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 |
|---|---|---|---|---|---|---|---|---|
| ORCL | $150.09 |  Variational | +26.53% |  Lighter | +1.2k% | 1192.9% | $440K | |
| PONS | $0.6194 |  Aster | +10.95% | Lighter | +477% | 465.6% | $1.38M | |
| CASHCAT | $0.1703 | Lighter | -259% | Variational | +10.95% | 270.2% | $943K | |
| VVV | $23.28 |  Hyperliquid | +10.95% | Lighter | +252% | 241.3% | $1.99M | |
| XPL | $0.0820 | Lighter | -147% |  Extended | +11.39% | 158.6% | $520K | |
| EIGEN | $0.2190 | Hyperliquid | +10.95% | Lighter | +168% | 157.2% | $542K | |
| XMR | $530.90 | Aster | +37.08% | Lighter | +189% | 152.1% | $553K | |
| WTI | $63.22 |  Nado | -33.18% | Extended | +118% | 151.4% | $2.28M | |
| HBAR | $0.0748 | Lighter | -126% | Hyperliquid | +10.95% | 137.1% | $514K | |
| GRASS | $0.3334 | Variational | -9.96% | Lighter | +126% | 136.1% | $291K | |
| SOXL | $122.79 | Variational | +0.00% | Lighter | +126% | 126.1% | $333K | |
| ANSEM | $0.1550 | Aster | +10.95% | Hyperliquid | +131% | 120.4% | $251K | |
| AERO | $0.5710 |  RISEx | -32.97% | Lighter | +84.10% | 117.1% | $273K | |
| TRUMP | $2.01 | Lighter | -105% | Aster | +10.44% | 115.6% | $373K | |
| BNB | $706.53 | GMTrade | -30.82% | Lighter | +84.10% | 114.9% | $2.43M | |
| POL | $0.0968 |  GRVT | -26.50% | Lighter | +84.10% | 110.6% | $348K | |
| LIT | $4.29 | GRVT | -25.19% | Lighter | +84.10% | 109.3% | $801K | |
| BZ | $99.88 | Aster | +0.00% | RISEx | +107% | 106.5% | $1.38M | |
| LTC | $54.06 | Variational | -19.45% | Lighter | +84.10% | 103.5% | $737K | |
| PUMP | $0.003693 | GRVT | -17.08% | Lighter | +84.10% | 101.2% | $1.06M | |
| BTC | $77,249 | GMTrade | -14.25% | Lighter | +84.10% | 98.3% | $5.63M | |
| ZEC | $1,139 |  Pacifica | -10.84% | Lighter | +84.10% | 94.9% | $1.28M | |
| SUI | $0.7287 | Variational | -8.70% | Lighter | +84.10% | 92.8% | $972K | |
| WLD | $0.4107 | Variational | -6.88% | Lighter | +84.10% | 91.0% | $1.70M | |
| NEAR | $2.40 | Variational | -6.70% | Lighter | +84.10% | 90.8% | $6.43M | |
| PENGU | $0.007325 | Nado | -6.36% | Lighter | +84.10% | 90.5% | $300K | |
| CRV | $0.3402 | Variational | -5.93% | Lighter | +84.10% | 90.0% | $336K | |
| SOL | $101.16 | GMTrade | -5.10% | Lighter | +84.10% | 89.2% | $6.54M | |
| AAVE | $126.13 | Variational | -4.73% | Lighter | +84.10% | 88.8% | $3.48M | |
| PEPE | $0.00000340 | Extended | -3.50% | Lighter | +84.10% | 87.6% | $333K | |
| WLFI | $0.0600 | Variational | -3.27% | Lighter | +84.10% | 87.4% | $453K | |
| ONDO | $0.3518 | Variational | -1.14% | Lighter | +84.10% | 85.2% | $286K | |
| DOGE | $0.0827 |  Backpack Exchange | -0.26% | Lighter | +84.10% | 84.4% | $253K | |
| ETH | $2,529 |  ApeX Omni | -0.04% | Lighter | +84.10% | 84.1% | $7.85M | |
| ASTER | $0.6955 | Aster | +0.00% | Lighter | +84.10% | 84.1% | $1.07M | |
| XRP | $1.37 |  dYdX v4 | +0.00% | Lighter | +84.10% | 84.1% | $664K | |
| PENDLE | $2.21 | GRVT | +0.11% | Lighter | +84.10% | 84.0% | $372K | |
| JUP | $0.2475 | Nado | +0.37% | Lighter | +84.10% | 83.7% | $397K | |
| DOT | $1.04 | Variational | +0.83% | Lighter | +84.10% | 83.3% | $353K | |
| UNI | $6.47 | Backpack Exchange | +1.37% | Lighter | +84.10% | 82.7% | $594K | |
| APT | $0.6111 | Variational | +2.65% | Lighter | +84.10% | 81.5% | $384K | |
| TAO | $235.49 | Variational | +4.50% | Lighter | +84.10% | 79.6% | $952K | |
| ARB | $0.1434 | Variational | +6.08% | Lighter | +84.10% | 78.0% | $806K | |
| LDO | $0.3779 | GRVT | +6.90% | Lighter | +84.10% | 77.2% | $266K | |
| ENA | $0.1429 | Hyperliquid | +9.56% | Lighter | +84.10% | 74.5% | $2.64M | |
| HYPE | $80.16 | Lighter | -56.06% |  GMX v2 | +17.35% | 73.4% | $1.04M | |
| ADA | $0.2082 | Hyperliquid | -10.32% | Lighter | +63.07% | 73.4% | $1.89M | |
| MON | $0.0235 | Nado | +10.95% | Lighter | +84.10% | 73.1% | $388K | |
| FARTCOIN | $0.1447 | Nado | +10.95% | Lighter | +84.10% | 73.1% | $537K | |
| ZRO | $1.05 | Nado | +10.95% | Lighter | +84.10% | 73.1% | $860K | |
| USELESS | $0.2325 | Hyperliquid | +10.95% | Lighter | +84.10% | 73.1% | $1.41M | |
| SHIB | $0.00000529 | Hyperliquid | +10.95% | Lighter | +84.10% | 73.1% | $440K | |
| MORPHO | $2.28 | Hyperliquid | +10.95% | Lighter | +84.10% | 73.1% | $323K | |
| ETHFI | $0.7370 | Hyperliquid | +10.95% | Lighter | +84.10% | 73.1% | $1.47M | |
| AVAX | $7.41 | Lighter | -49.06% | GMX v2 | +19.57% | 68.6% | $829K | |
| NBIS | $225.29 | Variational | +0.00% | Hyperliquid | +65.98% | 66.0% | $1.51M | |
| MINA | $0.1139 | Hyperliquid | -46.34% | Variational | +10.95% | 57.3% | $336K | |
| EUR | $1.12 |  Orderly Network | -50.60% | Extended | +3.50% | 54.1% | $465K | |
| LINK | $11.31 | Lighter | -42.05% | Extended | +11.39% | 53.4% | $622K | |
| UNITREE | $69.70 | Hyperliquid | -39.89% | Aster | +0.00% | 39.9% | $380K |
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.