Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h +0.014%

Price spread now: Orderly against Lighter RH−0.054%7-day average — · you buy dearer than you sell

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

Long on Lighter RH Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 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 RH: Points live · farm boardneeds both histories

Funding pays, the price is against you. Orderly is 0.054% cheaper against Lighter RH than usual: you would sell low and buy high (spread −0.054% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 3.0 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH SPY	774.58	0.0040	pay 0.0005% / 1h	4m 59s	$56.3M	$118.6M	50x
Short	Orderly PERP_SPY_USDC_mythos	774.16	0.0100	get 0.0100% / 8h	3h 04m	$1K	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Lighter RH. 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 Lighter RHbpFee OrderlybpOrdersPrice spread, now −0.054%Rate

Funding earned: $12.6
Price spread: −0.054% → 0.000%: −$5.42
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: $1.18
Costs to cover: 0.060%
Break-even: 6.3 days

Slippage unknown: Lighter RH: live order book, 4 min ago; Orderly: 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 RH live order book, 4 min ago	0.06 bp	0.1 bp $0	0.5 bp −$5	2.9 bp −$286	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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.

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	774.14	−0.057%	$417K	$471K	50x	as long as short
ApeX Omni SPYUSDT	−0.0046%	1h	773.16	−0.183%	$163K	$24K	50x	as long as short
Phoenix SPY	−0.0010%	1h	773.62	−0.124%	$161K	$295K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	774.07	−0.066%	$864K	$194K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.19	−0.050%	$28.3M	$79.7M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.24	−0.044%	$6.3M	$1.9M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.06	−0.067%	$7.9M	$3.3M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.73	−0.110%	$775K	$2.4M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	774.17	−0.053%	$29.7M	$12.5M	100x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.35	−0.030%	$10.9M	$1.8M	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT SPY_USDT_Perp	0.0000%	8h	774.29	−0.037%	$158K	$359K	10x	as long as short
SunX SPY-USDT	0.0000%	8h	775.32	+0.096%	$2K	$1.4M	10x	as long as short
Deribit SPY_USDC-PERPETUAL	0.0000%	1h	774.00	−0.075%	$23K	$56K	20x	as long as short
HTX SPY-USDT	0.0000%	8h	774.43	−0.019%	$308K	$20K	50x	as long as short
Nado SPY-PERP	0.0000%	1h	773.88	−0.091%	$1.6M	$275K	20x	as long as short
Lighter RH SPYlong	+0.0040%	1h	774.58	long leg	$56.3M	$118.6M	50x
Ondo Perps SPY-USD.P	+0.0040%	1h	773.00	−0.204%	$4.7M	$831K	20x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.44	−0.147%	$928K	$1.4M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.10	−0.191%	—	$123K	50x	as long as short
Coinbase International SPY-PERP-INTX	+0.0056%	1h	773.90	−0.088%	$951K	$558K	20x	as long as short
Lighter SPY	+0.0088%	1h	774.33	−0.032%	$8.2M	$19.3M	50x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.45	−0.146%	$2.5M	$972K	20x	as long as short
Orderly PERP_SPY_USDC_mythosshort	+0.0100%	8h	774.16	−0.054%	$1K	—	20x
RISEx SPY/USDC	+0.0100%	1h	774.35	−0.030%	$7.0M	$5.0M	25x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.60	−0.127%	$87K	—	10x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.18	−0.051%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0586%	4h	774.07	−0.066%	$640K	$242K	20x	as long as short