Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.023%

Price spread now: Lighter against KuCoin+0.156%7-day average +0.104% · you sell dearer than you buy

Net, funding: paid 7d − costs−$172as in the Funding arb table

Net, price: spread back to 7d avg − costs−$170as in the Price arb table

costs, in and out, $10k−$1751.752% of the position

Long on KuCoin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.031%+$3 on $10k

Price spread, last 4 days (all we have)−0.099%−$10 · spread now +0.156%, 7d avg +0.104%

Together, before fees−0.068%+ Points / potential airdropLighter: Season 3 · farm board−$7 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 0.053% dearer against KuCoin than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.104%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin SPXUSDTM	0.4985	0.0100	pay 0.0050% / 4h	39m 32s	$3.7M	$5.2M	50x
Short	Lighter SPX	0.4993	0.0096	get 0.0012% / 1h	39m 32s	$134K	$357K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against KuCoin. 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 KuCoinbpFee LighterbpOrdersPrice spread, now +0.156%Rate

Funding earned: −$0.84
Price spread: +0.156% → +0.104%: $5.28
Slippage, 4 orders: −$163.18
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$170.74
Costs to cover: 1.752%
Break-even: never at this rate

Slippage from KuCoin: live order book, 3 min ago; Lighter: live order book, 10 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 KuCoin live order book, 3 min ago	3.01 bp	77.2 bp −$77	470.8 bp −$4,708	doesn't fit	doesn't fit
Sell Lighter live order book, 10 min ago	22.24 bp	22.3 bp −$22	79.3 bp −$793	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	−0.120%	$9	$4K	5.5x	as long as short
Lighter SPXshort	+0.0096%	1h	0.4993	+0.156%	$134K	$357K	5x
Hyperliquid SPX	+0.0100%	1h	0.4994	+0.173%	$10.1M	$7.4M	5x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.4986	+0.016%	$5.0M	$21.3M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.4980	−0.100%	$11.3M	$16.3M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.4979	−0.120%	$930K	$2.8M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.4982	−0.060%	$992K	$558K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.4986	+0.020%	$11.9M	$4.8M	100x	as long as short
KuCoin SPXUSDTMlong	+0.0100%	4h	0.4985	long leg	$3.7M	$5.2M	50x
Bitget SPXUSDT	+0.0100%	4h	0.4984	−0.020%	$2.6M	$1.4M	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SPX-USDT	+0.0100%	4h	0.4981	−0.080%	—	$6.9M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.4980	−0.099%	$839K	$1.4M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.4988	+0.060%	$25K	$254K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.4994	+0.181%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.4977	−0.156%	$32K	$249K	10x	as long as short
Aster SPXUSDT	+0.0130%	4h	0.4992	+0.131%	$133K	$122K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0155%	4h	0.5001	+0.321%	$20K	$599	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.4986	+0.020%	$249K	$988K	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1291%	1h	0.5000	+0.297%	$244K	$550K	20x	as long as short