Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.008%

Price spread now: Lighter against BingX+0.020%7-day average +0.112% · you sell dearer than you buy

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs−$102as in the Price arb table

costs, in and out, $10k−$930.926% of the position

Long on BingX 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)+0.071%+$7 · spread now +0.020%, 7d avg +0.112%

Together, before fees+0.085%+ Points / potential airdropLighter: Season 3 · farm board+$8 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 0.092% cheaper against BingX than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.112%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX SPX-USDT	0.5036	0.0100	pay 0.0050% / 4h	2h 47m	—	$6.8M	—
Short	Lighter SPX	0.5037	0.0096	get 0.0012% / 1h	47m 15s	$116K	$338K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BingX. 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 BingXbpFee LighterbpOrdersPrice spread, now +0.020%Rate

Funding earned: −$0.84
Price spread: +0.020% → +0.112%: −$9.17
Slippage, 4 orders: −$82.58
Fee BingX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$102.59
Costs to cover: 0.926%
Break-even: never at this rate

Slippage from BingX: live order book, 5 min ago; Lighter: live order book, 12 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 BingX live order book, 5 min ago	5.93 bp	22.4 bp −$22	53.2 bp −$532	501.0 bp −$50.1K	doesn't fit
Sell Lighter live order book, 12 min ago	21.58 bp	21.7 bp −$22	73.3 bp −$733	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	−1.132%	$9	$4K	5.5x	as long as short
Variational Omni SPX	+0.0059%	4h	0.5047	+0.213%	$845K	$1.3M	—	as long as short
Lighter SPXshort	+0.0096%	1h	0.5037	+0.020%	$116K	$338K	5x
Hyperliquid SPX	+0.0100%	1h	0.5041	+0.093%	$9.9M	$7.6M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5053	+0.331%	$128K	$111K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5039	+0.060%	$5.1M	$21.3M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5032	−0.079%	$11.4M	$16.1M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5032	−0.079%	$948K	$2.9M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5034	−0.040%	$1.0M	$508K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5038	+0.040%	$11.2M	$4.8M	100x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SPXUSDTM	+0.0100%	4h	0.5035	−0.020%	$3.7M	$5.4M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5037	+0.020%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDTlong	+0.0100%	4h	0.5036	long leg	—	$6.8M	—
ApeX Omni SPXUSDT	+0.0100%	1h	0.5067	+0.616%	$45K	$247K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5044	+0.159%	$20K	$599	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5032	−0.079%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5031	−0.095%	$37K	$265K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5071	+0.695%	$257K	$1.1M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1182%	1h	0.5049	+0.255%	$246K	$550K	20x	as long as short