Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0030%/8h= −3.3% APRpaid last 24h −0.043%

Price spread now: Variational Omni against Lighter+0.579%7-day average −0.202% · you sell dearer than you buy

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.187%−$19 on $10k

Price spread, last 4 days (all we have)+0.285%+$29 · spread now +0.579%, 7d avg −0.202%

Together, before fees+0.098%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board+$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.781% dearer against Lighter than usual: you sell high and buy low (spread +0.579% now, against its 7-day average of −0.202%): +$78 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3 months. At the pace of the last 4 days (−0.187% in total) that is about 15 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SPX	0.5258	0.0096	pay 0.0012% / 1h	54m 49s	$144K	$398K	5x
Short	Variational Omni SPX	0.5288	0.0066	get 0.0033% / 4h	2h 54m	$972K	$1.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now +0.579%Rate

Funding earned: −$6.39
Price spread: +0.579% → −0.202%: $78.14
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $71.75
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter: live order book, 30 min ago; Variational Omni: RFQ quote, 4 min ago. 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, 30 min ago	28.66 bp	28.7 bp −$29	74.9 bp −$749	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	4.64 bp	doesn't fit	60.3 bp −$603	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	−5.306%	$9	$4K	5.5x	as long as short
Variational Omni SPXshort	+0.0066%	4h	0.5288	+0.579%	$972K	$1.6M	—
Lighter SPXlong	+0.0096%	1h	0.5258	long leg	$144K	$398K	5x
Aster SPXUSDT	+0.0100%	4h	0.5279	+0.396%	$141K	$94K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5264	+0.122%	$5.4M	$24.2M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5257	−0.019%	$12.3M	$18.2M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5253	−0.095%	$1.0M	$3.6M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5269	+0.209%	$1.1M	$645K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5266	+0.152%	$11.5M	$5.0M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5266	+0.152%	$3.8M	$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	0.5256	−0.038%	$2.7M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5261	+0.057%	—	$7.0M	—	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5265	+0.133%	$9K	$1.8M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5259	+0.017%	$45K	$314K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0146%	4h	0.5283	+0.475%	$21K	$511	10x	as long as short
ApeX Omni SPXUSDT	+0.0209%	1h	0.5353	+1.807%	$28K	$249K	25x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5277	+0.361%	$256K	$1.0M	75x	as long as short
Hyperliquid SPX	+0.1359%	1h	0.5270	+0.226%	$11.0M	$9.2M	5x	as long as short
Kraken Futures PF_SPXUSD	+0.2143%	1h	0.5284	+0.494%	$272K	$554K	20x	as long as short