Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.002%

Price spread now: Gate against Lighter−0.220%7-day average −0.113% · you buy dearer than you sell

Net, funding: paid 7d − costs−$217as in the Funding arb table

Net, price: spread back to 7d avg − costs−$224as in the Price arb table

costs, in and out, $10k−$2142.137% of the position

Long on Lighter Short on Gate

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)+0.139%+$14 · spread now −0.220%, 7d avg −0.113%

Together, before fees+0.107%+ Points / potential airdropLighter: Season 3 · farm board+$11 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: Gate is 0.106% cheaper against Lighter than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of −0.113%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SPX	0.5142	0.0096	pay 0.0012% / 1h	39m 53s	$140K	$405K	5x
Short	Gate SPX_USDT	0.5131	0.0100	get 0.0050% / 4h	39m 53s	$1.0M	$655K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.220%Rate

Funding earned: $0.84
Price spread: −0.220% → −0.113%: −$10.63
Slippage, 4 orders: −$198.72
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$223.51
Costs to cover: 2.137%
Break-even: 1869.6 days

Slippage from Lighter: live order book, 55 min ago; Gate: live order book, 2 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, 55 min ago	22.95 bp	23.1 bp −$23	93.6 bp −$936	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	8.74 bp	87.5 bp −$87	doesn't fit	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	−3.176%	$9	$4K	5.5x	as long as short
Lighter SPXlong	+0.0096%	1h	0.5142	long leg	$140K	$405K	5x
Hyperliquid SPX	+0.0100%	1h	0.5131	−0.220%	$10.4M	$8.3M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5140	−0.038%	$137K	$93K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5132	−0.200%	$5.2M	$23.7M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5128	−0.278%	$11.8M	$17.8M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5124	−0.356%	$971K	$3.4M	20x	as long as short
Gate SPX_USDTshort	+0.0100%	4h	0.5131	−0.220%	$1.0M	$655K	50x
MEXC SPX_USDT	+0.0100%	4h	0.5128	−0.278%	$11.8M	$5.1M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5137	−0.103%	$3.7M	$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 SPXUSDT	+0.0100%	4h	0.5131	−0.220%	$2.6M	$1.5M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5129	−0.259%	—	$7.0M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5144	+0.043%	$997K	$1.6M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5168	+0.500%	$26K	$248K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5126	−0.317%	$8K	$1.8M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5127	−0.296%	$34K	$255K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0160%	4h	0.5144	+0.033%	$20K	$599	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5150	+0.150%	$254K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1260%	1h	0.5146	+0.075%	$256K	$553K	20x	as long as short