Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.006%

Price spread now: Lighter against Gate+0.084%7-day average +0.112% · you sell dearer than you buy

Net, funding: paid 7d − costs−$266as in the Funding arb table

Net, price: spread back to 7d avg − costs−$272as in the Price arb table

costs, in and out, $10k−$2692.691% of the position

Long on Gate Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.034%+$3 on $10k

Price spread, last 4 days (all we have)−0.105%−$10 · spread now +0.084%, 7d avg +0.112%

Together, before fees−0.071%+ Points / potential airdropLighter: Season 3 · farm board−$7 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 0.028% cheaper against Gate than usual: you would sell low and buy high, −$3 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	Gate SPX_USDT	0.5027	0.0100	pay 0.0050% / 4h	23m 41s	$1.0M	$563K	50x
Short	Lighter SPX	0.5031	0.0096	get 0.0012% / 1h	23m 41s	$135K	$357K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Gate. 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 GatebpFee LighterbpOrdersPrice spread, now +0.084%Rate

Funding earned: −$0.84
Price spread: +0.084% → +0.112%: −$2.84
Slippage, 4 orders: −$254.05
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter: 0 bp × 2 orders: $0
Net: −$272.73
Costs to cover: 2.691%
Break-even: never at this rate

Slippage from Gate: live order book, 3 min ago; Lighter: live order book, 26 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 Gate live order book, 3 min ago	5.97 bp	105.6 bp −$106	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 26 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	−0.955%	$9	$4K	5.5x	as long as short
Lighter SPXshort	+0.0096%	1h	0.5031	+0.084%	$135K	$357K	5x
Hyperliquid SPX	+0.0100%	1h	0.5030	+0.064%	$10.2M	$7.5M	5x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5028	+0.020%	$5.0M	$21.4M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5020	−0.139%	$11.3M	$16.3M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5021	−0.119%	$933K	$2.9M	20x	as long as short
Gate SPX_USDTlong	+0.0100%	4h	0.5027	long leg	$1.0M	$563K	50x
MEXC SPX_USDT	+0.0100%	4h	0.5025	−0.040%	$11.8M	$4.9M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5028	+0.020%	$3.7M	$5.2M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5025	−0.040%	$2.6M	$1.4M	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SPX-USDT	+0.0100%	4h	0.5025	−0.040%	—	$6.9M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5028	+0.011%	$846K	$1.4M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5038	+0.219%	$25K	$254K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5026	−0.020%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5025	−0.036%	$33K	$245K	10x	as long as short
Aster SPXUSDT	+0.0167%	4h	0.5034	+0.136%	$134K	$122K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0169%	4h	0.5040	+0.259%	$20K	$599	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5050	+0.458%	$248K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1282%	1h	0.5035	+0.164%	$245K	$550K	20x	as long as short