Funding you earn now, next payment 05:00 UTC+0.0056%/8h= +6.1% APRnext payment +$0.07 per $10,000 · paid last 24h +0.044%
Price spread now: Lighter against Arcus+0.092%55s7-day average +0.025% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$110.108% of the position
Funding, last 4 days (all we have)+0.017%+$2 on $10k
+Price spread, last 7 days−0.114%−$11 · spread now +0.092%, 7d avg +0.025%
=Together, before fees−0.097%+ Points / potential airdropLighter: Season 3 · farm board−$10 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Lighter is 0.067% dearer against Arcus than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.025%. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Arcus SPY-USD | 773.54 | 0.0040 | pay 0.0005% / 1h | 41m 43s | $928K | $1.4M | 50x |
| Short | Lighter SPY | 774.25 | 0.0096 | get 0.0012% / 1h | 41m 43s | $8.2M | $19.2M | 50x |
Arcus SPY-USD
Lighter SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against Arcus. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $11.7
- Price spread: +0.092% → +0.025%
- $6.7
- Slippage, 4 orders
- −$6.32
- Fee Arcus: 2.25 bp × 2 orders
- −$4.5
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- $7.58
- Costs to cover
- 0.108%
- Break-even
- 2.5 days
Slippage from Arcus: live order book, 2 min ago; Lighter: live order book, 7 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 Arcus live order book, 2 min ago | 0.06 bp | 3.0 bp −$3 | 3.7 bp −$37 | doesn't fit | doesn't fit |
| Sell Lighter live order book, 7 min ago | 0.13 bp | 0.1 bp $0 | 0.7 bp −$7 | 17.8 bp −$1,779 | 36.4 bp −$18.2K |
SPY on 27 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 | |
|---|---|---|---|---|---|---|---|---|
| BloFin SPY-USDT | −0.0120% | 8h | 774.11 | +0.074% | $416K | $468K | 50x | as long as short |
| Phoenix SPY | −0.0010% | 1h | 773.90 | +0.047% | $161K | $295K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.21 | +0.087% | $28.1M | $79.3M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.28 | +0.096% | $6.3M | $1.9M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.12 | +0.075% | $7.9M | $3.3M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.74 | +0.026% | $775K | $2.4M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.26 | +0.093% | $29.0M | $12.4M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.36 | +0.106% | $10.9M | $1.8M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.34 | +0.104% | $163K | $374K | 10x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.36 | +0.235% | $2K | $1.4M | 10x | as long as short |
BloFin SPY-USDT
Phoenix SPY
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
Bitget SPYUSDT
GRVT SPY_USDT_Perp
SunX SPY-USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX SPY-USDT | 0.0000% | 8h | 774.29 | +0.097% | $308K | $20K | 50x | as long as short |
| Aster SPYUSDT | +0.0023% | 8h | 774.21 | +0.087% | $864K | $194K | 20x | as long as short |
| Arcus SPY-USDlong | +0.0040% | 1h | 773.54 | long leg | $928K | $1.4M | 50x | |
| ApeX Omni SPYUSDT | +0.0042% | 1h | 773.48 | −0.008% | $163K | $24K | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.11 | −0.056% | — | $123K | 50x | as long as short |
| Lighter RH SPY | +0.0048% | 1h | 774.48 | +0.122% | $56.3M | $116.2M | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.22 | −0.041% | $4.8M | $827K | 20x | as long as short |
| Nado SPY-PERP | +0.0051% | 1h | 773.90 | +0.047% | $1.5M | $285K | 20x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0056% | 1h | 774.05 | +0.066% | $954K | $552K | 20x | as long as short |
| Lighter SPYshort | +0.0096% | 1h | 774.25 | +0.092% | $8.2M | $19.2M | 50x | |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.46 | −0.010% | $2.5M | $972K | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.12 | +0.075% | $1K | — | 20x | as long as short |
| RISEx SPY/USDC | +0.0100% | 1h | 774.33 | +0.102% | $7.0M | $5.0M | 25x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.70 | +0.021% | $87K | — | 10x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0112% | 1h | 774.08 | +0.070% | $23K | $56K | 20x | as long as short |
| edgeX SPYUSDC | +0.0196% | 4h | 774.14 | +0.078% | $640K | $243K | 20x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.29 | +0.098% | $10K | — | 26x | as long as short |
HTX SPY-USDT
Aster SPYUSDT
ApeX Omni SPYUSDT
Vest SPY-USD-PERP
Lighter RH SPY
Ondo Perps SPY-USD.P
Nado SPY-PERP
Coinbase International SPY-PERP-INTX
KuCoin SPYUSDTM
Orderly PERP_SPY_USDC_mythos
RISEx SPY/USDC
Aevo SPY-PERP
Deribit SPY_USDC-PERPETUAL
edgeX SPYUSDC
GMX SPY/USD [ETH-USDC]