Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.011%

Price spread now: Gate against Lighter−0.079%7-day average −0.110% · you buy dearer than you sell

Net, funding: paid 7d − costs−$171as in the Funding arb table

Net, price: spread back to 7d avg − costs−$164as in the Price arb table

costs, in and out, $10k−$1681.676% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.039%−$4 on $10k

Price spread, last 4 days (all we have)+0.045%+$4 · spread now −0.079%, 7d avg −0.110%

Together, before fees+0.005%+ Points / potential airdropLighter: Season 3 · farm board+$1 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: Gate is 0.031% dearer against Lighter than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.110%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SPX	0.5063	0.0096	pay 0.0012% / 1h	27m 00s	$116K	$319K	5x
Short	Gate SPX_USDT	0.5059	0.0100	get 0.0050% / 4h	27m 00s	$1.0M	$500K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.079%Rate

Funding earned: $0.84
Price spread: −0.079% → −0.110%: $3.14
Slippage, 4 orders: −$152.56
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$163.59
Costs to cover: 1.676%
Break-even: 1370.2 days

Slippage from Lighter: live order book, 42 min ago; Gate: live order book, 5 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, 42 min ago	25.58 bp	25.7 bp −$26	66.5 bp −$665	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	7.92 bp	61.5 bp −$62	doesn't fit	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
Kraken Futures PF_SPXUSD	−0.1177%	1h	0.5064	+0.016%	$241K	$560K	20x	as long as short
Variational Omni SPX	−0.0012%	4h	0.5046	−0.337%	$837K	$1.3M	—	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−1.659%	$9	$4K	5.5x	as long as short
Lighter SPXlong	+0.0096%	1h	0.5063	long leg	$116K	$319K	5x
Hyperliquid SPX	+0.0100%	1h	0.5072	+0.172%	$9.9M	$7.7M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5053	−0.192%	$128K	$110K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5060	−0.057%	$4.9M	$21.0M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5059	−0.079%	$11.5M	$16.1M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5061	−0.040%	$964K	$2.8M	20x	as long as short
Gate SPX_USDTshort	+0.0100%	4h	0.5059	−0.079%	$1.0M	$500K	50x

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SPX_USDT	+0.0100%	4h	0.5063	0.000%	$11.2M	$4.7M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5065	+0.040%	$3.7M	$5.3M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5068	+0.099%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5062	−0.020%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5057	−0.119%	$45K	$246K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5059	−0.079%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5041	−0.435%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5061	−0.038%	$34K	$228K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5043	−0.395%	$248K	$993K	75x	as long as short