Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0038%/8h= +4.2% APRpaid last 24h +0.007%

Price spread now: Orderly against Lighter+0.356%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Orderly is 0.356% dearer against Lighter than usual: you sell high and buy low: +$36 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SPX	0.5175	0.0096	pay 0.0012% / 1h	56m 40s	$147K	$354K	5x
Short	Orderly PERP_SPX_USDC	0.5193	0.0134	get 0.0067% / 4h	1h 56m	$21K	$511	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.356%Rate

Funding earned: $8.04
Price spread: +0.356% → 0.000%: $35.56
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: $37.6
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Lighter: live order book, 50 min ago; Orderly: no order-book sample. Net counts fees only.

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, 50 min ago	26.02 bp	26.1 bp −$26	74.9 bp −$749	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

SPX on 19 exchanges

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	−3.780%	$9	$4K	5.5x	as long as short
Lighter SPXlong	+0.0096%	1h	0.5175	long leg	$147K	$354K	5x
Aster SPXUSDT	+0.0100%	4h	0.5178	+0.075%	$139K	$95K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5171	−0.063%	$5.4M	$23.7M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5162	−0.243%	$12.1M	$17.7M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5163	−0.224%	$1.0M	$3.5M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5160	−0.282%	$1.0M	$677K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5171	−0.070%	$11.1M	$4.9M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5166	−0.166%	$3.7M	$5.5M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5170	−0.089%	$2.7M	$1.4M	50x	as long as short

Show all 19 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SPX-USDT	+0.0100%	4h	0.5168	−0.128%	—	$7.0M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5185	+0.197%	$981K	$1.6M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5211	+0.703%	$27K	$249K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5187	+0.240%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5166	−0.170%	$44K	$321K	10x	as long as short
Orderly PERP_SPX_USDCshort	+0.0134%	4h	0.5193	+0.356%	$21K	$511	10x
Hyperliquid SPX	+0.0173%	1h	0.5181	+0.128%	$10.8M	$8.9M	5x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5178	+0.066%	$263K	$974K	75x	as long as short
Kraken Futures PF_SPXUSD	+0.2450%	1h	0.5194	+0.384%	$279K	$548K	20x	as long as short