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 |
|---|---|---|---|---|---|---|---|---|
| BOT | $30.74 |  Hyperliquid | -407% |  Lighter | +3.5k% | 3862.1% | $263K | |
| SKHYNIX | $1,096 |  Pacifica | +10.95% | Lighter | +1.2k% | 1180.4% | $740K | |
| CXMT | $6.78 | Lighter | +28.03% | Hyperliquid | +1.0k% | 1007.4% | $408K | |
| XPD | $1,144 | GMTrade | +10.00% | Lighter | +855% | 845.0% | $197K | |
| XLM | $0.1751 | Lighter | -420% |  Extended | +11.39% | 431.9% | $128K | |
| SAMSUNG | $158.13 | Lighter | +28.03% |  GRVT | +369% | 341.4% | $124K | |
| SKY | $0.0570 | Lighter | -308% | Hyperliquid | +10.95% | 319.3% | $126K | |
| POL | $0.0727 | Lighter | -259% | Hyperliquid | +10.95% | 270.2% | $317K | |
| DEXE | $3.11 |  Aster | -248% |  Variational | +10.95% | 258.5% | $111K | |
| TIA | $0.3297 | Lighter | -238% | Extended | +11.39% | 249.7% | $118K | |
| TRUMP | $1.47 | Lighter | -224% | Extended | +11.39% | 235.6% | $717K | |
| LIT | $2.32 |  Backpack Exchange | +1.37% | Lighter | +231% | 229.9% | $401K | |
| CASHCAT | $0.0501 | Aster | -176% |  Arcus | +36.33% | 212.3% | $103K | |
| USELESS | $0.0533 | Variational | +32.46% | Lighter | +224% | 191.8% | $267K | |
| SNDK | $1,152 | Arcus | +14.63% | Lighter | +203% | 188.6% | $190K | |
| POPCAT | $0.0416 | Variational | -86.18% | Lighter | +84.10% | 170.3% | $111K | |
| SHIB | $0.00000448 | GMTrade | -75.00% | Lighter | +84.10% | 159.1% | $133K | |
| VIRTUAL | $0.5680 | Lighter | -147% | Extended | +11.39% | 158.6% | $252K | |
| DOGE | $0.0683 | GMTrade | -71.72% | Lighter | +84.10% | 155.8% | $537K | |
| LDO | $0.3678 | GRVT | -59.46% | Lighter | +84.10% | 143.6% | $301K | |
| AERO | $0.4369 | Lighter | -126% | Extended | +11.39% | 137.5% | $388K | |
| PAXG | $4,018 | Lighter | -119% | Hyperliquid | +10.95% | 130.1% | $1.83M | |
| KAITO | $1.21 | Lighter | -98.11% | Aster | +29.37% | 127.5% | $246K | |
| WLD | $0.3151 | GMTrade | -40.69% | Lighter | +84.10% | 124.8% | $397K | |
| SOXL | $115.18 | Variational | +61.82% | Lighter | +182% | 120.4% | $327K | |
| UNI | $3.84 | GMTrade | -30.26% | Lighter | +84.10% | 114.4% | $351K | |
| PENGU | $0.005969 | GRVT | -35.92% | Lighter | +77.09% | 113.0% | $222K | |
| XPL | $0.0844 |  GMX v2 | -26.44% | Lighter | +84.10% | 110.5% | $202K | |
| SPX | $0.3318 | Variational | -24.85% | Lighter | +84.10% | 108.9% | $131K | |
| NOK | $9.03 | Variational | +0.00% | Hyperliquid | +109% | 108.6% | $159K | |
| BNB | $555.64 | GMTrade | -22.89% | Lighter | +84.10% | 107.0% | $1.29M | |
| ALGO | $0.0803 | Hyperliquid | +10.95% |  dYdX v4 | +116% | 104.9% | $104K | |
| AAVE | $101.56 |  RISEx | -20.63% | Lighter | +84.10% | 104.7% | $234K | |
| ETHFI | $0.4225 | Variational | -16.38% | Lighter | +84.10% | 100.5% | $229K | |
| ONDO | $0.4043 | Variational | -9.70% | GMTrade | +90.00% | 99.7% | $125K | |
| ZRO | $0.8321 |  Nado | -11.35% | Lighter | +84.10% | 95.4% | $531K | |
| PEPE | $0.00000282 | Aster | -11.29% | Lighter | +84.10% | 95.4% | $385K | |
| FARTCOIN | $0.1175 | GMTrade | -11.18% | Lighter | +84.10% | 95.3% | $508K | |
| ENA | $0.0835 | Pacifica | -10.45% | Lighter | +84.10% | 94.5% | $192K | |
| BCH | $215.33 | Pacifica | -10.29% | Lighter | +84.10% | 94.4% | $157K | |
| XMR | $342.30 | GMX v2 | -8.48% | Lighter | +84.10% | 92.6% | $102K | |
| ZEC | $468.42 |  Orderly Network | -8.19% | Lighter | +84.10% | 92.3% | $145K | |
| TRX | $0.3247 | Lighter | -84.10% | Aster | +7.29% | 91.4% | $601K | |
| NEAR | $1.66 | Backpack Exchange | +1.37% | GMTrade | +90.00% | 88.6% | $181K | |
| PENDLE | $1.48 | GRVT | -77.09% | Extended | +11.39% | 88.5% | $196K | |
| AVAX | $6.60 | Variational | -3.65% | Lighter | +84.10% | 87.7% | $1.02M | |
| SOL | $73.12 | GMTrade | -74.99% | Extended | +11.39% | 86.4% | $7.03M | |
| SEI | $0.0434 | Variational | -0.72% | Lighter | +84.10% | 84.8% | $175K | |
| ADA | $0.1627 | dYdX v4 | +0.00% | Lighter | +84.10% | 84.1% | $244K | |
| DOT | $0.7647 | dYdX v4 | +0.00% | Lighter | +84.10% | 84.1% | $121K | |
| LINK | $8.41 | dYdX v4 | +0.00% | Lighter | +84.10% | 84.1% | $420K | |
| JTO | $0.5416 | Variational | +0.15% | Lighter | +84.10% | 83.9% | $121K | |
| CRV | $0.2129 | Extended | +0.88% | Lighter | +84.10% | 83.2% | $193K | |
| WLFI | $0.0544 | Backpack Exchange | +1.37% | Lighter | +84.10% | 82.7% | $117K | |
| ASTER | $0.6224 | Backpack Exchange | +1.37% | Lighter | +84.10% | 82.7% | $171K | |
| OP | $0.0897 | Backpack Exchange | +1.37% | Lighter | +84.10% | 82.7% | $203K | |
| APT | $0.5879 | Backpack Exchange | +1.37% | Lighter | +84.10% | 82.7% | $100K | |
| VVV | $13.05 | RISEx | +2.03% | Lighter | +84.10% | 82.1% | $195K | |
| PUMP | $0.001985 | Nado | -38.19% | Lighter | +42.05% | 80.2% | $904K | |
| STABLE | $0.0363 | Hyperliquid | -44.60% | Lighter | +35.04% | 79.6% | $123K |
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.