Funding you earn now, next payment 00:00 UTC−0.0078%/8h= −8.6% APRnext payment −$0.10 per $10,000 · paid last 24h −0.013%
Price spread now: Lighter against RISEx−0.035%7-day average −0.080% · 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−$4as in the Price arb table
costs, in and out, $10k−$80.080% of the position
Funding, last 3 days (all we have)−0.006%−$1 on $10k
+Price spread, last 7 days−0.128%−$13 · spread now −0.035%, 7d avg −0.080%
=Together, before fees−0.134%+ Points / potential airdropLighter: Season 3 · farm board−$13 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Lighter is 0.044% dearer against RISEx than usual: you sell high and buy low (spread −0.035% now, against its 7-day average of −0.080%): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 45 hours. At the pace of the last 3 days (−0.006% in total) that is about 25 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | RISEx SPY/USDC | 774.64 | 0.0110 | pay 0.0014% / 1h | 15m 12s | $6.9M | $5.2M | 25x |
| Short | Lighter SPY | 774.37 | 0.0032 | get 0.0004% / 1h | 15m 12s | $8.2M | $22.3M | 50x |
RISEx SPY/USDC
Lighter SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against RISEx. 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
- −$16.42
- Price spread: −0.035% → −0.080%
- $4.44
- Slippage, 4 orders
- −$2.03
- Fee RISEx: 3 bp × 2 orders
- −$6
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- −$20.01
- Costs to cover
- 0.080%
- Break-even
- never at this rate
Slippage from RISEx: live order book, 4 min ago; Lighter: live order book, 4 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 RISEx live order book, 4 min ago | 0.06 bp | 3.4 bp −$3 | 3.9 bp −$39 | doesn't fit | doesn't fit |
| Sell Lighter live order book, 4 min ago | 0.45 bp | 0.6 bp −$1 | 2.3 bp −$23 | 23.4 bp −$2,339 | 42.6 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 | |
|---|---|---|---|---|---|---|---|---|
| Arcus SPY-USD | −0.0266% | 1h | 773.52 | −0.145% | $941K | $1.4M | 50x | as long as short |
| BloFin SPY-USDT | −0.0120% | 8h | 774.59 | −0.007% | $413K | $571K | 50x | as long as short |
| Phoenix SPY | −0.0052% | 1h | 773.98 | −0.086% | $161K | $296K | 20x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 774.30 | −0.044% | $863K | $204K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.58 | −0.008% | $28.6M | $82.9M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.44 | −0.026% | $6.2M | $2.1M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.53 | −0.015% | $7.9M | $3.4M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.94 | −0.091% | $758K | $2.3M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.59 | −0.007% | $28.0M | $11.9M | 100x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.65 | +0.130% | $2K | $1.5M | 10x | as long as short |
Arcus SPY-USD
BloFin SPY-USDT
Phoenix SPY
Aster SPYUSDT
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
SunX SPY-USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Deribit SPY_USDC-PERPETUAL | 0.0000% | 1h | 774.13 | −0.066% | $23K | $58K | 20x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.79 | +0.019% | $308K | $20K | 50x | as long as short |
| GRVT SPY_USDT_Perp | +0.0012% | 8h | 774.59 | −0.007% | $157K | $411K | 10x | as long as short |
| Lighter SPYshort | +0.0032% | 1h | 774.37 | −0.035% | $8.2M | $22.3M | 50x | |
| Lighter RH SPY | +0.0032% | 1h | 774.68 | +0.005% | $56.9M | $119.9M | 50x | as long as short |
| Bitget SPYUSDT | +0.0037% | 8h | 774.49 | −0.020% | $11.0M | $2.6M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.23 | −0.182% | — | $123K | 50x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0048% | 1h | 773.56 | −0.140% | $955K | $583K | 20x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.85 | −0.102% | $4.8M | $847K | 20x | as long as short |
| Nado SPY-PERP | +0.0086% | 1h | 774.00 | −0.083% | $1.5M | $293K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.96 | −0.088% | $2.5M | $965K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 773.90 | −0.096% | $159K | $23K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.49 | −0.020% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 774.03 | −0.079% | $87K | — | 10x | as long as short |
| RISEx SPY/USDClong | +0.0110% | 1h | 774.64 | long leg | $6.9M | $5.2M | 25x | |
| GMX SPY/USD [ETH-USDC] | L +0.0208% / S −0.0429% | 1h | 774.59 | −0.007% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0685% | 4h | 774.47 | −0.022% | $640K | $242K | 20x | as long as short |
Deribit SPY_USDC-PERPETUAL
HTX SPY-USDT
GRVT SPY_USDT_Perp
Lighter RH SPY
Bitget SPYUSDT
Vest SPY-USD-PERP
Coinbase International SPY-PERP-INTX
Ondo Perps SPY-USD.P
Nado SPY-PERP
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC