Funding you earn now, next payment 04:00 UTC−0.0106%/8h= −11.6% APRnext payment −$0.13 per $10,000 · paid last 24h −0.094%
Price spread now: Phoenix against Lighter−0.054%74s7-day average −0.034% · you buy dearer than you sell
Net, funding: paid 7d − costs−$6as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$170.169% of the position
Funding, last 7 days+0.113%+$11 on $10k
+Price spread, last 4 days (all we have)+0.020%+$2 · spread now −0.054%, 7d avg −0.034%
=Together, before fees+0.133%+ Points / potential airdropLighter: Season 3 · farm board+$13 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.034%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.113%, so the current rate has only just turned against you. The two prices were read 74 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 | Lighter SPY | 774.32 | 0.0096 | pay 0.0012% / 1h | 42m 08s | $8.2M | $19.2M | 50x |
| Short | Phoenix SPY | 773.90 | −0.0010 | pay 0.0001% / 1h | 42m 08s | $161K | $295K | 20x |
Lighter SPY
Phoenix SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix 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
- −$22.33
- Price spread: −0.054% → −0.034%
- −$1.98
- Slippage, 4 orders
- −$9.92
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$41.23
- Costs to cover
- 0.169%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 7 min ago; Phoenix: live order book, 9 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 Phoenix live order book, 9 min ago | 0.13 bp | 7.9 bp −$8 | 15.8 bp −$158 | 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 | −0.027% | $416K | $468K | 50x | as long as short |
| Phoenix SPYshort | −0.0010% | 1h | 773.90 | −0.054% | $161K | $295K | 20x | |
| Binance SPYUSDT | 0.0000% | 8h | 774.27 | −0.006% | $28.1M | $79.3M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.29 | −0.004% | $6.3M | $1.9M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.12 | −0.026% | $7.9M | $3.3M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.74 | −0.075% | $775K | $2.4M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.28 | −0.005% | $29.0M | $12.4M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.37 | +0.006% | $10.9M | $1.8M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.34 | +0.003% | $163K | $374K | 10x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.36 | +0.134% | $2K | $1.4M | 10x | as long as short |
BloFin SPY-USDT
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 | −0.004% | $308K | $20K | 50x | as long as short |
| Aster SPYUSDT | +0.0023% | 8h | 774.22 | −0.013% | $864K | $194K | 20x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 773.54 | −0.101% | $928K | $1.4M | 50x | as long as short |
| ApeX Omni SPYUSDT | +0.0042% | 1h | 773.48 | −0.108% | $163K | $24K | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.11 | −0.156% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.22 | −0.142% | $4.8M | $827K | 20x | as long as short |
| Nado SPY-PERP | +0.0051% | 1h | 773.90 | −0.054% | $1.5M | $285K | 20x | as long as short |
| Lighter RH SPY | +0.0056% | 1h | 774.52 | +0.026% | $56.3M | $116.2M | 50x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0056% | 1h | 774.05 | −0.035% | $954K | $552K | 20x | as long as short |
| Lighter SPYlong | +0.0096% | 1h | 774.32 | long leg | $8.2M | $19.2M | 50x | |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.46 | −0.111% | $2.5M | $972K | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.12 | −0.026% | $1K | — | 20x | as long as short |
| RISEx SPY/USDC | +0.0100% | 1h | 774.33 | +0.002% | $7.0M | $5.0M | 25x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.70 | −0.080% | $87K | — | 10x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0112% | 1h | 774.08 | −0.031% | $23K | $56K | 20x | as long as short |
| edgeX SPYUSDC | +0.0196% | 4h | 774.14 | −0.023% | $640K | $243K | 20x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.29 | −0.003% | $10K | — | 26x | as long as short |
HTX SPY-USDT
Aster SPYUSDT
Arcus SPY-USD
ApeX Omni SPYUSDT
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
Nado SPY-PERP
Lighter RH SPY
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]