Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.017%

Price spread now: Lighter against Bybit+0.278%7-day average +0.190% · you sell dearer than you buy

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs−$90as in the Price arb table

costs, in and out, $10k−$980.985% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.071%+$7 on $10k

Price spread, last 4 days (all we have)−0.061%−$6 · spread now +0.278%, 7d avg +0.190%

Together, before fees+0.011%+ 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 0.088% dearer against Bybit than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of +0.190%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SPXUSDT	0.5104	0.0100	pay 0.0050% / 4h	3h 33m	$11.6M	$16.1M	50x
Short	Lighter SPX	0.5118	0.0096	get 0.0012% / 1h	33m 38s	$128K	$314K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now +0.278%Rate

Funding earned: −$0.84
Price spread: +0.278% → +0.190%: $8.81
Slippage, 4 orders: −$87.49
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$90.52
Costs to cover: 0.985%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Lighter: live order book, 31 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 Bybit live order book, 5 min ago	3.93 bp	19.0 bp −$19	59.9 bp −$599	doesn't fit	doesn't fit
Sell Lighter live order book, 31 min ago	31.23 bp	31.2 bp −$31	80.1 bp −$801	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	−2.449%	$9	$4K	5.5x	as long as short
Variational Omni SPX	+0.0045%	4h	0.5114	+0.200%	$851K	$1.3M	—	as long as short
Lighter SPXshort	+0.0096%	1h	0.5118	+0.278%	$128K	$314K	5x
Hyperliquid SPX	+0.0100%	1h	0.5115	+0.214%	$10.0M	$7.8M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5107	+0.050%	$129K	$110K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5107	+0.051%	$5.1M	$21.3M	75x	as long as short
Bybit SPXUSDTlong	+0.0100%	4h	0.5104	long leg	$11.6M	$16.1M	50x
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5099	−0.098%	$969K	$2.8M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5104	0.000%	$1.1M	$512K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5118	+0.274%	$11.2M	$4.7M	100x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SPXUSDTM	+0.0100%	4h	0.5108	+0.078%	$3.8M	$5.3M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5116	+0.235%	$2.7M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5111	+0.137%	—	$6.8M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5104	0.000%	$46K	$246K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5120	+0.313%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5105	+0.020%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5115	+0.225%	$33K	$274K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5115	+0.216%	$252K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.0956%	1h	0.5121	+0.337%	$248K	$555K	20x	as long as short