Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.009%

Price spread now: Bybit against Lighter−0.117%7-day average −0.186% · you buy dearer than you sell

Net, funding: paid 7d − costs−$92as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$850.848% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.072%−$7 on $10k

Price spread, last 4 days (all we have)−0.101%−$10 · spread now −0.117%, 7d avg −0.186%

Together, before fees−0.172%+ Points / potential airdropLighter: Season 3 · farm board−$17 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: Bybit is 0.069% dearer against Lighter than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.186%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SPX	0.5148	0.0096	pay 0.0012% / 1h	30m 32s	$140K	$405K	5x
Short	Bybit SPXUSDT	0.5142	0.0100	get 0.0050% / 4h	1h 30m	$11.8M	$17.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.117%Rate

Funding earned: $0.84
Price spread: −0.117% → −0.186%: $6.92
Slippage, 4 orders: −$73.81
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$77.06
Costs to cover: 0.848%
Break-even: 649.1 days

Slippage from Lighter: live order book, 4 min ago; Bybit: live order book, 8 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, 4 min ago	22.95 bp	23.1 bp −$23	93.6 bp −$936	doesn't fit	doesn't fit
Sell Bybit live order book, 8 min ago	2.91 bp	21.7 bp −$22	53.7 bp −$537	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	−3.283%	$9	$4K	5.5x	as long as short
Lighter SPXlong	+0.0096%	1h	0.5148	long leg	$140K	$405K	5x
Hyperliquid SPX	+0.0100%	1h	0.5148	−0.002%	$10.4M	$8.3M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5147	−0.010%	$137K	$93K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5149	+0.019%	$5.2M	$23.7M	75x	as long as short
Bybit SPXUSDTshort	+0.0100%	4h	0.5142	−0.117%	$11.8M	$17.6M	50x
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5140	−0.155%	$975K	$3.4M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5141	−0.136%	$1.0M	$643K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5148	0.000%	$11.9M	$5.3M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5142	−0.117%	$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	0.5145	−0.058%	$2.6M	$1.5M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5149	+0.019%	—	$6.9M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5138	−0.192%	$956K	$1.5M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5141	−0.136%	$26K	$254K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5138	−0.194%	$8K	$1.8M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5142	−0.121%	$34K	$241K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0178%	4h	0.5149	+0.019%	$20K	$599	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5140	−0.155%	$258K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1606%	1h	0.5158	+0.196%	$255K	$554K	20x	as long as short