Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0041%/8h= −4.5% APRpaid last 24h −0.101%

Price spread now: Variational Omni against Lighter+0.015%7-day average −0.202% · you sell dearer than you buy

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.187%−$19 on $10k

Price spread, last 3 days (all we have)+0.262%+$26 · spread now +0.015%, 7d avg −0.202%

Together, before fees+0.075%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board+$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.217% dearer against Lighter than usual: you sell high and buy low (spread +0.015% now, against its 7-day average of −0.202%): +$22 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 18 days. At the pace of the last 3 days (−0.187% in total) that is about 3.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SPX	0.5072	0.0096	pay 0.0012% / 1h	42m 34s	$117K	$319K	5x
Short	Variational Omni SPX	0.5072	0.0055	get 0.0027% / 4h	42m 34s	$856K	$1.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now +0.015%Rate

Funding earned: −$8.66
Price spread: +0.015% → −0.202%: $21.73
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $13.07
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter: live order book, 27 min ago; Variational Omni: RFQ quote, 2 min ago. 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, 27 min ago	25.58 bp	25.7 bp −$26	66.5 bp −$665	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	6.93 bp	doesn't fit	56.4 bp −$564	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
Kraken Futures PF_SPXUSD	−0.1173%	1h	0.5079	+0.153%	$241K	$560K	20x	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−1.826%	$9	$4K	5.5x	as long as short
Variational Omni SPXshort	+0.0055%	4h	0.5072	+0.015%	$856K	$1.3M	—
Lighter SPXlong	+0.0096%	1h	0.5072	long leg	$117K	$319K	5x
Hyperliquid SPX	+0.0100%	1h	0.5076	+0.079%	$9.8M	$7.6M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5077	+0.112%	$129K	$109K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5072	+0.002%	$5.0M	$20.9M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5065	−0.130%	$11.5M	$16.0M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5068	−0.071%	$967K	$2.8M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5072	+0.008%	$1.0M	$497K	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SPX_USDT	+0.0100%	4h	0.5069	−0.051%	$11.3M	$4.7M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5071	−0.012%	$3.8M	$5.3M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5075	+0.067%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5071	−0.012%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5067	−0.091%	$45K	$246K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5082	+0.205%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5064	−0.150%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5067	−0.088%	$35K	$228K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5072	+0.008%	$247K	$988K	75x	as long as short