Funding you earn now, next payment 03:00 UTC+0.0010%/8h= +1.1% APRnext payment +$0.01 per $10,000 · paid last 24h +0.044%
Price spread now: Lighter against Vest+0.144%7-day average +0.065% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)+0.048%+$5 on $10k
+Price spread, last 4 days (all we have)−0.060%−$6 · spread now +0.144%, 7d avg +0.065%
=Together, before fees−0.012%+ Points / potential airdropVest: Active · Lighter: Season 3 · farm board−$1 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Lighter is 0.079% dearer against Vest than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.065%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Vest SPY-USD-PERP | 773.18 | 0.0046 | pay 0.0006% / 1h | 49m 20s | — | $123K | 50x |
| Short | Lighter SPY | 774.29 | 0.0056 | get 0.0007% / 1h | 49m 20s | $8.3M | $21.0M | 50x |
Vest SPY-USD-PERP
Lighter SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against Vest. 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
- $2.17
- Price spread: +0.144% → +0.065%
- $7.88
- Slippage, 4 orders
- no order book: not counted
- Fee Vest: 1 bp × 2 orders
- −$2
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- $8.05
- Costs to cover
- 0.020%
- Break-even
- from the start
Slippage unknown: Vest: no order-book sample; Lighter: live order book, 9 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 Vest no order-book sample | — | — | — | — | — |
| Sell Lighter live order book, 9 min ago | 0.39 bp | 0.4 bp $0 | 3.7 bp −$37 | 22.8 bp −$2,278 | 42.1 bp −$21.1K |
Vest: 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 26 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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix SPY | −0.0021% | 1h | 774.14 | +0.124% | $161K | $295K | 20x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.42 | +0.160% | $6.3M | $2.0M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.58 | +0.181% | $7.9M | $3.3M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.94 | +0.098% | $780K | $2.4M | 75x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.53 | +0.175% | $10.9M | $2.0M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.50 | +0.171% | $161K | $380K | 10x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.62 | +0.316% | $2K | $1.4M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.74 | +0.202% | $308K | $20K | 50x | as long as short |
| Aster SPYUSDT | +0.0002% | 8h | 774.48 | +0.168% | $863K | $203K | 20x | as long as short |
| MEXC SPY_USDT | +0.0007% | 8h | 774.42 | +0.160% | $21.9M | $11.7M | 100x | as long as short |
Phoenix SPY
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
Bitget SPYUSDT
GRVT SPY_USDT_Perp
SunX SPY-USDT
HTX SPY-USDT
Aster SPYUSDT
MEXC SPY_USDTShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance SPYUSDT | +0.0008% | 8h | 774.35 | +0.152% | $28.4M | $79.9M | 50x | as long as short |
| ApeX Omni SPYUSDT | +0.0016% | 1h | 773.25 | +0.009% | $162K | $24K | 50x | as long as short |
| Nado SPY-PERP | +0.0029% | 1h | 774.05 | +0.113% | $1.5M | $288K | 20x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 773.53 | +0.045% | $935K | $1.3M | 50x | as long as short |
| Vest SPY-USD-PERPlong | +0.0046% | 1h | 773.18 | long leg | — | $123K | 50x | |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.71 | +0.069% | $4.8M | $841K | 20x | as long as short |
| Lighter SPYshort | +0.0056% | 1h | 774.29 | +0.144% | $8.3M | $21.0M | 50x | |
| Coinbase International SPY-PERP-INTX | +0.0056% | 1h | 774.05 | +0.113% | $954K | $552K | 20x | as long as short |
| RISEx SPY/USDC | +0.0097% | 1h | 774.56 | +0.178% | $7.0M | $5.2M | 25x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.64 | +0.059% | $2.5M | $971K | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.28 | +0.142% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.85 | +0.086% | $87K | — | 10x | as long as short |
| Lighter RH SPY | +0.0112% | 1h | 774.67 | +0.193% | $56.6M | $112.3M | 50x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0202% | 1h | 774.16 | +0.127% | $23K | $55K | 20x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.43 | +0.162% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0867% | 4h | 774.35 | +0.151% | $640K | $241K | 20x | as long as short |
Binance SPYUSDT
ApeX Omni SPYUSDT
Nado SPY-PERP
Arcus SPY-USD
Ondo Perps SPY-USD.P
Coinbase International SPY-PERP-INTX
RISEx SPY/USDC
KuCoin SPYUSDTM
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
Lighter RH SPY
Deribit SPY_USDC-PERPETUAL
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC