Spread engine
Where the venues disagree
For each asset, the venue paying the most to shorts is paired with the one paying the most to longs. The spread is what a delta-neutral position collects before fees, slippage and margin costs. It is not free money.
| Asset | Price | Long here ◄ | Funding | ► Short here | Funding | On the axis | Spread APR | Thinner leg |
|---|---|---|---|---|---|---|---|---|
| SKHYNIX | $1,046 |  Lighter | -4.4k% |  Aster | -143% | 4285.7% | $583K | |
| BRENTOIL | $85.38 |  Hyperliquid | +23.10% | Lighter | +1.6k% | 1609.8% | $2.00M | |
| XLM | $0.1733 | Lighter | -722% |  GRVT | -10.40% | 711.4% | $303K | |
| SKHY | $126.64 |  Variational | +61.15% | Lighter | +736% | 674.7% | $771K | |
| XPD | $1,264 | Variational | +22.62% | Lighter | +582% | 559.0% | $439K | |
| SNDK | $1,090 | Variational | +15.80% | Lighter | +519% | 502.8% | $2.58M | |
| CASHCAT | $0.0524 | Aster | +8.34% | Hyperliquid | +422% | 413.6% | $352K | |
| CXMT | $6.58 | Hyperliquid | -361% | Lighter | +28.03% | 389.3% | $399K | |
| NBIS | $166.67 | Variational | +0.00% | Lighter | +385% | 385.4% | $995K | |
| XPT | $1,606 | Variational | +19.85% | Lighter | +315% | 295.5% | $451K | |
| TRUMP | $1.46 | Lighter | -238% |  Extended | +11.39% | 249.7% | $710K | |
| JUP | $0.1899 | Lighter | -231% | Extended | +11.39% | 242.7% | $803K | |
| ARB | $0.0789 | Lighter | -210% | Aster | +10.95% | 221.2% | $296K | |
| MU | $808.57 | Variational | +4.78% | Lighter | +210% | 205.5% | $1.62M | |
| TRX | $0.3244 | Lighter | -189% | Aster | +6.57% | 195.8% | $602K | |
| LTC | $46.12 | Lighter | -168% | Extended | +11.39% | 179.6% | $481K | |
| VIRTUAL | $0.5666 | Lighter | -168% | Extended | +11.39% | 179.6% | $253K | |
| AERO | $0.4362 | Lighter | -168% | Hyperliquid | +10.95% | 179.1% | $444K | |
| POL | $0.0725 | Lighter | -133% | Hyperliquid | +10.95% | 144.1% | $316K | |
| SUI | $0.6912 | Lighter | -119% | Aster | +10.95% | 130.1% | $650K | |
| PAXG | $4,013 | Lighter | -112% | Variational | +10.95% | 123.1% | $1.83M | |
| ASTER | $0.6219 |  Nado | -26.58% | Lighter | +84.10% | 110.7% | $479K | |
| EWY | $152.59 | Hyperliquid | +46.12% | Lighter | +154% | 108.1% | $684K | |
| HYPE | $54.85 | Lighter | -91.10% |  GMX v2 | +16.29% | 107.4% | $513K | |
| PUMP | $0.001976 | Lighter | -91.10% | Extended | +11.39% | 102.5% | $1.23M | |
| ONDO | $0.4065 | GRVT | -5.69% | Lighter | +84.10% | 89.8% | $272K | |
| ZEC | $464.15 |  Backpack Exchange | -5.56% | Lighter | +84.10% | 89.7% | $928K | |
| BNB | $569.54 | Hyperliquid | -5.40% | Lighter | +84.10% | 89.5% | $2.49M | |
| GRAM | $1.45 | Hyperliquid | -3.14% | Lighter | +84.10% | 87.2% | $1.22M | |
| UNI | $3.88 | Hyperliquid | -2.12% | Lighter | +84.10% | 86.2% | $1.73M | |
| LIT | $2.28 | Backpack Exchange | -1.86% | Lighter | +84.10% | 86.0% | $392K | |
| AAVE | $100.52 | GRVT | -8.76% | Lighter | +77.09% | 85.8% | $388K | |
| LINK | $8.40 |  dYdX v4 | +0.00% | Lighter | +84.10% | 84.1% | $416K | |
| APT | $0.5862 | Hyperliquid | +0.94% | Lighter | +84.10% | 83.2% | $1.12M | |
| LDO | $0.3682 | GRVT | +1.10% | Lighter | +84.10% | 83.0% | $295K | |
| TAO | $193.56 | Aster | +1.37% | Lighter | +84.10% | 82.7% | $526K | |
| VVV | $13.02 | Aster | +1.37% | Lighter | +84.10% | 82.7% | $285K | |
| ADA | $0.1612 | Hyperliquid | +3.35% | Lighter | +84.10% | 80.7% | $3.90M | |
| WLFI | $0.0548 | Variational | +4.96% | Lighter | +84.10% | 79.1% | $529K | |
| ZRO | $0.8183 | Nado | +5.78% | Lighter | +84.10% | 78.3% | $522K | |
| DOGE | $0.0703 | Hyperliquid | +5.87% | Lighter | +84.10% | 78.2% | $534K | |
| MORPHO | $2.01 | Hyperliquid | +5.99% | Lighter | +84.10% | 78.1% | $251K | |
| AAPL | $340.02 | Hyperliquid | -49.11% | Lighter | +28.03% | 77.1% | $977K | |
| ETHFI | $0.4149 | Hyperliquid | +7.63% | Lighter | +84.10% | 76.5% | $417K | |
| STRC | $88.31 | Lighter | +0.00% | Hyperliquid | +75.65% | 75.7% | $1.59M | |
| SPX | $0.3264 | Hyperliquid | -98.28% | Variational | -23.52% | 74.8% | $385K | |
| NEAR | $1.65 | Variational | +9.53% | Lighter | +84.10% | 74.6% | $587K | |
| MON | $0.0212 | Nado | +10.95% | Lighter | +84.10% | 73.1% | $555K | |
| FARTCOIN | $0.1234 | Nado | +10.95% | Lighter | +84.10% | 73.1% | $498K | |
| XPL | $0.0834 | Nado | +10.95% | Lighter | +84.10% | 73.1% | $719K | |
| SHIB | $0.00000462 | Hyperliquid | +10.95% | Lighter | +84.10% | 73.1% | $403K | |
| GOOGL | $333.82 | Nado | -41.02% | Lighter | +28.03% | 69.1% | $673K | |
| WLD | $0.3177 | Backpack Exchange | +1.37% | Lighter | +70.08% | 68.7% | $257K | |
| SOL | $73.42 | Lighter | -56.06% | Extended | +11.39% | 67.5% | $7.87M | |
| BOT | $29.57 | Hyperliquid | +5.48% | Lighter | +70.08% | 64.6% | $256K | |
| POPCAT | $0.0412 | Variational | -117% | Hyperliquid | -58.03% | 59.0% | $370K | |
| XRP | $1.06 | Lighter | -42.05% | Extended | +11.39% | 53.4% | $2.25M | |
| AVAX | $6.55 | Variational | -3.13% | Lighter | +49.06% | 52.2% | $1.01M | |
| DRAM | $47.42 | Aster | +8.80% | Hyperliquid | +60.80% | 52.0% | $485K | |
| KAITO | $1.20 | Hyperliquid | -39.92% | Extended | +11.39% | 51.3% | $391K |
Funding is annualised from each venue's own settlement interval, so an hourly rate and an eight-hourly one are directly comparable. A spread only persists while both legs stay open; rates reset every interval and can invert without warning.