Funding you earn now, next payment 02:00 UTC−0.0092%/8h= −10.0% APRnext payment −$0.11 per $10,000 · paid last 24h +0.031%
Price spread now: Lighter against Nado+0.035%7-day average −0.073% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$4as in the Price arb table
costs, in and out, $10k−$140.143% of the position
Funding, last 3 days (all we have)+0.096%+$10 on $10k
+Price spread, last 7 days−0.224%−$22 · spread now +0.035%, 7d avg −0.073%
=Together, before fees−0.128%+ Points / potential airdropNado: Active · Lighter: Season 3 · farm board−$13 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Lighter is 0.108% dearer against Nado than usual: you sell high and buy low (spread +0.035% now, against its 7-day average of −0.073%): +$11 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.9 days. Mind the row above: over the last 3 days funding on this pair paid +0.096%, 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 | Nado SPY-PERP | 773.82 | 0.0124 | pay 0.0015% / 1h | 34m 23s | $1.5M | $288K | 20x |
| Short | Lighter SPY | 774.09 | 0.0032 | get 0.0004% / 1h | 34m 23s | $8.3M | $21.4M | 50x |
Nado SPY-PERP
Lighter SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against Nado. 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
- −$19.24
- Price spread: +0.035% → −0.073%
- $10.77
- Slippage, 4 orders
- −$7.27
- Fee Nado: 3.5 bp × 2 orders
- −$7
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- −$22.74
- Costs to cover
- 0.143%
- Break-even
- never at this rate
Slippage from Nado: live order book, 4 min ago; Lighter: 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 Nado live order book, 4 min ago | 0.13 bp | 5.6 bp −$6 | 19.7 bp −$197 | doesn't fit | doesn't fit |
| Sell Lighter live order book, 4 min ago | 0.13 bp | 0.9 bp −$1 | 3.4 bp −$34 | 20.6 bp −$2,060 | 39.4 bp −$19.7K |
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 | +0.062% | $417K | $545K | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.02 | +0.026% | $6.3M | $2.0M | 100x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.74 | −0.010% | $780K | $2.3M | 75x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.37 | +0.071% | $10.9M | $2.1M | 50x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.31 | +0.192% | $2K | $1.5M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.25 | +0.055% | $308K | $20K | 50x | as long as short |
| OKX SPY-USDT-SWAP | +0.0009% | 8h | 774.03 | +0.027% | $7.9M | $3.3M | 50x | as long as short |
| Aster SPYUSDT | +0.0014% | 8h | 774.26 | +0.057% | $863K | $204K | 20x | as long as short |
| MEXC SPY_USDT | +0.0023% | 8h | 774.17 | +0.045% | $19.7M | $11.8M | 100x | as long as short |
| Binance SPYUSDT | +0.0023% | 8h | 774.18 | +0.046% | $28.4M | $80.4M | 50x | as long as short |
BloFin SPY-USDT
Bybit SPYUSDT
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 | 774.36 | +0.069% | $162K | $391K | 10x | as long as short |
| Lighter SPYshort | +0.0032% | 1h | 774.09 | +0.035% | $8.3M | $21.4M | 50x | |
| Arcus SPY-USD | +0.0040% | 1h | 773.34 | −0.062% | $935K | $1.4M | 50x | as long as short |
| Phoenix SPY | +0.0041% | 1h | 773.58 | −0.031% | $161K | $296K | 20x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.02 | −0.104% | — | $123K | 50x | as long as short |
| Lighter RH SPY | +0.0048% | 1h | 774.56 | +0.095% | $57.2M | $112.9M | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.39 | −0.056% | $4.8M | $842K | 20x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0088% | 1h | 774.14 | +0.041% | $955K | $555K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.57 | −0.032% | $2.5M | $936K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 773.68 | −0.018% | $159K | $23K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.10 | +0.036% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.61 | −0.027% | $87K | — | 10x | as long as short |
| Nado SPY-PERPlong | +0.0124% | 1h | 773.82 | long leg | $1.5M | $288K | 20x | |
| RISEx SPY/USDC | +0.0190% | 1h | 774.31 | +0.063% | $7.0M | $5.2M | 25x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.18 | +0.047% | $10K | — | 26x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0215% | 1h | 774.06 | +0.031% | $23K | $55K | 20x | as long as short |
| edgeX SPYUSDC | +0.0302% | 4h | 774.06 | +0.031% | $640K | $241K | 20x | as long as short |
GRVT SPY_USDT_Perp
Arcus SPY-USD
Phoenix SPY
Vest SPY-USD-PERP
Lighter RH SPY
Ondo Perps SPY-USD.P
Coinbase International SPY-PERP-INTX
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
RISEx SPY/USDC
GMX SPY/USD [ETH-USDC]
Deribit SPY_USDC-PERPETUAL
edgeX SPYUSDC