Funding you earn now, next payment 04:00 UTC−0.0014%/8h= −1.5% APRnext payment −$0.02 per $10,000 · paid last 24h −0.032%
Price spread now: Nado against Lighter−0.052%7-day average +0.070% · you buy dearer than you sell
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$26as in the Price arb table
costs, in and out, $10k−$130.134% of the position
Funding, last 3 days (all we have)−0.095%−$10 on $10k
+Price spread, last 7 days+0.230%+$23 · spread now −0.052%, 7d avg +0.070%
=Together, before fees+0.134%+ Points / potential airdropLighter: Season 3 · Nado: Active · farm board+$13 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Nado is 0.122% cheaper against Lighter than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.070%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter SPY | 774.26 | 0.0088 | pay 0.0011% / 1h | 9m 58s | $8.3M | $19.7M | 50x |
| Short | Nado SPY-PERP | 773.86 | 0.0074 | get 0.0009% / 1h | 9m 58s | $1.5M | $280K | 20x |
Lighter SPY
Nado SPY-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Nado 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
- −$2.9
- Price spread: −0.052% → +0.070%
- −$12.19
- Slippage, 4 orders
- −$6.43
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Nado: 3.5 bp × 2 orders
- −$7
- Net
- −$28.52
- Costs to cover
- 0.134%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 4 min ago; Nado: live order book, 4 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, 4 min ago | 0.06 bp | 0.1 bp $0 | 4.1 bp −$41 | 13.2 bp −$1,318 | 27.7 bp −$13.9K |
| Sell Nado live order book, 4 min ago | 0.06 bp | 7.3 bp −$7 | 17.6 bp −$176 | 57.7 bp −$5,768 | 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 | −0.0118% | 8h | 774.23 | −0.004% | $417K | $468K | 50x | as long as short |
| ApeX Omni SPYUSDT | −0.0039% | 1h | 773.20 | −0.137% | $162K | $24K | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.26 | 0.000% | $6.3M | $2.0M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.21 | −0.006% | $7.9M | $3.2M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.73 | −0.068% | $775K | $2.4M | 75x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.40 | +0.018% | $10.9M | $1.8M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.36 | +0.013% | $163K | $374K | 10x | as long as short |
| Phoenix SPY | 0.0000% | 1h | 773.62 | −0.083% | $161K | $295K | 20x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.25 | +0.128% | $2K | $1.4M | 10x | as long as short |
| Deribit SPY_USDC-PERPETUAL | 0.0000% | 1h | 773.87 | −0.050% | $23K | $56K | 20x | as long as short |
BloFin SPY-USDT
ApeX Omni SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
Bitget SPYUSDT
GRVT SPY_USDT_Perp
Phoenix SPY
SunX SPY-USDT
Deribit SPY_USDC-PERPETUALShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX SPY-USDT | 0.0000% | 8h | 774.51 | +0.032% | $308K | $20K | 50x | as long as short |
| MEXC SPY_USDT | +0.0001% | 8h | 774.22 | −0.005% | $26.5M | $12.1M | 100x | as long as short |
| Binance SPYUSDT | +0.0001% | 8h | 774.23 | −0.004% | $28.2M | $79.9M | 50x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 773.60 | −0.085% | $935K | $1.4M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.06 | −0.155% | — | $123K | 50x | as long as short |
| Aster SPYUSDT | +0.0047% | 8h | 774.33 | +0.009% | $865K | $196K | 20x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.58 | −0.088% | $4.8M | $828K | 20x | as long as short |
| Lighter RH SPY | +0.0064% | 1h | 774.56 | +0.039% | $56.5M | $115.6M | 50x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0064% | 1h | 774.05 | −0.027% | $954K | $552K | 20x | as long as short |
| Nado SPY-PERPshort | +0.0074% | 1h | 773.86 | −0.052% | $1.5M | $280K | 20x | |
| Lighter SPYlong | +0.0088% | 1h | 774.26 | long leg | $8.3M | $19.7M | 50x | |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.87 | −0.050% | $2.5M | $974K | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.26 | 0.000% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.71 | −0.071% | $87K | — | 10x | as long as short |
| RISEx SPY/USDC | +0.0173% | 1h | 774.35 | +0.011% | $7.0M | $5.0M | 25x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.24 | −0.003% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0684% | 4h | 774.17 | −0.011% | $640K | $243K | 20x | as long as short |
HTX SPY-USDT
MEXC SPY_USDT
Binance SPYUSDT
Arcus SPY-USD
Vest SPY-USD-PERP
Aster SPYUSDT
Ondo Perps SPY-USD.P
Lighter RH SPY
Coinbase International SPY-PERP-INTX
KuCoin SPYUSDTM
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
RISEx SPY/USDC
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC