Funding arb · Price arb /

SPX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.005%

Price spread now: Lighter against Bitget−0.104%7-day average +0.062% · you buy dearer than you sell

Net, funding: paid 7d − costs−$111as in the Funding arb table

Net, price: spread back to 7d avg − costs−$129as in the Price arb table

costs, in and out, $10k−$1131.126% of the position

Long on Bitget 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)+0.112%+$11 · spread now −0.104%, 7d avg +0.062%

Together, before fees+0.126%+ Points / potential airdropLighter: Season 3 · farm board+$13 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 0.166% cheaper against Bitget than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of +0.062%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget SPXUSDT	0.4999	0.0100	pay 0.0050% / 4h	40m 45s	$2.6M	$1.4M	50x
Short	Lighter SPX	0.4994	0.0096	get 0.0012% / 1h	40m 45s	$134K	$357K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bitget. 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 BitgetbpFee LighterbpOrdersPrice spread, now −0.104%Rate

Funding earned: −$0.84
Price spread: −0.104% → +0.062%: −$16.6
Slippage, 4 orders: −$100.64
Fee Bitget: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$130.08
Costs to cover: 1.126%
Break-even: never at this rate

Slippage from Bitget: live order book, 2 min ago; Lighter: live order book, 9 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 Bitget live order book, 2 min ago	9.02 bp	32.5 bp −$33	113.5 bp −$1,135	doesn't fit	doesn't fit
Sell Lighter live order book, 9 min ago	22.24 bp	22.3 bp −$22	79.3 bp −$793	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	−0.400%	$9	$4K	5.5x	as long as short
Lighter SPXshort	+0.0096%	1h	0.4994	−0.104%	$134K	$357K	5x
Hyperliquid SPX	+0.0100%	1h	0.5005	+0.116%	$10.1M	$7.4M	5x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.4997	−0.032%	$5.0M	$21.4M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.4993	−0.120%	$11.3M	$16.4M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5001	+0.040%	$935K	$2.9M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.4986	−0.260%	$993K	$558K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.4997	−0.040%	$11.9M	$4.8M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.4988	−0.220%	$3.7M	$5.3M	50x	as long as short
Bitget SPXUSDTlong	+0.0100%	4h	0.4999	long leg	$2.6M	$1.4M	50x

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SPX-USDT	+0.0100%	4h	0.4999	0.000%	—	$6.9M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.4980	−0.379%	$839K	$1.4M	—	as long as short
SunX SPX-USDT	+0.0100%	4h	0.4980	−0.380%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5000	+0.014%	$32K	$249K	10x	as long as short
Aster SPXUSDT	+0.0125%	4h	0.4989	−0.200%	$133K	$122K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0153%	4h	0.4997	−0.040%	$20K	$599	10x	as long as short
ApeX Omni SPXUSDT	+0.0241%	1h	0.4987	−0.240%	$25K	$254K	25x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.4986	−0.260%	$249K	$988K	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1292%	1h	0.4996	−0.067%	$244K	$550K	20x	as long as short