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 | $1,029 |  Lighter | -1.2k% |  Pacifica | +10.95% | 1209.3% | $332K | |
| CASHCAT | $0.0969 | Lighter | -876% |  Hyperliquid | +10.95% | 887.0% | $348K | |
| PRL | $1.75 | Hyperliquid | +298% | Lighter | +1.2k% | 879.7% | $895K | |
| XMR | $604.98 |  GRVT | +10.95% | Lighter | +350% | 339.5% | $354K | |
| XPD | $683.14 | GMTrade | +4.46% | Lighter | +308% | 303.9% | $379K | |
| VVV | $25.91 | Hyperliquid | +10.95% | Lighter | +294% | 283.4% | $2.20M | |
| ZRO | $1.68 |  Nado | +10.95% | Lighter | +280% | 269.4% | $707K | |
| SNDK | $1,295 |  Arcus | -1.74% | Lighter | +259% | 261.0% | $2.62M | |
| OPENAI | $1,495 |  Variational | +5.48% | Lighter | +266% | 260.8% | $995K | |
| EUR | $0.6960 | GMTrade | -0.45% | Lighter | +231% | 231.7% | $2.17M | |
| AVAX | $8.88 | Lighter | -175% |  GMX v2 | +28.08% | 203.3% | $1.27M | |
| META | $619.55 | Variational | +0.00% | Lighter | +203% | 203.2% | $2.42M | |
| LITE | $863.59 | Variational | +0.00% | Lighter | +203% | 203.2% | $327K | |
| STRC | $99.47 | Lighter | -196% |  Aster | +0.00% | 196.2% | $576K | |
| SOXL | $99.37 | Variational | +0.00% | Lighter | +175% | 175.2% | $1.39M | |
| SPCX | $149.24 | Aster | +0.00% | Lighter | +140% | 140.2% | $1.57M | |
| AMZN | $253.44 | Variational | +0.00% | Lighter | +133% | 133.2% | $2.39M | |
| TRX | $0.3305 | Aster | -37.61% | Lighter | +84.10% | 121.7% | $254K | |
| VIRTUAL | $0.6268 | Variational | -18.13% | Lighter | +84.10% | 102.2% | $432K | |
| BTC | $80,657 | GMTrade | -14.77% | Lighter | +84.10% | 98.9% | $2.32M | |
| CHIP | $0.0546 | Nado | -11.39% | Lighter | +84.10% | 95.5% | $393K | |
| MEGA | $0.0485 | Nado | -11.04% | Lighter | +84.10% | 95.1% | $265K | |
| AAVE | $132.52 | Variational | -9.86% | Lighter | +84.10% | 94.0% | $3.67M | |
| TRUMP | $1.69 | Variational | -8.80% | Lighter | +84.10% | 92.9% | $252K | |
| ZEC | $1,300 |  Orderly Network | -6.89% | Lighter | +84.10% | 91.0% | $365K | |
| DOGE | $0.0784 |  RISEx | -6.86% | Lighter | +84.10% | 91.0% | $292K | |
| ETH | $2,345 | GMX v2 | -6.33% | Lighter | +84.10% | 90.4% | $17.60M | |
| HBAR | $0.0761 | Variational | -5.97% | Lighter | +84.10% | 90.1% | $372K | |
| ENA | $0.2100 | Variational | -2.98% | Lighter | +84.10% | 87.1% | $2.47M | |
| UNI | $7.08 | Variational | -1.18% | Lighter | +84.10% | 85.3% | $1.08M | |
| HOOD | $89.84 | Variational | +0.00% | Lighter | +84.10% | 84.1% | $1.03M | |
| XRP | $1.32 |  dYdX v4 | +0.00% | Lighter | +84.10% | 84.1% | $616K | |
| BNB | $747.78 | GRVT | +0.00% | Lighter | +84.10% | 84.1% | $2.72M | |
| SOL | $100.95 |  Backpack Exchange | +1.37% | Lighter | +84.10% | 82.7% | $18.23M | |
| NEAR | $4.63 | Arcus | +1.37% | Lighter | +84.10% | 82.7% | $573K | |
| LIT | $3.08 | Backpack Exchange | +1.37% | Lighter | +84.10% | 82.7% | $560K | |
| PAXG | $4,060 | Backpack Exchange | +1.37% | Lighter | +84.10% | 82.7% | $1.33M | |
| PUMP | $0.004322 | Arcus | +1.37% | Lighter | +84.10% | 82.7% | $370K | |
| UNITREE | $93.48 | Hyperliquid | -81.73% |  Extended | +0.00% | 81.7% | $449K | |
| MORPHO | $2.16 | Hyperliquid | +2.87% | Lighter | +84.10% | 81.2% | $344K | |
| APT | $0.6859 | Hyperliquid | +2.93% | Lighter | +84.10% | 81.2% | $538K | |
| TAO | $253.60 | Aster | +5.48% | Lighter | +84.10% | 78.6% | $603K | |
| GRAM | $1.21 | Aster | +5.48% | Lighter | +84.10% | 78.6% | $925K | |
| WLFI | $0.0526 | Aster | +5.48% | Lighter | +84.10% | 78.6% | $846K | |
| USELESS | $0.1622 | Aster | +5.48% | Lighter | +84.10% | 78.6% | $272K | |
| PONS | $0.2544 | Aster | +5.48% | Lighter | +84.10% | 78.6% | $471K | |
| ONDO | $0.4166 | Aster | +5.48% | Lighter | +84.10% | 78.6% | $450K | |
| XPL | $0.0738 | Aster | +5.48% | Lighter | +84.10% | 78.6% | $396K | |
| LTC | $56.73 |  ApeX Omni | +2.74% | dYdX v4 | +79.18% | 76.4% | $256K | |
| LINK | $11.47 | Variational | +8.29% | Lighter | +84.10% | 75.8% | $1.52M | |
| BCH | $290.10 | Aster | +9.10% | Lighter | +84.10% | 75.0% | $414K | |
| ASTER | $0.7097 | GRVT | +9.20% | Lighter | +84.10% | 74.9% | $353K | |
| AERO | $0.6944 | Hyperliquid | +10.22% | Lighter | +84.10% | 73.9% | $940K | |
| MON | $0.0215 | Nado | +10.95% | Lighter | +84.10% | 73.1% | $565K | |
| FARTCOIN | $0.1303 | Nado | +10.95% | Lighter | +84.10% | 73.1% | $409K | |
| CRV | $0.3388 | Variational | +10.95% | Lighter | +84.10% | 73.1% | $419K | |
| SKY | $0.0646 | Hyperliquid | +10.95% | Lighter | +84.10% | 73.1% | $358K | |
| WLD | $0.4379 | GRVT | +10.95% | Lighter | +84.10% | 73.1% | $638K | |
| GRASS | $0.7398 | Hyperliquid | +10.95% | Lighter | +84.10% | 73.1% | $1.04M | |
| CC | $0.0980 | Variational | +10.95% | Lighter | +84.10% | 73.1% | $276K |
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.