Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.001%

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

Net, funding: paid 7d − costs−$116as in the Funding arb table

Net, price: spread back to 7d avg − costs−$109as in the Price arb table

costs, in and out, $10k−$1151.145% of the position

Long on Lighter Short on Bitget

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)+0.114%+$11 · spread now −0.004%, 7d avg −0.061%

Together, before fees+0.100%+ Points / potential airdropLighter: Season 3 · farm board+$10 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: Bitget is 0.057% dearer against Lighter than usual: you sell high and buy low, +$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	Lighter SPX	0.5330	0.0096	pay 0.0012% / 1h	3m 38s	$146K	$406K	5x
Short	Bitget SPXUSDT	0.5330	0.0100	get 0.0050% / 4h	3h 03m	$2.7M	$1.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.004%Rate

Funding earned: $0.84
Price spread: −0.004% → −0.061%: $5.69
Slippage, 4 orders: −$102.55
Fee Lighter: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$108.02
Costs to cover: 1.145%
Break-even: 907.1 days

Slippage from Lighter: live order book, 21 min ago; Bitget: live order book, 4 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, 21 min ago	28.66 bp	28.7 bp −$29	74.9 bp −$749	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	9.51 bp	25.2 bp −$25	89.3 bp −$893	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	−6.589%	$9	$4K	5.5x	as long as short
Variational Omni SPX	+0.0051%	4h	0.5246	−1.587%	$969K	$1.6M	—	as long as short
Lighter SPXlong	+0.0096%	1h	0.5330	long leg	$146K	$406K	5x
Aster SPXUSDT	+0.0100%	4h	0.5315	−0.291%	$142K	$92K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5324	−0.120%	$5.4M	$23.7M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5318	−0.229%	$12.4M	$17.8M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5321	−0.173%	$1.0M	$3.6M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5319	−0.210%	$1.1M	$665K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5324	−0.116%	$11.8M	$5.1M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5319	−0.210%	$3.8M	$5.5M	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SPXUSDTshort	+0.0100%	4h	0.5330	−0.004%	$2.7M	$1.5M	50x
BingX SPX-USDT	+0.0100%	4h	0.5320	−0.191%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5262	−1.280%	$27K	$249K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5279	−0.961%	$8K	$1.8M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5322	−0.161%	$48K	$305K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0121%	4h	0.5294	−0.679%	$21K	$540	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5257	−1.373%	$256K	$1.0M	75x	as long as short
Hyperliquid SPX	+0.0350%	1h	0.5341	+0.197%	$11.3M	$8.8M	5x	as long as short
Kraken Futures PF_SPXUSD	+0.1422%	1h	0.5309	−0.405%	$272K	$550K	20x	as long as short