Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.005%

Price spread now: Lighter against OKX+0.024%7-day average +0.183% · you sell dearer than you buy

Net, funding: paid 7d − costs−$109as in the Funding arb table

Net, price: spread back to 7d avg − costs−$127as in the Price arb table

costs, in and out, $10k−$1111.108% of the position

Long on OKX Short on Lighter

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)+0.102%+$10 · spread now +0.024%, 7d avg +0.183%

Together, before fees+0.115%+ Points / potential airdropLighter: Season 3 · farm board+$12 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: Lighter is 0.160% cheaper against OKX than usual: you would sell low and buy high, −$16 on $10k if it goes back to its 7-day average of +0.183%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX SPX-USDT-SWAP	0.5065	0.0100	pay 0.0050% / 4h	1h 07m	$947K	$2.9M	20x
Short	Lighter SPX	0.5066	0.0096	get 0.0012% / 1h	7m 57s	$136K	$359K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against OKX. 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 OKXbpFee LighterbpOrdersPrice spread, now +0.024%Rate

Funding earned: −$0.84
Price spread: +0.024% → +0.183%: −$15.98
Slippage, 4 orders: −$100.8
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$127.62
Costs to cover: 1.108%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Lighter: live order book, 47 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 OKX live order book, 4 min ago	2.98 bp	34.8 bp −$35	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 47 min ago	23.01 bp	23.0 bp −$23	69.5 bp −$695	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	−1.698%	$9	$4K	5.5x	as long as short
Lighter SPXshort	+0.0096%	1h	0.5066	+0.024%	$136K	$359K	5x
Hyperliquid SPX	+0.0100%	1h	0.5062	−0.057%	$10.2M	$7.4M	5x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5071	+0.118%	$5.1M	$21.1M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5069	+0.079%	$11.5M	$16.2M	50x	as long as short
OKX SPX-USDT-SWAPlong	+0.0100%	4h	0.5065	long leg	$947K	$2.9M	20x
Gate SPX_USDT	+0.0100%	4h	0.5073	+0.158%	$1.0M	$561K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5069	+0.079%	$12.0M	$4.8M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5077	+0.237%	$3.7M	$5.3M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5069	+0.079%	$2.6M	$1.4M	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SPX-USDT	+0.0100%	4h	0.5073	+0.158%	—	$6.9M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5031	−0.681%	$882K	$1.4M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5037	−0.553%	$25K	$254K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5055	−0.197%	$8K	$1.6M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5078	+0.259%	$33K	$250K	10x	as long as short
Aster SPXUSDT	+0.0130%	4h	0.5066	+0.028%	$129K	$117K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0151%	4h	0.5070	+0.099%	$20K	$599	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5059	−0.118%	$254K	$988K	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1423%	1h	0.5070	+0.106%	$251K	$544K	20x	as long as short