Funding you earn now, next payment 22:00 UTC+0.0073%/8h= +8.0% APRnext payment +$0.09 per $10,000 · paid last 24h +0.088%
Price spread now: Lighter against Phoenix+0.050%7-day average +0.033% · you sell dearer than you buy
Net, funding: paid 7d − costs−$30as in the Funding arb table
Net, price: spread back to 7d avg − costs−$16as in the Price arb table
costs, in and out, $10k−$170.174% of the position
Funding, last 7 days−0.130%−$13 on $10k
+Price spread, last 3 days (all we have)−0.016%−$2 · spread now +0.050%, 7d avg +0.033%
=Together, before fees−0.146%+ Points / potential airdropLighter: Season 3 · farm board−$15 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.033%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.130%, 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 | Phoenix SPY | 773.63 | −0.0041 | get 0.0005% / 1h | 13m 25s | $161K | $296K | 20x |
| Short | Lighter SPY | 774.02 | 0.0032 | get 0.0004% / 1h | 13m 25s | $8.6M | $22.4M | 50x |
Phoenix SPY
Lighter SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against Phoenix. 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
- $15.41
- Price spread: +0.050% → +0.033%
- $1.76
- Slippage, 4 orders
- −$10.38
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- −$0.21
- Costs to cover
- 0.174%
- Break-even
- 7.1 days
Slippage from Phoenix: live order book, 2 min ago; Lighter: live order book, 5 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 Phoenix live order book, 2 min ago | 0.13 bp | 7.9 bp −$8 | 15.7 bp −$157 | doesn't fit | doesn't fit |
| Sell Lighter live order book, 5 min ago | 0.26 bp | 0.9 bp −$1 | 4.3 bp −$43 | 23.3 bp −$2,330 | 42.7 bp −$21.3K |
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 | −0.0120% | 8h | 774.12 | +0.063% | $412K | $726K | 50x | as long as short |
| Arcus SPY-USD | −0.0112% | 1h | 773.20 | −0.056% | $943K | $1.4M | 50x | as long as short |
| Phoenix SPYlong | −0.0041% | 1h | 773.63 | long leg | $161K | $296K | 20x | |
| Aster SPYUSDT | 0.0000% | 8h | 774.21 | +0.075% | $863K | $204K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.15 | +0.067% | $28.2M | $83.4M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.16 | +0.069% | $6.2M | $2.1M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.19 | +0.072% | $7.9M | $3.4M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.67 | +0.005% | $746K | $2.2M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.14 | +0.066% | $26.7M | $12.4M | 100x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.18 | +0.071% | $157K | $419K | 10x | as long as short |
BloFin SPY-USDT
Arcus SPY-USD
Aster SPYUSDT
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
GRVT SPY_USDT_PerpShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX SPY-USDT | 0.0000% | 8h | 775.24 | +0.208% | $2K | $1.5M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.36 | +0.094% | $308K | $20K | 50x | as long as short |
| Bitget SPYUSDT | +0.0017% | 8h | 774.27 | +0.083% | $11.0M | $2.7M | 50x | as long as short |
| Lighter SPYshort | +0.0032% | 1h | 774.02 | +0.050% | $8.6M | $22.4M | 50x | |
| Lighter RH SPY | +0.0032% | 1h | 774.39 | +0.098% | $56.8M | $122.1M | 50x | as long as short |
| Nado SPY-PERP | +0.0043% | 1h | 773.80 | +0.022% | $1.5M | $305K | 20x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.03 | −0.078% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.30 | −0.043% | $4.8M | $916K | 20x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0064% | 1h | 773.56 | −0.009% | $955K | $632K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.71 | +0.010% | $2.5M | $983K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 773.75 | +0.016% | $158K | $23K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.17 | +0.070% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.63 | 0.000% | $87K | — | 10x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0189% | 1h | 774.07 | +0.057% | $23K | $67K | 20x | as long as short |
| RISEx SPY/USDC | +0.0204% | 1h | 774.34 | +0.092% | $6.9M | $5.3M | 25x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0208% / S −0.0429% | 1h | 774.16 | +0.069% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0269% | 4h | 774.04 | +0.053% | $640K | $241K | 20x | as long as short |
SunX SPY-USDT
HTX SPY-USDT
Bitget SPYUSDT
Lighter RH SPY
Nado SPY-PERP
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
Coinbase International SPY-PERP-INTX
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
Deribit SPY_USDC-PERPETUAL
RISEx SPY/USDC
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC