Funding arb · Price arb /

SP500

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0273%/8hnext payment +$0.34 per $10,000 · paid last 24h +0.051%

Price spread now: Aftermath Perps against Lighter−0.038%7-day average — · you buy dearer than you sell

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

Long on Lighter Short on Aftermath Perps

What this pair did over the last

the charts below follow

Funding, last 3 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

Funding pays, the price is against you. Aftermath Perps is 0.038% cheaper against Lighter than usual: you would sell low and buy high (spread −0.038% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 11 hours of funding at the current rate (+$8 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter US500	7,774.2	0.0032	pay 0.0004% / 1h	22m 05s	$2.7M	$27.0M	50x
Short	Aftermath Perps US500USD	7,771.3	0.0305	get 0.0038% / 1h	22m 05s	$498	$17K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aftermath Perps 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 Aftermath PerpsbpOrdersPrice spread, now −0.038%Rate

Funding earned: $57.27
Price spread: −0.038% → 0.000%: −$3.79
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Net: $44.48
Costs to cover: 0.090%
Break-even: 1.6 days

Slippage unknown: Lighter: live order book, 11 min ago; Aftermath Perps: 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, 11 min ago	0.45 bp	0.4 bp $0	0.4 bp −$4	3.3 bp −$330	120.3 bp −$60.2K
Sell Aftermath Perps no order-book sample	—	—	—	—	—

Aftermath Perps: 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.

SP500 on 18 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 US500/USDC PERP	−0.0220%	1h	7,670.2	−1.338%	$7K	$103	52x	as long as short
OKX US500-USDT-SWAP	0.0000%	8h	7,770.8	−0.044%	$154K	$301K	20x	as long as short
Bitget SP500USDT	0.0000%	8h	7,776.8	+0.033%	$7.2M	$795K	50x	as long as short
Variational Omni US500	0.0000%	8h	7,747.9	−0.338%	$17.5M	$11.3M	—	as long as short
Bullet US500-USD	0.0000%	1h	7,775.8	+0.021%	$13K	$108K	10x	as long as short
QFEX US500-USD	+0.0012%	1h	7,774.3	+0.001%	$11.7M	$3.1M	30x	as long as short
Lighter US500long	+0.0032%	1h	7,774.2	long leg	$2.7M	$27.0M	50x
Extended SPX500m-USD	+0.0032%	1h	7,777.5	+0.042%	$3.2M	$15.5M	25x	as long as short
Vest SPX-USD-PERP	+0.0046%	1h	7,840.8	+0.856%	—	$3.6M	50x	as long as short
Popdex US500USDT	+0.0048%	1h	7,775.2	+0.013%	$545K	$221K	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex US500-USD-PERP	+0.0050%	8h	7,773.1	−0.015%	$43K	—	5x	as long as short
tradeXYZ xyz:SP500	+0.0050%	1h	7,776.6	+0.031%	$437.9M	$260.5M	50x	as long as short
Polymarket Perps SP500-USD	+0.0050%	1h	7,773.1	−0.014%	$7.6M	$1.5M	50x	as long as short
SoDEX US500-USD	+0.0050%	1h	7,776	+0.023%	$1.1M	$85K	20x	as long as short
Ondo Perps US500-USD.P	+0.0050%	1h	7,776.8	+0.033%	$9.6M	$5.9M	25x	as long as short
Markets by Kinetiq mkts:US500	+0.0088%	1h	7,748.1	−0.336%	$1.6M	$8.0M	25x	as long as short
Pacifica SP500	+0.0100%	1h	7,775.3	+0.014%	$268K	$165K	20x	as long as short
Aftermath Perps US500USDshort	+0.0305%	1h	7,771.3	−0.038%	$498	$17K	10x