Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0004%/8hpaid last 24h +0.010%

Price spread now: Lighter against BingX+0.137%7-day average +0.116% · you sell dearer than you buy

Net, funding: paid 7d − costs−$101as in the Funding arb table

Net, price: spread back to 7d avg − costs−$100as in the Price arb table

costs, in and out, $10k−$1021.024% of the position

Long on BingX 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 3 days (all we have)−0.046%−$5 · spread now +0.137%, 7d avg +0.116%

Together, before fees−0.032%+ Points / potential airdropLighter: Season 3 · farm board−$3 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 0.021% dearer against BingX than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.116%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX SPX-USDT	0.5107	0.0100	pay 0.0050% / 4h	7m 06s	—	$6.8M	—
Short	Lighter SPX	0.5114	0.0096	get 0.0012% / 1h	7m 06s	$126K	$311K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BingX. 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 BingXbpFee LighterbpOrdersPrice spread, now +0.137%Rate

Funding earned: −$0.84
Price spread: +0.137% → +0.116%: $2.09
Slippage, 4 orders: −$92.37
Fee BingX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$101.12
Costs to cover: 1.024%
Break-even: never at this rate

Slippage from BingX: live order book, 5 min ago; Lighter: live order book, 20 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 BingX live order book, 5 min ago	5.91 bp	20.6 bp −$21	47.7 bp −$477	388.5 bp −$38.8K	1178.1 bp −$589.1K
Sell Lighter live order book, 20 min ago	29.36 bp	29.4 bp −$29	67.7 bp −$677	doesn't fit	doesn't fit

SPX on 19 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
Variational Omni SPX	−0.0050%	4h	0.5082	−0.480%	$884K	$1.2M	—	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−2.506%	$9	$4K	5.5x	as long as short
Lighter SPXshort	+0.0096%	1h	0.5114	+0.137%	$126K	$311K	5x
Aster SPXUSDT	+0.0100%	4h	0.5136	+0.575%	$125K	$92K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5116	+0.176%	$5.2M	$19.0M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5105	−0.039%	$11.8M	$15.2M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5107	0.000%	$1.0M	$2.6M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5113	+0.117%	$1.1M	$474K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5109	+0.039%	$12.4M	$4.6M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5120	+0.255%	$3.9M	$5.1M	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SPXUSDT	+0.0100%	4h	0.5115	+0.157%	$2.6M	$1.3M	50x	as long as short
BingX SPX-USDTlong	+0.0100%	4h	0.5107	long leg	—	$6.8M	—
ApeX Omni SPXUSDT	+0.0100%	1h	0.5110	+0.059%	$46K	$247K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5108	+0.020%	$8K	$1.6M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5114	+0.130%	$35K	$231K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0109%	4h	0.5122	+0.294%	$20K	$200	10x	as long as short
Hyperliquid SPX	+0.0224%	1h	0.5119	+0.239%	$10.4M	$6.7M	5x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5113	+0.117%	$194K	$962K	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1936%	1h	0.5105	−0.046%	$236K	$553K	20x	as long as short