Funding you earn now, next payment 00:00 UTC−0.0030%/8h= −3.3% APRnext payment −$0.04 per $10,000 · paid last 24h +0.094%
Price spread now: Lighter against Phoenix−0.012%7-day average +0.033% · you buy dearer than you sell
Net, funding: paid 7d − costs−$30as in the Funding arb table
Net, price: spread back to 7d avg − costs−$22as in the Price arb table
costs, in and out, $10k−$180.179% of the position
Funding, last 7 days−0.125%−$12 on $10k
+Price spread, last 3 days (all we have)+0.039%+$4 · spread now −0.012%, 7d avg +0.033%
=Together, before fees−0.085%+ Points / potential airdropLighter: Season 3 · farm board−$9 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Lighter is 0.044% cheaper against Phoenix than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.033%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix SPY | 774.10 | 0.0062 | pay 0.0008% / 1h | 23m 31s | $161K | $296K | 20x |
| Short | Lighter SPY | 774.01 | 0.0032 | get 0.0004% / 1h | 23m 31s | $8.2M | $21.6M | 50x |
Phoenix SPY
Lighter SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against Phoenix. 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
- −$6.3
- Price spread: −0.012% → +0.033%
- −$4.45
- Slippage, 4 orders
- −$10.86
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- −$28.62
- Costs to cover
- 0.179%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 47 min ago; Lighter: live order book, 5 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 Phoenix live order book, 47 min ago | 0.13 bp | 7.9 bp −$8 | 15.8 bp −$158 | doesn't fit | doesn't fit |
| Sell Lighter live order book, 5 min ago | 0.19 bp | 0.8 bp −$1 | 4.3 bp −$43 | 21.9 bp −$2,189 | 40.2 bp −$20.1K |
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 | −0.0101% | 8h | 774.57 | +0.061% | $413K | $571K | 50x | as long as short |
| Arcus SPY-USD | −0.0016% | 1h | 773.61 | −0.063% | $937K | $1.4M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.37 | +0.035% | $6.3M | $2.0M | 100x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.89 | −0.027% | $780K | $2.3M | 75x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.50 | +0.181% | $2K | $1.5M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.97 | +0.112% | $308K | $20K | 50x | as long as short |
| OKX SPY-USDT-SWAP | +0.0007% | 8h | 774.30 | +0.026% | $7.9M | $3.3M | 50x | as long as short |
| Aster SPYUSDT | +0.0007% | 8h | 774.28 | +0.023% | $863K | $204K | 20x | as long as short |
| Bitget SPYUSDT | +0.0018% | 8h | 774.46 | +0.047% | $11.0M | $2.2M | 50x | as long as short |
| Binance SPYUSDT | +0.0019% | 8h | 774.22 | +0.016% | $28.5M | $81.3M | 50x | as long as short |
BloFin SPY-USDT
Arcus SPY-USD
Bybit SPYUSDT
Gate SPY_USDT
SunX SPY-USDT
HTX SPY-USDT
OKX SPY-USDT-SWAP
Aster SPYUSDT
Bitget SPYUSDT
Binance SPYUSDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| MEXC SPY_USDT | +0.0019% | 8h | 774.25 | +0.019% | $29.9M | $11.7M | 100x | as long as short |
| Lighter SPYshort | +0.0032% | 1h | 774.01 | −0.012% | $8.2M | $21.6M | 50x | |
| Lighter RH SPY | +0.0032% | 1h | 774.40 | +0.039% | $57.3M | $114.1M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.00 | −0.142% | — | $123K | 50x | as long as short |
| GRVT SPY_USDT_Perp | +0.0049% | 8h | 774.66 | +0.073% | $168K | $398K | 10x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.19 | −0.118% | $4.8M | $845K | 20x | as long as short |
| Phoenix SPYlong | +0.0062% | 1h | 774.10 | long leg | $161K | $296K | 20x | |
| Coinbase International SPY-PERP-INTX | +0.0064% | 1h | 774.00 | −0.013% | $954K | $554K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.86 | −0.031% | $2.5M | $949K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 773.61 | −0.063% | $159K | $23K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.39 | +0.037% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.87 | −0.030% | $87K | — | 10x | as long as short |
| Nado SPY-PERP | +0.0106% | 1h | 773.79 | −0.040% | $1.5M | $285K | 20x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0176% | 1h | 774.10 | 0.000% | $23K | $55K | 20x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0208% / S −0.0429% | 1h | 774.38 | +0.036% | $10K | — | 26x | as long as short |
| RISEx SPY/USDC | +0.0320% | 1h | 774.43 | +0.043% | $6.9M | $5.2M | 25x | as long as short |
| edgeX SPYUSDC | +0.0462% | 4h | 774.45 | +0.046% | $640K | $241K | 20x | as long as short |
MEXC SPY_USDT
Lighter RH SPY
Vest SPY-USD-PERP
GRVT SPY_USDT_Perp
Ondo Perps SPY-USD.P
Coinbase International SPY-PERP-INTX
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
Nado SPY-PERP
Deribit SPY_USDC-PERPETUAL
GMX SPY/USD [ETH-USDC]
RISEx SPY/USDC
edgeX SPYUSDC