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 |
|---|---|---|---|---|---|---|---|---|
| AI | $0.2813 |  Aster | +10.95% |  Lighter | +1.4k% | 1383.6% | $135K | |
| STABLE | $0.0278 | Lighter | -806% |  Hyperliquid | -53.84% | 752.1% | $112K | |
| XMR | $538.69 |  dYdX v4 | +9.57% | Lighter | +385% | 375.9% | $117K | |
| RAY | $1.53 |  Variational | -242% | Lighter | +84.10% | 325.9% | $231K | |
| DRAM | $58.24 |  RISEx | -256% | Lighter | +28.03% | 283.9% | $383K | |
| SKHYNIX | $1,337 |  Pacifica | -251% | Lighter | +28.03% | 278.8% | $210K | |
| VVV | $23.94 |  Nado | +10.95% | Lighter | +287% | 276.4% | $232K | |
| MU | $966.61 | RISEx | -161% | Lighter | +28.03% | 189.0% | $411K | |
| ANSEM | $0.1605 | Aster | +10.95% | Hyperliquid | +194% | 182.9% | $258K | |
| TRUMP | $1.99 | Lighter | -168% | Pacifica | +10.95% | 179.1% | $193K | |
| ZHIPU | $96.56 | Hyperliquid | -147% | Lighter | +28.03% | 174.6% | $194K | |
| LIT | $4.21 |  GRVT | -64.60% | Lighter | +84.10% | 148.7% | $794K | |
| AVAX | $7.41 | Lighter | -126% |  GMX v2 | +18.47% | 144.6% | $828K | |
| CASHCAT | $0.1697 | Lighter | -84.10% | Aster | +56.24% | 140.3% | $439K | |
| ICP | $2.74 | Variational | -43.56% | Lighter | +84.10% | 127.7% | $107K | |
| SKHY | $186.95 | Variational | -96.84% | Lighter | +28.03% | 124.9% | $913K | |
| BNB | $699.64 | GMTrade | -31.51% | Lighter | +84.10% | 115.6% | $2.42M | |
| POL | $0.0963 | GRVT | -26.94% | Lighter | +84.10% | 111.0% | $347K | |
| SAMSUNG | $192.98 |  Extended | -81.47% | Lighter | +28.03% | 109.5% | $166K | |
| MNT | $0.5704 | Variational | -24.32% | Lighter | +84.10% | 108.4% | $105K | |
| GRASS | $0.3311 | Variational | -21.21% | Lighter | +84.10% | 105.3% | $288K | |
| PENGU | $0.007261 | Nado | -20.90% | Lighter | +84.10% | 105.0% | $297K | |
| PUMP | $0.003833 | GRVT | -19.27% | Lighter | +84.10% | 103.4% | $1.09M | |
| HBAR | $0.0746 | Lighter | -91.10% | GRVT | +10.95% | 102.1% | $307K | |
| TAO | $232.46 | Variational | -14.05% | Lighter | +84.10% | 98.1% | $896K | |
| OP | $0.0958 | Variational | -13.99% | Lighter | +84.10% | 98.1% | $105K | |
| WLFI | $0.0580 | Variational | -13.07% | Lighter | +84.10% | 97.2% | $457K | |
| SUI | $0.7235 | Variational | -12.37% | Lighter | +84.10% | 96.5% | $966K | |
| ARB | $0.1395 | Variational | -10.87% | Lighter | +84.10% | 95.0% | $783K | |
| WLD | $0.3982 | Extended | -9.64% | Lighter | +84.10% | 93.7% | $124K | |
| LTC | $53.59 | Variational | -9.53% | Lighter | +84.10% | 93.6% | $747K | |
| MON | $0.0232 |  Backpack Exchange | -9.28% | Lighter | +84.10% | 93.4% | $166K | |
| APT | $0.6002 | Backpack Exchange | -8.26% | Lighter | +84.10% | 92.4% | $129K | |
| NEAR | $2.35 | RISEx | -2.21% | GMTrade | +90.00% | 92.2% | $179K | |
| CRDO | $162.77 | Hyperliquid | -92.10% | Variational | +0.00% | 92.1% | $208K | |
| ETH | $2,521 | GRVT | -7.77% | Lighter | +84.10% | 91.9% | $110.97M | |
| ZEC | $1,124 | Pacifica | -7.62% | Lighter | +84.10% | 91.7% | $1.26M | |
| JUP | $0.2429 | Pacifica | -7.03% | Lighter | +84.10% | 91.1% | $231K | |
| SEI | $0.0446 | Variational | -6.19% | Lighter | +84.10% | 90.3% | $221K | |
| LINK | $11.26 | Lighter | -14.02% | dYdX v4 | +76.00% | 90.0% | $333K | |
| AAVE | $125.46 | Variational | -5.84% | Lighter | +84.10% | 89.9% | $3.47M | |
| ZRO | $1.02 | Backpack Exchange | -4.70% | Lighter | +84.10% | 88.8% | $101K | |
| DOGE | $0.0825 | Extended | -4.38% | Lighter | +84.10% | 88.5% | $327K | |
| CRV | $0.3327 | Variational | -3.83% | Lighter | +84.10% | 87.9% | $329K | |
| ETHFI | $0.7127 | Variational | -3.01% | Lighter | +84.10% | 87.1% | $978K | |
| HYPE | $79.56 | Backpack Exchange | -0.44% | Lighter | +84.10% | 84.5% | $9.67M | |
| PENDLE | $2.19 | Backpack Exchange | -0.17% | Lighter | +84.10% | 84.3% | $114K | |
| ENA | $0.1412 | Backpack Exchange | -0.03% | Lighter | +84.10% | 84.1% | $337K | |
| PEPE | $0.00000341 | Extended | +0.00% | Lighter | +84.10% | 84.1% | $333K | |
| PYTH | $0.0551 | dYdX v4 | +0.00% | Lighter | +84.10% | 84.1% | $164K | |
| DOT | $1.03 | dYdX v4 | +0.00% | Lighter | +84.10% | 84.1% | $158K | |
| UNI | $6.35 | dYdX v4 | +0.00% | Lighter | +84.10% | 84.1% | $172K | |
| ONDO | $0.3484 | dYdX v4 | +0.00% | Lighter | +84.10% | 84.1% | $119K | |
| LDO | $0.3723 | Extended | +0.00% | Lighter | +84.10% | 84.1% | $223K | |
| MET | $0.2274 | Backpack Exchange | +1.37% | Lighter | +84.10% | 82.7% | $193K | |
| ASTER | $0.6873 | Backpack Exchange | +1.37% | Lighter | +84.10% | 82.7% | $197K | |
| FIL | $0.8019 | Extended | +1.75% | Lighter | +84.10% | 82.3% | $127K | |
| XLM | $0.1801 |  ApeX Omni | +2.74% | Lighter | +84.10% | 81.4% | $144K | |
| EIGEN | $0.2153 | Extended | +4.38% | Lighter | +84.10% | 79.7% | $278K | |
| INTC | $101.98 | GRVT | -51.57% | Lighter | +28.03% | 79.6% | $758K |
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.