SPY

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0232%/8h= −25.4% APRnext payment −$0.29 per $10,000 · paid last 24h −0.048%

Price spread now: Lighter RH against Deribit+0.058%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Lighter RH

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 RH: Points live · farm boardneeds both histories

The price spread pays, funding is against you. Lighter RH is 0.058% dearer against Deribit than usual: you sell high and buy low (spread +0.058% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 20 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit SPY_USDC-PERPETUAL	774.08	0.0280	pay 0.0035% / 1h	35m 34s	$23K	$55K	20x
Short	Lighter RH SPY	774.53	0.0048	get 0.0006% / 1h	35m 34s	$57.2M	$112.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Deribit. 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 DeribitbpFee Lighter RHbpOrdersPrice spread, now +0.058%Rate

Funding earned: −$48.71
Price spread: +0.058% → 0.000%: $5.81
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$49.89
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Lighter RH: live order book, 4 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 RH live order book, 4 min ago	0.26 bp	0.4 bp $0	1.1 bp −$11	12.5 bp −$1,254	doesn't fit

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
BloFin SPY-USDT	−0.0096%	8h	774.30	+0.028%	$417K	$545K	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.02	−0.008%	$6.3M	$2.0M	100x	as long as short
Gate SPY_USDT	0.0000%	8h	773.67	−0.053%	$780K	$2.3M	75x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.36	+0.036%	$10.9M	$2.2M	50x	as long as short
SunX SPY-USDT	0.0000%	8h	775.27	+0.154%	$2K	$1.5M	10x	as long as short
HTX SPY-USDT	0.0000%	8h	774.01	−0.009%	$308K	$20K	50x	as long as short
OKX SPY-USDT-SWAP	+0.0010%	8h	774.04	−0.005%	$7.9M	$3.3M	50x	as long as short
Aster SPYUSDT	+0.0015%	8h	774.28	+0.026%	$863K	$204K	20x	as long as short
MEXC SPY_USDT	+0.0023%	8h	774.12	+0.005%	$19.7M	$11.8M	100x	as long as short
Binance SPYUSDT	+0.0023%	8h	774.15	+0.009%	$28.4M	$80.4M	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT SPY_USDT_Perp	+0.0028%	8h	774.36	+0.036%	$162K	$391K	10x	as long as short
Lighter SPY	+0.0032%	1h	774.06	−0.003%	$8.3M	$21.4M	50x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.36	−0.093%	$935K	$1.4M	50x	as long as short
Phoenix SPY	+0.0041%	1h	773.57	−0.066%	$161K	$296K	20x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	772.96	−0.145%	—	$123K	50x	as long as short
Lighter RH SPYshort	+0.0048%	1h	774.53	+0.058%	$57.2M	$112.8M	50x
Ondo Perps SPY-USD.P	+0.0050%	1h	773.39	−0.089%	$4.8M	$842K	20x	as long as short
Coinbase International SPY-PERP-INTX	+0.0088%	1h	774.14	+0.008%	$955K	$555K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.62	−0.059%	$2.5M	$938K	20x	as long as short
ApeX Omni SPYUSDT	+0.0100%	1h	773.68	−0.052%	$159K	$23K	50x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.10	+0.003%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.62	−0.059%	$87K	—	10x	as long as short
Nado SPY-PERP	+0.0124%	1h	773.79	−0.037%	$1.5M	$288K	20x	as long as short
RISEx SPY/USDC	+0.0190%	1h	774.31	+0.030%	$7.0M	$5.2M	25x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.13	+0.007%	$10K	—	26x	as long as short
Deribit SPY_USDC-PERPETUALlong	+0.0280%	1h	774.08	long leg	$23K	$55K	20x
edgeX SPYUSDC	+0.0302%	4h	774.06	−0.003%	$640K	$241K	20x	as long as short