Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0045%/8h= +4.9% APRpaid last 24h +0.004%

Price spread now: Orderly against Lighter+0.012%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SPX	0.5106	0.0096	pay 0.0012% / 1h	15m 28s	$140K	$407K	5x
Short	Orderly PERP_SPX_USDC	0.5107	0.0141	get 0.0070% / 4h	15m 28s	$20K	$599	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.012%Rate

Funding earned: $9.4
Price spread: +0.012% → 0.000%: $1.17
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: $4.57
Costs to cover: 0.060%
Break-even: 3.6 days

Slippage unknown: Lighter: live order book, 14 min ago; Orderly: no order-book sample. Net counts fees only.

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, 14 min ago	19.99 bp	25.7 bp −$26	76.7 bp −$767	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−2.495%	$9	$4K	5.5x	as long as short
Lighter SPXlong	+0.0096%	1h	0.5106	long leg	$140K	$407K	5x
Hyperliquid SPX	+0.0100%	1h	0.5099	−0.149%	$10.3M	$8.3M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5104	−0.055%	$136K	$93K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5102	−0.088%	$5.1M	$23.8M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5092	−0.282%	$11.8M	$17.8M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5094	−0.243%	$974K	$3.4M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5098	−0.164%	$1.0M	$659K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5098	−0.164%	$11.7M	$5.1M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5101	−0.106%	$3.7M	$5.5M	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SPXUSDT	+0.0100%	4h	0.5101	−0.106%	$2.6M	$1.5M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5104	−0.047%	—	$7.0M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5092	−0.288%	$949K	$1.6M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5101	−0.106%	$26K	$248K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5095	−0.223%	$8K	$1.8M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5105	−0.022%	$33K	$302K	10x	as long as short
Orderly PERP_SPX_USDCshort	+0.0141%	4h	0.5107	+0.012%	$20K	$599	10x
BloFin SPX-USDT	+0.0340%	4h	0.5100	−0.125%	$253K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1269%	1h	0.5112	+0.103%	$255K	$552K	20x	as long as short