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 |
|---|---|---|---|---|---|---|---|---|
| PRL | $1.75 |  Lighter | -3.7k% |  Hyperliquid | +353% | 4102.8% | $897K | |
| SAMSUNG | $172.60 |  Aster | +0.00% | Lighter | +1.3k% | 1268.4% | $120K | |
| DOOD | $0.002080 |  Variational | -1.1k% | Aster | -137% | 924.1% | $102K | |
| XPD | $739.45 | GMTrade | +4.46% | Lighter | +750% | 745.4% | $381K | |
| QNT | $129.70 | Lighter | -512% | Hyperliquid | +72.78% | 584.4% | $106K | |
| FIL | $0.8993 | Lighter | -498% |  GRVT | +10.95% | 508.5% | $142K | |
| LITE | $861.00 | Variational | +0.00% | Lighter | +378% | 378.4% | $317K | |
| ZHIPU | $72.07 | Lighter | -491% | Hyperliquid | -114% | 376.3% | $107K | |
| BABA | $100.24 |  Arcus | +0.56% | Lighter | +371% | 370.9% | $238K | |
| XMR | $607.82 |  Backpack Exchange | +8.33% | Lighter | +357% | 349.1% | $126K | |
| SKHYNIX | $1,040 | Aster | +35.17% | Lighter | +378% | 343.3% | $461K | |
| MET | $0.3185 | Lighter | -322% | Hyperliquid | +10.95% | 333.3% | $159K | |
| OPENAI | $1,494 |  Extended | +5.26% | Lighter | +252% | 247.0% | $160K | |
| SPCX | $148.94 | Arcus | +3.62% | Lighter | +231% | 227.6% | $742K | |
| LINK | $11.49 | Lighter | -161% | GMTrade | +58.52% | 219.7% | $205K | |
| RAY | $1.78 | Variational | -164% | Lighter | +42.05% | 206.3% | $108K | |
| META | $620.02 | Arcus | +2.68% | Lighter | +203% | 200.5% | $1.10M | |
| IRYS | $0.0258 | Variational | -340% | Aster | -142% | 197.8% | $138K | |
| BOT | $24.24 | Hyperliquid | -58.04% | Variational | +129% | 186.8% | $137K | |
| CRCL | $80.97 |  RISEx | +0.00% | Lighter | +175% | 175.2% | $373K | |
| SEI | $0.0527 | Lighter | -154% | GRVT | +10.95% | 165.1% | $174K | |
| SOXL | $98.95 | GRVT | +0.00% | Lighter | +161% | 161.2% | $213K | |
| AMZN | $253.57 | Aster | +0.00% | Lighter | +154% | 154.2% | $279K | |
| DRAM | $50.36 | Arcus | +0.56% | Lighter | +147% | 146.6% | $919K | |
| GRAM | $1.23 | Aster | +5.48% | Lighter | +147% | 141.7% | $863K | |
| AAVE | $133.23 | Lighter | -119% |  GMX v2 | +16.24% | 135.4% | $164K | |
| EUR | $0.6940 | GMTrade | -0.46% | Lighter | +133% | 133.6% | $2.16M | |
| SNDK | $1,291 | Arcus | -3.41% | Lighter | +126% | 129.6% | $2.65M | |
| STRC | $99.47 | Lighter | -70.08% | Variational | +56.70% | 126.8% | $917K | |
| XCU | $3.27 | GMTrade | +5.21% | Lighter | +119% | 113.9% | $386K | |
| BNB | $743.09 | RISEx | -25.99% | Lighter | +84.10% | 110.1% | $1.04M | |
| REZ | $0.005208 | Hyperliquid | -94.37% | Variational | +10.95% | 105.3% | $116K | |
| VIRTUAL | $0.6282 | Variational | -19.11% | Lighter | +84.10% | 103.2% | $446K | |
| APT | $0.6931 | Lighter | -91.10% | Aster | +10.95% | 102.1% | $293K | |
| AMD | $561.16 |  Nado | -3.47% | Lighter | +98.11% | 101.6% | $135K | |
| POL | $0.0921 | Hyperliquid | -15.57% | Lighter | +84.10% | 99.7% | $238K | |
| ENA | $0.2083 | Variational | -14.95% | Lighter | +84.10% | 99.0% | $2.30M | |
| BTC | $80,813 | GMTrade | -14.73% | Lighter | +84.10% | 98.8% | $2.29M | |
| ONDO | $0.4197 | Nado | -13.25% | Lighter | +84.10% | 97.3% | $216K | |
| MEGA | $0.0497 | Nado | -11.39% | Lighter | +84.10% | 95.5% | $271K | |
| DOT | $0.9997 | Hyperliquid | -10.56% | Lighter | +84.10% | 94.7% | $153K | |
| STRK | $0.0462 | Extended | -10.51% | Lighter | +84.10% | 94.6% | $213K | |
| VVV | $26.12 | Nado | +10.95% | Lighter | +105% | 94.2% | $158K | |
| ETH | $2,347 | GMX v2 | -9.90% | Lighter | +84.10% | 94.0% | $18.27M | |
| OP | $0.1114 | Hyperliquid | -9.24% | Lighter | +84.10% | 93.3% | $211K | |
| ZEC | $1,312 |  Orderly Network | -8.72% | Lighter | +84.10% | 92.8% | $367K | |
| CHIP | $0.0541 | Nado | -7.82% | Lighter | +84.10% | 91.9% | $345K | |
| GMX | $7.91 | GMTrade | -73.02% | GMX v2 | +18.56% | 91.6% | $132K | |
| TRX | $0.3314 | Backpack Exchange | -6.90% | Lighter | +84.10% | 91.0% | $167K | |
| CASHCAT | $0.0980 | Aster | -6.66% | Lighter | +84.10% | 90.8% | $135K | |
| HBAR | $0.0759 | Variational | -5.31% | Lighter | +84.10% | 89.4% | $377K | |
| EIGEN | $0.1969 | Extended | -5.26% | Lighter | +84.10% | 89.4% | $113K | |
| AERO | $0.6984 | Extended | -5.26% | Lighter | +84.10% | 89.4% | $202K | |
| MON | $0.0213 | Nado | -4.63% | Lighter | +84.10% | 88.7% | $547K | |
| ZRO | $1.67 | Backpack Exchange | -3.08% | Lighter | +84.10% | 87.2% | $128K | |
| PUMP | $0.004330 | Backpack Exchange | -0.50% | Lighter | +84.10% | 84.6% | $835K | |
| TRUMP | $1.70 | Backpack Exchange | -0.41% | Lighter | +84.10% | 84.5% | $104K | |
| DOGE | $0.0786 |  dYdX v4 | +0.00% | Lighter | +84.10% | 84.1% | $179K | |
| XRP | $1.33 | dYdX v4 | +0.00% | Lighter | +84.10% | 84.1% | $618K | |
| XAG | $47.90 | RISEx | +0.00% | Lighter | +84.10% | 84.1% | $1.81M |
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.