Funding you earn now, next payment 04:00 UTC−0.0040%/8h= −4.4% APRnext payment −$0.05 per $10,000 · paid last 24h −0.023%
Price spread now: Coinbase International against Lighter−0.026%7-day average −0.035% · you buy dearer than you sell
Net, funding: paid 7d − costs−$24as in the Funding arb table
Net, price: spread back to 7d avg − costs−$11as in the Price arb table
costs, in and out, $10k−$120.124% of the position
Funding, last 7 days−0.113%−$11 on $10k
+Price spread, last 4 days (all we have)+0.071%+$7 · spread now −0.026%, 7d avg −0.035%
=Together, before fees−0.042%+ Points / potential airdropLighter: Season 3 · farm board−$4 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.035%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter SPY | 774.25 | 0.0096 | pay 0.0012% / 1h | 41m 25s | $8.2M | $19.2M | 50x |
| Short | Coinbase International SPY-PERP-INTX | 774.05 | 0.0056 | get 0.0007% / 1h | 41m 25s | $954K | $552K | 20x |
Lighter SPY
Coinbase International SPY-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International against Lighter. 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
- −$8.4
- Price spread: −0.026% → −0.035%
- $0.94
- Slippage, 4 orders
- −$2.41
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$19.88
- Costs to cover
- 0.124%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 7 min ago; Coinbase International: live order book, 12 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 Lighter live order book, 7 min ago | 0.13 bp | 1.0 bp −$1 | 5.0 bp −$50 | 14.3 bp −$1,432 | 28.7 bp −$14.4K |
| Sell Coinbase International live order book, 12 min ago | 0.06 bp | 6.0 bp −$6 | 7.1 bp −$71 | doesn't fit | doesn't fit |
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 | −0.018% | $416K | $468K | 50x | as long as short |
| Phoenix SPY | −0.0010% | 1h | 773.71 | −0.070% | $161K | $295K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.17 | −0.010% | $28.1M | $79.3M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.22 | −0.004% | $6.3M | $1.9M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.10 | −0.019% | $7.9M | $3.3M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.67 | −0.075% | $775K | $2.4M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.18 | −0.009% | $29.0M | $12.4M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.32 | +0.009% | $10.9M | $1.8M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.34 | +0.012% | $163K | $374K | 10x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.36 | +0.143% | $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 | +0.005% | $308K | $20K | 50x | as long as short |
| Aster SPYUSDT | +0.0022% | 8h | 774.14 | −0.014% | $864K | $194K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0028% | 1h | 773.48 | −0.099% | $163K | $24K | 50x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 773.53 | −0.093% | $928K | $1.4M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.06 | −0.154% | — | $123K | 50x | as long as short |
| Lighter RH SPY | +0.0048% | 1h | 774.48 | +0.030% | $56.3M | $116.2M | 50x | as long as short |
| Nado SPY-PERP | +0.0049% | 1h | 773.88 | −0.048% | $1.5M | $285K | 20x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.13 | −0.145% | $4.8M | $830K | 20x | as long as short |
| Coinbase International SPY-PERP-INTXshort | +0.0056% | 1h | 774.05 | −0.026% | $954K | $552K | 20x | |
| Lighter SPYlong | +0.0096% | 1h | 774.25 | long leg | $8.2M | $19.2M | 50x | |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.46 | −0.102% | $2.5M | $972K | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.13 | −0.015% | $1K | — | 20x | as long as short |
| RISEx SPY/USDC | +0.0100% | 1h | 774.31 | +0.007% | $7.0M | $5.0M | 25x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.70 | −0.071% | $87K | — | 10x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0112% | 1h | 774.08 | −0.022% | $23K | $56K | 20x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.17 | −0.010% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0987% | 4h | 774.16 | −0.012% | $640K | $241K | 20x | as long as short |
HTX SPY-USDT
Aster SPYUSDT
ApeX Omni SPYUSDT
Arcus SPY-USD
Vest SPY-USD-PERP
Lighter RH SPY
Nado SPY-PERP
Ondo Perps SPY-USD.P
KuCoin SPYUSDTM
Orderly PERP_SPY_USDC_mythos
RISEx SPY/USDC
Aevo SPY-PERP
Deribit SPY_USDC-PERPETUAL
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC