Funding you earn now, next payment 08:00 UTC+0.0086%/8h= +9.4% APRnext payment +$0.11 per $10,000 · paid last 24h +0.004%
Price spread now: Lighter against Deribit+0.039%7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
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 +$3 a day on $10k at the current rate, and Lighter is 0.039% dearer against Deribit than usual: you sell high and buy low: +$4 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 | Deribit SPY_USDC-PERPETUAL | 773.62 | 0.0034 | pay 0.0004% / 1h | 8m 54s | $23K | $54K | 20x |
| Short | Lighter SPY | 773.92 | 0.0120 | get 0.0015% / 1h | 8m 54s | $7.9M | $18.0M | 50x |
Deribit SPY_USDC-PERPETUAL
Lighter SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against Deribit. 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
- $17.96
- Price spread: +0.039% → 0.000%
- $3.88
- Slippage, 4 orders
- no order book: not counted
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- $14.84
- Costs to cover
- 0.070%
- Break-even
- 1.2 days
Slippage unknown: Deribit: no order-book sample; Lighter: live order book, 5 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 Deribit no order-book sample | — | — | — | — | — |
| Sell Lighter live order book, 5 min ago | 0.45 bp | 1.0 bp −$1 | 2.8 bp −$28 | 21.4 bp −$2,138 | 40.4 bp −$20.2K |
Deribit: 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.
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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix SPY | −0.0155% | 1h | 773.28 | −0.044% | $158K | $254K | 20x | as long as short |
| BloFin SPY-USDT | −0.0120% | 8h | 773.93 | +0.040% | $418K | $445K | 50x | as long as short |
| ApeX Omni SPYUSDT | −0.0025% | 1h | 773.36 | −0.034% | $164K | $25K | 50x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 773.89 | +0.034% | $863K | $193K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 773.88 | +0.034% | $28.6M | $75.6M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 773.79 | +0.022% | $6.2M | $1.6M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 773.85 | +0.030% | $7.9M | $3.1M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.36 | −0.034% | $770K | $2.5M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 773.87 | +0.032% | $29.7M | $11.8M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.05 | +0.056% | $10.9M | $1.6M | 50x | as long as short |
Phoenix SPY
BloFin SPY-USDT
ApeX Omni SPYUSDT
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 | 774.10 | +0.062% | $169K | $341K | 10x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.05 | +0.185% | $2K | $1.3M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.48 | +0.111% | $300K | $38K | 50x | as long as short |
| RISEx SPY/USDC | +0.0014% | 1h | 774.10 | +0.062% | $7.1M | $4.0M | 25x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0024% | 1h | 773.80 | +0.023% | $951K | $509K | 20x | as long as short |
| Lighter RH SPY | +0.0032% | 1h | 774.10 | +0.062% | $56.4M | $121.0M | 50x | as long as short |
| Deribit SPY_USDC-PERPETUALlong | +0.0034% | 1h | 773.62 | long leg | $23K | $54K | 20x | |
| Arcus SPY-USD | +0.0040% | 1h | 773.35 | −0.035% | $923K | $1.3M | 50x | as long as short |
| Nado SPY-PERP | +0.0045% | 1h | 773.49 | −0.017% | $1.6M | $247K | 20x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 772.77 | −0.110% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.10 | −0.067% | $4.8M | $865K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.31 | −0.040% | $2.5M | $997K | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 773.91 | +0.037% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.38 | −0.031% | $87K | — | 10x | as long as short |
| Lighter SPYshort | +0.0120% | 1h | 773.92 | +0.039% | $7.9M | $18.0M | 50x | |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 773.92 | +0.039% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0299% | 4h | 773.83 | +0.028% | $639K | $242K | 20x | as long as short |
GRVT SPY_USDT_Perp
SunX SPY-USDT
HTX SPY-USDT
RISEx SPY/USDC
Coinbase International SPY-PERP-INTX
Lighter RH SPY
Arcus SPY-USD
Nado SPY-PERP
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
KuCoin SPYUSDTM
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC