Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against OKX+0.122%7-day average +0.180% · you sell dearer than you buy

Net, funding: paid 7d − costs−$107as in the Funding arb table

Net, price: spread back to 7d avg − costs−$114as in the Price arb table

costs, in and out, $10k−$1081.084% of the position

Long on OKX 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)+0.028%+$3 · spread now +0.122%, 7d avg +0.180%

Together, before fees+0.042%+ Points / potential airdropLighter: Season 3 · farm board+$4 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 0.058% cheaper against OKX than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.180%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX SPX-USDT-SWAP	0.5068	0.0100	pay 0.0050% / 4h	1h 06m	$974K	$3.4M	20x
Short	Lighter SPX	0.5074	0.0096	get 0.0012% / 1h	6m 22s	$128K	$380K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against OKX. 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 OKXbpFee LighterbpOrdersPrice spread, now +0.122%Rate

Funding earned: −$0.84
Price spread: +0.122% → +0.180%: −$5.76
Slippage, 4 orders: −$98.36
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$114.96
Costs to cover: 1.084%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Lighter: live order book, 31 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 OKX live order book, 4 min ago	3.95 bp	29.8 bp −$30	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 31 min ago	23.93 bp	23.9 bp −$24	81.4 bp −$814	doesn't fit	doesn't fit

SPX on 19 exchanges

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	−1.756%	$9	$4K	5.5x	as long as short
Lighter SPXshort	+0.0096%	1h	0.5074	+0.122%	$128K	$380K	5x
Aster SPXUSDT	+0.0100%	4h	0.5075	+0.145%	$128K	$103K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5076	+0.151%	$5.2M	$23.6M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5066	−0.039%	$11.9M	$17.5M	50x	as long as short
OKX SPX-USDT-SWAPlong	+0.0100%	4h	0.5068	long leg	$974K	$3.4M	20x
Gate SPX_USDT	+0.0100%	4h	0.5066	−0.039%	$1.0M	$691K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5072	+0.079%	$10.6M	$5.0M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5071	+0.059%	$3.6M	$5.5M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5070	+0.039%	$2.6M	$1.3M	50x	as long as short

Show all 19 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SPX-USDT	+0.0100%	4h	0.5072	+0.079%	—	$7.0M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5059	−0.173%	$940K	$1.7M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5067	−0.020%	$27K	$250K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5059	−0.178%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5070	+0.037%	$44K	$316K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0135%	4h	0.5082	+0.276%	$20K	$511	10x	as long as short
Hyperliquid SPX	+0.0211%	1h	0.5083	+0.302%	$10.6M	$8.6M	5x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5062	−0.118%	$256K	$930K	75x	as long as short
Kraken Futures PF_SPXUSD	+0.2507%	1h	0.5076	+0.149%	$274K	$544K	20x	as long as short