Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.009%

Price spread now: Lighter against SunX+0.378%7-day average +0.228% · you sell dearer than you buy

Net, funding: paid 7d − costs−$266as in the Funding arb table

Net, price: spread back to 7d avg − costs−$252as in the Price arb table

costs, in and out, $10k−$2672.669% of the position

Long on SunX 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 3 days (all we have)+0.034%+$3 · spread now +0.378%, 7d avg +0.228%

Together, before fees+0.048%+ Points / potential airdropLighter: Season 3 · farm board+$5 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 0.150% dearer against SunX than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of +0.228%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX SPX-USDT	0.4969	0.0100	pay 0.0050% / 4h	1h 14m	$8K	$1.7M	20x
Short	Lighter SPX	0.4988	0.0096	get 0.0012% / 1h	14m 35s	$115K	$319K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against SunX. 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 SunXbpFee LighterbpOrdersPrice spread, now +0.378%Rate

Funding earned: −$0.84
Price spread: +0.378% → +0.228%: $15.01
Slippage, 4 orders: −$258.89
Fee SunX: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$252.71
Costs to cover: 2.669%
Break-even: never at this rate

Slippage from SunX: live order book, 10 min ago; Lighter: live order book, 60 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 SunX live order book, 10 min ago	31.81 bp	108.5 bp −$108	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 60 min ago	22.14 bp	22.1 bp −$22	80.5 bp −$805	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	−0.1257%	1h	0.4986	+0.350%	$232K	$554K	20x	as long as short
Variational Omni SPX	+0.0028%	4h	0.4958	−0.224%	$836K	$1.3M	—	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	+0.201%	$9	$4K	5.5x	as long as short
Lighter SPXshort	+0.0096%	1h	0.4988	+0.378%	$115K	$319K	5x
Hyperliquid SPX	+0.0100%	1h	0.4985	+0.332%	$9.6M	$7.5M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.4985	+0.323%	$125K	$107K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.4988	+0.382%	$4.9M	$20.5M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.4983	+0.282%	$11.6M	$15.8M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.4986	+0.342%	$981K	$2.7M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.4985	+0.322%	$1.0M	$490K	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_USDT	+0.0100%	4h	0.4986	+0.342%	$11.2M	$4.6M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.4986	+0.342%	$3.7M	$5.2M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.4984	+0.302%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.4986	+0.342%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.4967	−0.040%	$45K	$248K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.4990	+0.423%	$20K	$711	10x	as long as short
SunX SPX-USDTlong	+0.0100%	4h	0.4969	long leg	$8K	$1.7M	20x
Extended SPX-USD	+0.0104%	1h	0.4983	+0.281%	$34K	$228K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.4967	−0.040%	$256K	$941K	75x	as long as short