Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.009%

Price spread now: BingX against Lighter−0.050%7-day average −0.116% · you buy dearer than you sell

Net, funding: paid 7d − costs−$100as in the Funding arb table

Net, price: spread back to 7d avg − costs−$92as in the Price arb table

costs, in and out, $10k−$980.982% of the position

Long on Lighter Short on BingX

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)+0.038%+$4 · spread now −0.050%, 7d avg −0.116%

Together, before fees+0.024%+ Points / potential airdropLighter: Season 3 · farm board+$2 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: BingX is 0.066% dearer against Lighter than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.116%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SPX	0.4986	0.0096	pay 0.0012% / 1h	14m 55s	$115K	$319K	5x
Short	BingX SPX-USDT	0.4984	0.0100	get 0.0050% / 4h	1h 14m	—	$6.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Lighter. 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 LighterbpFee BingXbpOrdersPrice spread, now −0.050%Rate

Funding earned: $0.84
Price spread: −0.050% → −0.116%: $6.56
Slippage, 4 orders: −$88.17
Fee Lighter: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: −$90.77
Costs to cover: 0.982%
Break-even: 763.5 days

Slippage from Lighter: live order book, 59 min ago; BingX: live order book, 2 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 Lighter live order book, 59 min ago	22.14 bp	22.1 bp −$22	68.0 bp −$680	doesn't fit	doesn't fit
Sell BingX live order book, 2 min ago	9.06 bp	30.6 bp −$31	63.4 bp −$634	160.9 bp −$16.1K	924.3 bp −$462.1K

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
Kraken Futures PF_SPXUSD	−0.1257%	1h	0.4986	−0.002%	$232K	$554K	20x	as long as short
Variational Omni SPX	+0.0028%	4h	0.4958	−0.574%	$836K	$1.3M	—	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−0.150%	$9	$4K	5.5x	as long as short
Lighter SPXlong	+0.0096%	1h	0.4986	long leg	$115K	$319K	5x
Hyperliquid SPX	+0.0100%	1h	0.4985	−0.026%	$9.6M	$7.5M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.4985	−0.029%	$125K	$107K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.4985	−0.029%	$4.9M	$20.5M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.4981	−0.110%	$11.6M	$15.8M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.4981	−0.110%	$980K	$2.7M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.4983	−0.070%	$1.0M	$490K	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SPX_USDT	+0.0100%	4h	0.4987	+0.010%	$11.2M	$4.6M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.4985	−0.030%	$3.7M	$5.2M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.4985	−0.030%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDTshort	+0.0100%	4h	0.4984	−0.050%	—	$6.9M	—
ApeX Omni SPXUSDT	+0.0100%	1h	0.4967	−0.391%	$45K	$248K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.4990	+0.070%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.4969	−0.351%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.4982	−0.081%	$34K	$228K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.4967	−0.391%	$256K	$941K	75x	as long as short