Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.001%

Price spread now: BingX against Lighter−0.193%7-day average −0.111% · you buy dearer than you sell

Net, funding: paid 7d − costs−$109as in the Funding arb table

Net, price: spread back to 7d avg − costs−$116as in the Price arb table

costs, in and out, $10k−$1081.081% of the position

Long on Lighter Short on BingX

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)+0.129%+$13 · spread now −0.193%, 7d avg −0.111%

Together, before fees+0.115%+ Points / potential airdropLighter: Season 3 · farm board+$12 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: BingX is 0.083% cheaper against Lighter than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.111%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SPX	0.5066	0.0096	pay 0.0012% / 1h	34m 29s	$138K	$380K	5x
Short	BingX SPX-USDT	0.5056	0.0100	get 0.0050% / 4h	2h 34m	—	$6.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Lighter. 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 LighterbpFee BingXbpOrdersPrice spread, now −0.193%Rate

Funding earned: $0.84
Price spread: −0.193% → −0.111%: −$8.27
Slippage, 4 orders: −$98.05
Fee Lighter: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: −$115.48
Costs to cover: 1.081%
Break-even: 969.3 days

Slippage from Lighter: live order book, 5 min ago; BingX: live order book, 3 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 Lighter live order book, 5 min ago	26.94 bp	27.0 bp −$27	83.4 bp −$834	doesn't fit	doesn't fit
Sell BingX live order book, 3 min ago	8.88 bp	26.5 bp −$26	58.2 bp −$582	279.4 bp −$27.9K	1035.6 bp −$517.8K

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	−1.713%	$9	$4K	5.5x	as long as short
Lighter SPXlong	+0.0096%	1h	0.5066	long leg	$138K	$380K	5x
Hyperliquid SPX	+0.0100%	1h	0.5061	−0.101%	$10.3M	$7.9M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5085	+0.385%	$136K	$130K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5053	−0.259%	$5.0M	$22.4M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5052	−0.272%	$11.5M	$17.1M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5045	−0.411%	$929K	$3.1M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5074	+0.162%	$1.0M	$600K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5058	−0.154%	$11.9M	$5.1M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5078	+0.241%	$3.7M	$5.4M	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	0.5066	+0.004%	$2.6M	$1.5M	50x	as long as short
BingX SPX-USDTshort	+0.0100%	4h	0.5056	−0.193%	—	$6.9M	—
Variational Omni SPX	+0.0100%	4h	0.5063	−0.051%	$933K	$1.5M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5075	+0.182%	$26K	$254K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5078	+0.241%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5055	−0.220%	$33K	$255K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0171%	4h	0.5093	+0.537%	$20K	$599	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5083	+0.340%	$250K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1444%	1h	0.5092	+0.520%	$249K	$544K	20x	as long as short