Funding you earn now, next payment 06:00 UTC+0.0144%/8h= +15.7% APRnext payment +$0.18 per $10,000 · paid last 24h +0.040%
Price spread now: Lighter against Arcus+0.112%7-day average +0.025% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$1as in the Price arb table
costs, in and out, $10k−$100.100% of the position
Funding, last 4 days (all we have)+0.018%+$2 on $10k
+Price spread, last 7 days−0.139%−$14 · spread now +0.112%, 7d avg +0.025%
=Together, before fees−0.121%+ Points / potential airdropLighter: Season 3 · farm board−$12 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Lighter is 0.087% dearer against Arcus than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.025%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Arcus SPY-USD | 773.44 | 0.0040 | pay 0.0005% / 1h | 45m 17s | $928K | $1.4M | 50x |
| Short | Lighter SPY | 774.31 | 0.0184 | get 0.0023% / 1h | 45m 17s | $8.1M | $19.2M | 50x |
Arcus SPY-USD
Lighter SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against Arcus. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $30.18
- Price spread: +0.112% → +0.025%
- $8.71
- Slippage, 4 orders
- −$5.49
- Fee Arcus: 2.25 bp × 2 orders
- −$4.5
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- $28.9
- Costs to cover
- 0.100%
- Break-even
- 0.3 days
Slippage from Arcus: live order book, 4 min ago; Lighter: live order book, 8 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 Arcus live order book, 4 min ago | 0.06 bp | 4.5 bp −$4 | 4.9 bp −$49 | doesn't fit | doesn't fit |
| Sell Lighter live order book, 8 min ago | 0.06 bp | 0.1 bp $0 | 0.4 bp −$4 | 14.3 bp −$1,427 | 37.9 bp −$19.0K |
SPY on 27 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 | |
|---|---|---|---|---|---|---|---|---|
| BloFin SPY-USDT | −0.0120% | 8h | 774.19 | +0.097% | $417K | $471K | 50x | as long as short |
| Phoenix SPY | −0.0103% | 1h | 773.57 | +0.017% | $161K | $295K | 20x | as long as short |
| Nado SPY-PERP | −0.0025% | 1h | 773.87 | +0.056% | $1.6M | $272K | 20x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 774.07 | +0.081% | $864K | $194K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.16 | +0.093% | $28.3M | $79.8M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.07 | +0.081% | $6.3M | $1.9M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.02 | +0.075% | $7.9M | $3.3M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.67 | +0.030% | $775K | $2.4M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.14 | +0.091% | $29.7M | $12.5M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.29 | +0.110% | $10.9M | $1.8M | 50x | as long as short |
BloFin SPY-USDT
Phoenix SPY
Nado SPY-PERP
Aster SPYUSDT
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
Bitget SPYUSDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.25 | +0.105% | $170K | $362K | 10x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.34 | +0.246% | $2K | $1.4M | 10x | as long as short |
| Deribit SPY_USDC-PERPETUAL | 0.0000% | 1h | 773.84 | +0.052% | $23K | $56K | 20x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.12 | +0.088% | $306K | $37K | 50x | as long as short |
| RISEx SPY/USDC | +0.0007% | 1h | 774.33 | +0.115% | $7.0M | $4.9M | 25x | as long as short |
| Arcus SPY-USDlong | +0.0040% | 1h | 773.44 | long leg | $928K | $1.4M | 50x | |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.09 | −0.045% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0048% | 1h | 773.04 | −0.052% | $4.7M | $831K | 20x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0048% | 1h | 773.90 | +0.059% | $951K | $558K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0061% | 1h | 773.13 | −0.040% | $164K | $25K | 50x | as long as short |
| Lighter RH SPY | +0.0064% | 1h | 774.56 | +0.145% | $56.2M | $116.5M | 50x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.61 | +0.022% | $2.5M | $964K | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.16 | +0.093% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.63 | +0.025% | $87K | — | 10x | as long as short |
| Lighter SPYshort | +0.0184% | 1h | 774.31 | +0.112% | $8.1M | $19.2M | 50x | |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.15 | +0.092% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0268% | 4h | 774.00 | +0.072% | $640K | $243K | 20x | as long as short |
GRVT SPY_USDT_Perp
SunX SPY-USDT
Deribit SPY_USDC-PERPETUAL
HTX SPY-USDT
RISEx SPY/USDC
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
Coinbase International SPY-PERP-INTX
ApeX Omni SPYUSDT
Lighter RH SPY
KuCoin SPYUSDTM
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC