Funding you earn now, next payment 06:00 UTC−0.0146%/8h= −16.0% APRnext payment −$0.18 per $10,000 · paid last 24h −0.093%
Price spread now: Phoenix against Lighter−0.083%7-day average −0.035% · you buy dearer than you sell
Net, funding: paid 7d − costs−$7as in the Funding arb table
Net, price: spread back to 7d avg − costs−$22as in the Price arb table
costs, in and out, $10k−$180.175% of the position
Funding, last 7 days+0.104%+$10 on $10k
+Price spread, last 4 days (all we have)+0.051%+$5 · spread now −0.083%, 7d avg −0.035%
=Together, before fees+0.155%+ Points / potential airdropLighter: Season 3 · farm board+$16 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Phoenix is 0.048% cheaper against Lighter than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.035%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.104%, so the current rate has only just turned against you.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter SPY | 774.36 | 0.0032 | pay 0.0004% / 1h | 51m 11s | $8.2M | $18.5M | 50x |
| Short | Phoenix SPY | 773.72 | −0.0114 | pay 0.0014% / 1h | 51m 11s | $161K | $294K | 20x |
Lighter SPY
Phoenix SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix 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
- −$30.59
- Price spread: −0.083% → −0.035%
- −$4.76
- Slippage, 4 orders
- −$10.54
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$52.89
- Costs to cover
- 0.175%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 8 min ago; Phoenix: live order book, 55 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, 8 min ago | 0.65 bp | 0.9 bp −$1 | 2.3 bp −$23 | 12.9 bp −$1,287 | 27.9 bp −$13.9K |
| Sell Phoenix live order book, 55 min ago | 0.13 bp | 7.9 bp −$8 | 15.8 bp −$158 | doesn't fit | 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 | |
|---|---|---|---|---|---|---|---|---|
| ApeX Omni SPYUSDT | −0.0219% | 1h | 773.48 | −0.114% | $164K | $25K | 50x | as long as short |
| BloFin SPY-USDT | −0.0120% | 8h | 774.09 | −0.035% | $419K | $473K | 50x | as long as short |
| Phoenix SPYshort | −0.0114% | 1h | 773.72 | −0.083% | $161K | $294K | 20x | |
| Ondo Perps SPY-USD.P | −0.0042% | 1h | 773.12 | −0.160% | $4.7M | $832K | 20x | as long as short |
| Nado SPY-PERP | −0.0033% | 1h | 774.10 | −0.034% | $1.5M | $255K | 20x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 774.10 | −0.034% | $864K | $195K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.27 | −0.012% | $28.6M | $79.0M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.26 | −0.013% | $6.2M | $1.9M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.20 | −0.021% | $8.0M | $3.3M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.85 | −0.066% | $770K | $2.4M | 75x | as long as short |
ApeX Omni SPYUSDT
BloFin SPY-USDT
Ondo Perps SPY-USD.P
Nado SPY-PERP
Aster SPYUSDT
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| MEXC SPY_USDT | 0.0000% | 8h | 774.26 | −0.013% | $29.7M | $11.9M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.48 | +0.015% | $10.9M | $1.8M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.46 | +0.013% | $169K | $351K | 10x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.39 | +0.133% | $2K | $1.4M | 10x | as long as short |
| Deribit SPY_USDC-PERPETUAL | 0.0000% | 1h | 774.07 | −0.037% | $23K | $56K | 20x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.56 | +0.026% | $300K | $38K | 50x | as long as short |
| Lighter SPYlong | +0.0032% | 1h | 774.36 | long leg | $8.2M | $18.5M | 50x | |
| Lighter RH SPY | +0.0032% | 1h | 774.61 | +0.032% | $56.3M | $117.4M | 50x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0032% | 1h | 773.77 | −0.076% | $950K | $556K | 20x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 773.45 | −0.118% | $927K | $1.4M | 50x | as long as short |
| RISEx SPY/USDC | +0.0043% | 1h | 774.49 | +0.017% | $7.0M | $4.2M | 25x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.29 | −0.138% | — | $123K | 50x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.50 | −0.111% | $2.5M | $986K | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.23 | −0.017% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.70 | −0.085% | $87K | — | 10x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.26 | −0.012% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0615% | 4h | 774.11 | −0.032% | $640K | $242K | 20x | as long as short |
MEXC SPY_USDT
Bitget SPYUSDT
GRVT SPY_USDT_Perp
SunX SPY-USDT
Deribit SPY_USDC-PERPETUAL
HTX SPY-USDT
Lighter RH SPY
Coinbase International SPY-PERP-INTX
Arcus SPY-USD
RISEx SPY/USDC
Vest SPY-USD-PERP
KuCoin SPYUSDTM
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC