Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.001%

Price spread now: Lighter against Bitget+0.004%7-day average +0.061% · you sell dearer than you buy

Net, funding: paid 7d − costs−$119as in the Funding arb table

Net, price: spread back to 7d avg − costs−$126as in the Price arb table

costs, in and out, $10k−$1201.202% of the position

Long on Bitget 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)+0.022%+$2 · spread now +0.004%, 7d avg +0.061%

Together, before fees+0.035%+ Points / potential airdropLighter: Season 3 · farm board+$4 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 0.058% cheaper against Bitget than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.061%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget SPXUSDT	0.5129	0.0100	pay 0.0050% / 4h	3h 01m	$2.7M	$1.5M	50x
Short	Lighter SPX	0.5129	0.0096	get 0.0012% / 1h	1m 45s	$150K	$370K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bitget. 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 BitgetbpFee LighterbpOrdersPrice spread, now +0.004%Rate

Funding earned: −$0.84
Price spread: +0.004% → +0.061%: −$5.75
Slippage, 4 orders: −$108.17
Fee Bitget: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$126.77
Costs to cover: 1.202%
Break-even: never at this rate

Slippage from Bitget: live order book, 6 min ago; Lighter: live order book, 43 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 Bitget live order book, 6 min ago	10.64 bp	26.6 bp −$27	105.2 bp −$1,052	doesn't fit	doesn't fit
Sell Lighter live order book, 43 min ago	27.83 bp	27.8 bp −$28	71.2 bp −$712	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
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−2.925%	$9	$4K	5.5x	as long as short
Lighter SPXshort	+0.0096%	1h	0.5129	+0.004%	$150K	$370K	5x
Hyperliquid SPX	+0.0100%	1h	0.5129	−0.002%	$10.4M	$7.8M	5x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5129	+0.007%	$5.1M	$22.3M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5126	−0.058%	$11.7M	$17.0M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5128	−0.019%	$933K	$3.1M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5120	−0.175%	$1.0M	$599K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5130	+0.019%	$11.9M	$5.1M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5126	−0.058%	$3.7M	$5.4M	50x	as long as short
Bitget SPXUSDTlong	+0.0100%	4h	0.5129	long leg	$2.7M	$1.5M	50x

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SPX-USDT	+0.0100%	4h	0.5123	−0.117%	—	$6.9M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5163	+0.655%	$953K	$1.5M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5159	+0.585%	$26K	$254K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5117	−0.234%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5121	−0.153%	$33K	$252K	10x	as long as short
Aster SPXUSDT	+0.0109%	4h	0.5130	+0.012%	$137K	$130K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0204%	4h	0.5131	+0.039%	$20K	$599	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5129	0.000%	$252K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1225%	1h	0.5136	+0.143%	$251K	$546K	20x	as long as short