Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.001%

Price spread now: Lighter against Binance+0.082%7-day average +0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$83as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$840.839% of the position

Long on Binance Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.014%+$1 on $10k

Price spread, last 4 days (all we have)−0.010%−$1 · spread now +0.082%, 7d avg +0.046%

Together, before fees+0.004%+ Points / potential airdropLighter: Season 3 · farm board$0 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.036% dearer against Binance than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance SPXUSDT	0.5097	0.0100	pay 0.0050% / 4h	18m 27s	$5.1M	$23.8M	75x
Short	Lighter SPX	0.5101	0.0096	get 0.0012% / 1h	18m 27s	$140K	$407K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Binance. 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 BinancebpFee LighterbpOrdersPrice spread, now +0.082%Rate

Funding earned: −$0.84
Price spread: +0.082% → +0.046%: $3.61
Slippage, 4 orders: −$73.95
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$81.18
Costs to cover: 0.839%
Break-even: never at this rate

Slippage from Binance: live order book, 8 min ago; Lighter: live order book, 11 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 Binance live order book, 8 min ago	0.98 bp	19.0 bp −$19	58.3 bp −$583	doesn't fit	doesn't fit
Sell Lighter live order book, 11 min ago	19.99 bp	20.0 bp −$20	76.2 bp −$762	doesn't fit	doesn't fit

SPX on 19 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
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−2.315%	$9	$4K	5.5x	as long as short
Lighter SPXshort	+0.0096%	1h	0.5101	+0.082%	$140K	$407K	5x
Hyperliquid SPX	+0.0100%	1h	0.5099	+0.039%	$10.3M	$8.3M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5102	+0.108%	$136K	$93K	10x	as long as short
Binance SPXUSDTlong	+0.0100%	4h	0.5097	long leg	$5.1M	$23.8M	75x
Bybit SPXUSDT	+0.0100%	4h	0.5092	−0.098%	$11.8M	$17.8M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5093	−0.078%	$972K	$3.4M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5099	+0.039%	$1.0M	$659K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5095	−0.039%	$11.7M	$5.1M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5100	+0.059%	$3.7M	$5.5M	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SPXUSDT	+0.0100%	4h	0.5100	+0.059%	$2.6M	$1.5M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5090	−0.137%	—	$6.9M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5072	−0.498%	$945K	$1.6M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5089	−0.157%	$26K	$248K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5086	−0.216%	$8K	$1.8M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5096	−0.025%	$33K	$302K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0141%	4h	0.5102	+0.098%	$20K	$599	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5099	+0.039%	$253K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1268%	1h	0.5116	+0.365%	$255K	$552K	20x	as long as short