Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.008%

Price spread now: Lighter against Binance+0.081%7-day average +0.043% · you sell dearer than you buy

Net, funding: paid 7d − costs−$83as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$850.846% of the position

Long on Binance Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.014%+$1 on $10k

Price spread, last 4 days (all we have)−0.008%−$1 · spread now +0.081%, 7d avg +0.043%

Together, before fees+0.005%+ Points / potential airdropLighter: Season 3 · farm board+$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.037% dearer against Binance than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.043%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance SPXUSDT	0.5128	0.0100	pay 0.0050% / 4h	1h 59m	$5.2M	$21.1M	75x
Short	Lighter SPX	0.5132	0.0096	get 0.0012% / 1h	59m 24s	$138K	$358K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Binance. 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 BinancebpFee LighterbpOrdersPrice spread, now +0.081%Rate

Funding earned: −$0.84
Price spread: +0.081% → +0.043%: $3.73
Slippage, 4 orders: −$74.64
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$81.75
Costs to cover: 0.846%
Break-even: never at this rate

Slippage from Binance: live order book, 12 min ago; Lighter: live order book, 60 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 Binance live order book, 12 min ago	0.98 bp	21.5 bp −$22	61.4 bp −$614	doesn't fit	doesn't fit
Sell Lighter live order book, 60 min ago	21.58 bp	21.7 bp −$22	73.3 bp −$733	doesn't fit	doesn't fit

SPX on 18 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
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−2.897%	$9	$4K	5.5x	as long as short
Lighter SPXshort	+0.0096%	1h	0.5132	+0.081%	$138K	$358K	5x
Hyperliquid SPX	+0.0100%	1h	0.5125	−0.052%	$10.3M	$7.5M	5x	as long as short
Binance SPXUSDTlong	+0.0100%	4h	0.5128	long leg	$5.2M	$21.1M	75x
Bybit SPXUSDT	+0.0100%	4h	0.5127	−0.011%	$11.7M	$16.0M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5123	−0.089%	$957K	$2.9M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5123	−0.089%	$1.0M	$548K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5124	−0.070%	$11.7M	$4.7M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5126	−0.031%	$3.8M	$5.3M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5127	−0.011%	$2.7M	$1.4M	50x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SPX-USDT	+0.0100%	4h	0.5134	+0.125%	—	$6.9M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5139	+0.225%	$890K	$1.4M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5143	+0.301%	$46K	$244K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5116	−0.226%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5121	−0.123%	$35K	$252K	10x	as long as short
Aster SPXUSDT	+0.0131%	4h	0.5124	−0.077%	$130K	$111K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0149%	4h	0.5136	+0.164%	$20K	$599	10x	as long as short
Kraken Futures PF_SPXUSD	+0.1164%	1h	0.5130	+0.052%	$254K	$541K	20x	as long as short