Funding you earn now, next payment 02:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.062%
Price spread now: Bybit against Lighter−0.019%7-day average +0.075% · you buy dearer than you sell
Net, funding: paid 7d − costs−$25as in the Funding arb table
Net, price: spread back to 7d avg − costs−$24as in the Price arb table
costs, in and out, $10k−$150.146% of the position
Funding, last 7 days−0.107%−$11 on $10k
+Price spread, last 7 days+0.147%+$15 · spread now −0.019%, 7d avg +0.075%
=Together, before fees+0.041%+ Points / potential airdropLighter: Season 3 · farm board+$4 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 0.094% cheaper against Lighter than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.075%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter SPY | 774.07 | 0.0032 | pay 0.0004% / 1h | 39m 04s | $8.3M | $21.4M | 50x |
| Short | Bybit SPYUSDT | 773.92 | 0 | get 0.0000% / 8h | 6h 39m | $6.3M | $2.0M | 100x |
Lighter SPY
Bybit SPYUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against Lighter. 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
- −$6.72
- Price spread: −0.019% → +0.075%
- −$9.43
- Slippage, 4 orders
- −$3.61
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$30.75
- Costs to cover
- 0.146%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 5 min ago; Bybit: live order book, 4 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 Lighter live order book, 5 min ago | 0.39 bp | 0.7 bp −$1 | 4.4 bp −$44 | 14.9 bp −$1,488 | 29.4 bp −$14.7K |
| Sell Bybit live order book, 4 min ago | 0.19 bp | 7.1 bp −$7 | 9.0 bp −$90 | 33.8 bp −$3,378 | doesn't fit |
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 | +0.030% | $417K | $545K | 50x | as long as short |
| Bybit SPYUSDTshort | 0.0000% | 8h | 773.92 | −0.019% | $6.3M | $2.0M | 100x | |
| Gate SPY_USDT | 0.0000% | 8h | 773.66 | −0.053% | $780K | $2.3M | 75x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.34 | +0.035% | $10.9M | $2.2M | 50x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.32 | +0.161% | $2K | $1.5M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.01 | −0.008% | $308K | $20K | 50x | as long as short |
| OKX SPY-USDT-SWAP | +0.0012% | 8h | 774.08 | +0.001% | $7.9M | $3.3M | 50x | as long as short |
| Aster SPYUSDT | +0.0015% | 8h | 774.23 | +0.021% | $863K | $204K | 20x | as long as short |
| MEXC SPY_USDT | +0.0023% | 8h | 774.14 | +0.009% | $19.7M | $11.8M | 100x | as long as short |
| Binance SPYUSDT | +0.0024% | 8h | 774.17 | +0.013% | $28.4M | $80.5M | 50x | as long as short |
BloFin SPY-USDT
Gate SPY_USDT
Bitget SPYUSDT
SunX SPY-USDT
HTX SPY-USDT
OKX SPY-USDT-SWAP
Aster SPYUSDT
MEXC SPY_USDT
Binance SPYUSDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT SPY_USDT_Perp | +0.0028% | 8h | 774.33 | +0.034% | $162K | $391K | 10x | as long as short |
| Lighter SPYlong | +0.0032% | 1h | 774.07 | long leg | $8.3M | $21.4M | 50x | |
| Lighter RH SPY | +0.0040% | 1h | 774.47 | +0.052% | $57.3M | $112.6M | 50x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 773.38 | −0.089% | $935K | $1.4M | 50x | as long as short |
| Phoenix SPY | +0.0041% | 1h | 773.57 | −0.065% | $161K | $296K | 20x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 772.95 | −0.145% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.40 | −0.087% | $4.8M | $842K | 20x | as long as short |
| edgeX SPYUSDC | +0.0086% | 4h | 774.14 | +0.008% | $640K | $240K | 20x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0088% | 1h | 774.14 | +0.009% | $955K | $555K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.68 | −0.050% | $2.5M | $940K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 773.79 | −0.036% | $159K | $23K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.28 | +0.027% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.62 | −0.058% | $87K | — | 10x | as long as short |
| Nado SPY-PERP | +0.0116% | 1h | 773.74 | −0.042% | $1.5M | $285K | 20x | as long as short |
| RISEx SPY/USDC | +0.0190% | 1h | 774.30 | +0.030% | $7.0M | $5.2M | 25x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0202% | 1h | 773.99 | −0.010% | $23K | $55K | 20x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.17 | +0.014% | $10K | — | 26x | as long as short |
GRVT SPY_USDT_Perp
Lighter RH SPY
Arcus SPY-USD
Phoenix SPY
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
edgeX SPYUSDC
Coinbase International SPY-PERP-INTX
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
Nado SPY-PERP
RISEx SPY/USDC
Deribit SPY_USDC-PERPETUAL
GMX SPY/USD [ETH-USDC]