Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.007%

Price spread now: Lighter against Orderly+0.008%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Lighter

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

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_SPX_USDC	0.4997	0.0100	pay 0.0050% / 4h	2h 03m	$20K	$711	10x
Short	Lighter SPX	0.4997	0.0096	get 0.0012% / 1h	3m 50s	$115K	$319K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. 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 OrderlybpFee LighterbpOrdersPrice spread, now +0.008%Rate

Funding earned: −$0.84
Price spread: +0.008% → 0.000%: $0.8
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: −$6.04
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 10 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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter live order book, 10 min ago	22.14 bp	22.1 bp −$22	80.5 bp −$805	doesn't fit	doesn't fit

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 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	−0.0416%	1h	0.4992	−0.097%	$231K	$560K	20x	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−0.360%	$9	$4K	5.5x	as long as short
Lighter SPXshort	+0.0096%	1h	0.4997	+0.008%	$115K	$319K	5x
Hyperliquid SPX	+0.0100%	1h	0.4996	−0.012%	$9.7M	$7.3M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.4991	−0.118%	$124K	$100K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.4994	−0.060%	$4.9M	$19.6M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.4990	−0.140%	$11.6M	$15.5M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.4990	−0.140%	$966K	$2.6M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.4985	−0.240%	$1.0M	$479K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.4994	−0.060%	$11.4M	$4.6M	100x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SPXUSDTM	+0.0100%	4h	0.4992	−0.100%	$3.8M	$5.2M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.4997	0.000%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.4994	−0.060%	—	$6.9M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.4978	−0.375%	$869K	$1.3M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.4998	+0.020%	$45K	$248K	25x	as long as short
Orderly PERP_SPX_USDClong	+0.0100%	4h	0.4997	long leg	$20K	$711	10x
SunX SPX-USDT	+0.0100%	4h	0.4987	−0.200%	$8K	$1.6M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.4994	−0.061%	$34K	$226K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.4987	−0.200%	$250K	$906K	75x	as long as short