.1M | 25x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0024% | 1h | 773.92 | +0.001% | $950K | $531K | 20x | as long as short |
| Lighter RH SPY | +0.0032% | 1h | 774.50 | +0.076% | $56.7M | $117.4M | 50x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 773.66 | −0.032% | $927K | $1.4M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.18 | −0.094% | — | $123K | 50x | as long as short |
| Lighter SPYshort | +0.0048% | 1h | 774.31 | +0.052% | $8.2M | $17.5M | 50x | |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.45 | −0.060% | $4.8M | $866K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.64 | −0.035% | $2.5M | $1.0M | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.23 | +0.041% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.73 | −0.024% | $87K | — | 10x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0125% | 1h | 774.12 | +0.027% | $23K | $54K | 20x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.27 | +0.047% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0442% | 4h | 774.27 | +0.047% | $640K | $241K | 20x | as long as short |
Bitget SPYUSDT
GRVT SPY_USDT_Perp
SunX SPY-USDT
HTX SPY-USDT
RISEx SPY/USDC
Coinbase International SPY-PERP-INTX
Lighter RH SPY
Arcus SPY-USD
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
KuCoin SPYUSDTM
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
Deribit SPY_USDC-PERPETUAL
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC