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 +0.009%

Price spread now: Lighter against MEXC+0.148%7-day average +0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$73as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$740.742% of the position

Long on MEXC Short on Lighter

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)−0.148%−$15 · spread now +0.148%, 7d avg +0.047%

Together, before fees−0.135%+ Points / potential airdropLighter: Season 3 · farm board−$13 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 0.101% dearer against MEXC than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.047%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC SPX_USDT	0.5068	0.0100	pay 0.0050% / 4h	45m 19s	$11.3M	$4.7M	100x
Short	Lighter SPX	0.5075	0.0096	get 0.0012% / 1h	45m 19s	$117K	$318K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against MEXC. 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 MEXCbpFee LighterbpOrdersPrice spread, now +0.148%Rate

Funding earned: −$0.84
Price spread: +0.148% → +0.047%: $10.13
Slippage, 4 orders: −$70.16
Fee MEXC: 2 bp × 2 orders: −$4
Fee Lighter: 0 bp × 2 orders: $0
Net: −$64.87
Costs to cover: 0.742%
Break-even: never at this rate

Slippage from MEXC: live order book, 3 min ago; Lighter: live order book, 24 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 MEXC live order book, 3 min ago	2.96 bp	11.2 bp −$11	28.5 bp −$285	151.8 bp −$15.2K	doesn't fit
Sell Lighter live order book, 24 min ago	25.58 bp	25.6 bp −$26	80.0 bp −$800	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	−0.1176%	1h	0.5069	+0.025%	$241K	$560K	20x	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−1.756%	$9	$4K	5.5x	as long as short
Variational Omni SPX	+0.0055%	4h	0.5072	+0.086%	$856K	$1.3M	—	as long as short
Lighter SPXshort	+0.0096%	1h	0.5075	+0.148%	$117K	$318K	5x
Hyperliquid SPX	+0.0100%	1h	0.5066	−0.034%	$9.8M	$7.6M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5075	+0.133%	$129K	$109K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5069	+0.022%	$5.0M	$20.9M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5061	−0.138%	$11.5M	$16.0M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5060	−0.158%	$965K	$2.8M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5069	+0.020%	$1.0M	$497K	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_USDTlong	+0.0100%	4h	0.5068	long leg	$11.3M	$4.7M	100x
KuCoin SPXUSDTM	+0.0100%	4h	0.5069	+0.020%	$3.8M	$5.3M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5068	0.000%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5061	−0.138%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5060	−0.158%	$45K	$246K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5071	+0.059%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5061	−0.138%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5060	−0.166%	$35K	$228K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5062	−0.118%	$245K	$986K	75x	as long as short