Funding you earn now, next payment 06:00 UTC+0.0146%/8h= +16.0% APRnext payment +$0.18 per $10,000 · paid last 24h +0.065%
Price spread now: Lighter RH against Phoenix+0.078%105s7-day average +0.082% · you sell dearer than you buy
Net, funding: paid 7d − costs−$27as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$160.163% of the position
Funding, last 7 days−0.107%−$11 on $10k
+Price spread, last 4 days (all we have)+0.031%+$3 · spread now +0.078%, 7d avg +0.082%
=Together, before fees−0.076%+ Points / potential airdropLighter RH: Points live · farm board−$8 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.082%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.107%, so the current rate has only just turned in your favour. The two prices were read 105 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix SPY | 774.06 | −0.0114 | get 0.0014% / 1h | 59m 35s | $161K | $294K | 20x |
| Short | Lighter RH SPY | 774.66 | 0.0032 | get 0.0004% / 1h | 59m 35s | $56.7M | $121.0M | 50x |
Phoenix SPY
Lighter RH SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter RH 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
- $30.59
- Price spread: +0.078% → +0.082%
- −$0.47
- Slippage, 4 orders
- −$9.26
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Net
- $13.87
- Costs to cover
- 0.163%
- Break-even
- 3.8 days
Slippage from Phoenix: live order book, 41 min ago; Lighter RH: 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, 41 min ago | 0.13 bp | 7.9 bp −$8 | 15.8 bp −$158 | doesn't fit | doesn't fit |
| Sell Lighter RH live order book, 5 min ago | 0.06 bp | 0.4 bp $0 | 0.7 bp −$7 | 11.4 bp −$1,141 | 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 | −0.0291% | 1h | 773.48 | −0.075% | $164K | $25K | 50x | as long as short |
| BloFin SPY-USDT | −0.0120% | 8h | 774.09 | +0.004% | $418K | $471K | 50x | as long as short |
| Phoenix SPYlong | −0.0114% | 1h | 774.06 | long leg | $161K | $294K | 20x | |
| Nado SPY-PERP | −0.0027% | 1h | 774.15 | +0.012% | $1.6M | $251K | 20x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 774.42 | +0.047% | $864K | $198K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.40 | +0.044% | $28.7M | $77.9M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.19 | +0.017% | $6.2M | $1.7M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.29 | +0.030% | $7.9M | $3.3M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.79 | −0.035% | $770K | $2.4M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.39 | +0.043% | $29.7M | $11.8M | 100x | as long as short |
ApeX Omni SPYUSDT
BloFin SPY-USDT
Nado SPY-PERP
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 | 774.52 | +0.059% | $10.9M | $1.7M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.43 | +0.048% | $158K | $351K | 10x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.53 | +0.190% | $2K | $1.3M | 10x | as long as short |
| Deribit SPY_USDC-PERPETUAL | 0.0000% | 1h | 774.18 | +0.016% | $23K | $56K | 20x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.66 | +0.078% | $300K | $38K | 50x | as long as short |
| Lighter SPY | +0.0032% | 1h | 774.44 | +0.049% | $8.2M | $17.5M | 50x | as long as short |
| Lighter RH SPYshort | +0.0032% | 1h | 774.66 | +0.078% | $56.7M | $121.0M | 50x | |
| Coinbase International SPY-PERP-INTX | +0.0032% | 1h | 773.92 | −0.018% | $950K | $531K | 20x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 773.69 | −0.048% | $927K | $1.4M | 50x | as long as short |
| RISEx SPY/USDC | +0.0043% | 1h | 774.59 | +0.069% | $7.1M | $4.1M | 25x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.43 | −0.081% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.58 | −0.062% | $4.8M | $870K | 20x | as long as short |
| edgeX SPYUSDC | +0.0060% | 4h | 774.31 | +0.032% | $640K | $243K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.64 | −0.054% | $2.5M | $1.0M | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.37 | +0.040% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.87 | −0.025% | $87K | — | 10x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.45 | +0.050% | $10K | — | 26x | as long as short |
Bitget SPYUSDT
GRVT SPY_USDT_Perp
SunX SPY-USDT
Deribit SPY_USDC-PERPETUAL
HTX SPY-USDT
Lighter SPY
Coinbase International SPY-PERP-INTX
Arcus SPY-USD
RISEx SPY/USDC
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
edgeX SPYUSDC
KuCoin SPYUSDTM
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
GMX SPY/USD [ETH-USDC]