Funding you earn now, next payment 09:00 UTC−0.0014%/8h= −1.5% APRnext payment −$0.02 per $10,000 · paid last 24h −0.001%
Price spread now: Lighter RH against Vest+0.192%46s7-day average +0.118% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 4 days (all we have)−0.001%$0 on $10k
+Price spread, last 4 days (all we have)−0.024%−$2 · spread now +0.192%, 7d avg +0.118%
=Together, before fees−0.025%+ Points / potential airdropVest: Active · Lighter RH: Points live · farm board−$3 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Lighter RH is 0.074% dearer against Vest than usual: you sell high and buy low (spread +0.192% now, against its 7-day average of +0.118%): +$7 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 18 days. At the pace of the last 4 days (−0.001% in total) that is about 6 months. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Vest SPY-USD-PERP | 771.83 | 0.0046 | pay 0.0006% / 1h | 19m 50s | — | $123K | 50x |
| Short | Lighter RH SPY | 773.31 | 0.0032 | get 0.0004% / 1h | 19m 50s | $56.8M | $119.9M | 50x |
Vest SPY-USD-PERP
Lighter RH SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter RH 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
- −$2.87
- Price spread: +0.192% → +0.118%
- $7.42
- Slippage, 4 orders
- no order book: not counted
- Fee Vest: 1 bp × 2 orders
- −$2
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Net
- $2.55
- Costs to cover
- 0.020%
- Break-even
- from the start
Slippage unknown: Vest: no order-book sample; Lighter RH: live order book, 4 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 RH live order book, 4 min ago | 0.06 bp | 0.4 bp $0 | 1.6 bp −$16 | 10.6 bp −$1,060 | doesn't fit |
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 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 | −0.0120% | 8h | 772.70 | +0.113% | $418K | $408K | 50x | as long as short |
| Phoenix SPY | −0.0031% | 1h | 772.16 | +0.043% | $158K | $151K | 20x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 772.63 | +0.103% | $861K | $199K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 773.09 | +0.163% | $28.5M | $75.8M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 773.03 | +0.155% | $6.2M | $1.5M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 773.07 | +0.161% | $7.8M | $3.2M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 772.72 | +0.115% | $791K | $2.5M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 773.03 | +0.155% | $19.1M | $12.2M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 773.29 | +0.189% | $11.0M | $1.5M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 772.47 | +0.083% | $159K | $330K | 10x | as long as short |
BloFin SPY-USDT
Phoenix SPY
Aster SPYUSDT
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
Bitget SPYUSDT
GRVT SPY_USDT_PerpShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX SPY-USDT | 0.0000% | 8h | 773.97 | +0.277% | $2K | $1.3M | 10x | as long as short |
| Deribit SPY_USDC-PERPETUAL | 0.0000% | 1h | 772.70 | +0.113% | $23K | $55K | 20x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 772.68 | +0.110% | $299K | $38K | 50x | as long as short |
| Lighter RH SPYshort | +0.0032% | 1h | 773.31 | +0.192% | $56.8M | $119.9M | 50x | |
| Arcus SPY-USD | +0.0040% | 1h | 771.83 | 0.000% | $924K | $1.3M | 50x | as long as short |
| Vest SPY-USD-PERPlong | +0.0046% | 1h | 771.83 | long leg | — | $123K | 50x | |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 771.82 | −0.001% | $4.8M | $849K | 20x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0056% | 1h | 772.19 | +0.047% | $951K | $508K | 20x | as long as short |
| edgeX SPYUSDC | +0.0064% | 4h | 772.26 | +0.056% | $638K | $242K | 20x | as long as short |
| Nado SPY-PERP | +0.0072% | 1h | 772.51 | +0.087% | $1.5M | $255K | 20x | as long as short |
| Lighter SPY | +0.0096% | 1h | 773.09 | +0.163% | $7.8M | $17.2M | 50x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 772.25 | +0.054% | $2.5M | $1.0M | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 772.07 | +0.031% | $164K | $25K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 772.73 | +0.117% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 772.20 | +0.048% | $87K | — | 10x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 772.84 | +0.130% | $10K | — | 26x | as long as short |
| RISEx SPY/USDC | +0.0211% | 1h | 772.82 | +0.129% | $7.1M | $3.5M | 25x | as long as short |
SunX SPY-USDT
Deribit SPY_USDC-PERPETUAL
HTX SPY-USDT
Arcus SPY-USD
Ondo Perps SPY-USD.P
Coinbase International SPY-PERP-INTX
edgeX SPYUSDC
Nado SPY-PERP
Lighter SPY
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
GMX SPY/USD [ETH-USDC]
RISEx SPY/USDC