Funding you earn now, next payment 00:00 UTC+0.0032%/8h= +3.5% APRnext payment +$0.04 per $10,000 · paid last 24h −0.047%
Price spread now: Coinbase International against Lighter−0.062%7-day average −0.035% · you buy dearer than you sell
Net, funding: paid 7d − costs−$23as in the Funding arb table
Net, price: spread back to 7d avg − costs−$15as in the Price arb table
costs, in and out, $10k−$130.127% of the position
Funding, last 7 days−0.102%−$10 on $10k
+Price spread, last 3 days (all we have)+0.088%+$9 · spread now −0.062%, 7d avg −0.035%
=Together, before fees−0.014%+ Points / potential airdropLighter: Season 3 · farm board−$1 on $10k · with fees, hour by hour
Funding pays, the price is against you. Coinbase International is 0.027% cheaper against Lighter than usual: you would sell low and buy high (spread −0.062% now, against its 7-day average of −0.035%). If the spread goes back, that is −$3 on $10k: about 2.8 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.102%, so the current rate has only just turned in your favour.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter SPY | 774.48 | 0.0032 | pay 0.0004% / 1h | 47m 24s | $8.2M | $21.4M | 50x |
| Short | Coinbase International SPY-PERP-INTX | 774.00 | 0.0064 | get 0.0008% / 1h | 47m 24s | $954K | $559K | 20x |
Lighter SPY
Coinbase International SPY-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International 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: −0.062% → −0.035%
- −$2.69
- Slippage, 4 orders
- −$2.69
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$8.66
- Costs to cover
- 0.127%
- Break-even
- 16.0 days
Slippage from Lighter: live order book, 6 min ago; Coinbase International: live order book, 26 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, 6 min ago | 0.45 bp | 0.9 bp −$1 | 3.5 bp −$35 | 12.4 bp −$1,245 | 26.9 bp −$13.4K |
| Sell Coinbase International live order book, 26 min ago | 0.06 bp | 5.3 bp −$5 | 7.5 bp −$75 | 40.1 bp −$4,011 | 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 | −0.0107% | 8h | 774.71 | +0.030% | $412K | $571K | 50x | as long as short |
| Arcus SPY-USD | −0.0016% | 1h | 773.75 | −0.094% | $937K | $1.4M | 50x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 774.66 | +0.023% | $863K | $204K | 20x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.93 | +0.058% | $6.3M | $2.0M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.85 | +0.048% | $7.9M | $3.3M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 774.35 | −0.017% | $762K | $2.3M | 75x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.88 | +0.181% | $2K | $1.5M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.42 | −0.008% | $308K | $20K | 50x | as long as short |
| edgeX SPYUSDC | +0.0004% | 4h | 774.65 | +0.021% | $640K | $242K | 20x | as long as short |
| MEXC SPY_USDT | +0.0013% | 8h | 774.80 | +0.041% | $28.7M | $11.5M | 100x | as long as short |
BloFin SPY-USDT
Arcus SPY-USD
Aster SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
SunX SPY-USDT
HTX SPY-USDT
edgeX SPYUSDC
MEXC SPY_USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance SPYUSDT | +0.0014% | 8h | 774.80 | +0.041% | $28.5M | $81.5M | 50x | as long as short |
| Lighter SPYlong | +0.0032% | 1h | 774.48 | long leg | $8.2M | $21.4M | 50x | |
| Lighter RH SPY | +0.0032% | 1h | 775.00 | +0.067% | $57.3M | $112.7M | 50x | as long as short |
| GRVT SPY_USDT_Perp | +0.0032% | 8h | 774.80 | +0.041% | $168K | $410K | 10x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.53 | −0.123% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.68 | −0.103% | $4.8M | $847K | 20x | as long as short |
| Bitget SPYUSDT | +0.0051% | 8h | 774.90 | +0.054% | $11.0M | $2.4M | 50x | as long as short |
| Phoenix SPY | +0.0062% | 1h | 774.20 | −0.036% | $161K | $296K | 20x | as long as short |
| Coinbase International SPY-PERP-INTXshort | +0.0064% | 1h | 774.00 | −0.062% | $954K | $559K | 20x | |
| Nado SPY-PERP | +0.0079% | 1h | 774.32 | −0.021% | $1.5M | $291K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 774.21 | −0.035% | $2.5M | $952K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 774.00 | −0.062% | $159K | $23K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.76 | +0.036% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 774.15 | −0.042% | $87K | — | 10x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0125% | 1h | 774.55 | +0.009% | $23K | $59K | 20x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0208% / S −0.0429% | 1h | 774.79 | +0.041% | $10K | — | 26x | as long as short |
| RISEx SPY/USDC | +0.0320% | 1h | 774.91 | +0.056% | $6.9M | $5.2M | 25x | as long as short |
Binance SPYUSDT
Lighter RH SPY
GRVT SPY_USDT_Perp
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
Bitget SPYUSDT
Phoenix SPY
Nado SPY-PERP
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
Deribit SPY_USDC-PERPETUAL
GMX SPY/USD [ETH-USDC]
RISEx SPY/USDC