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 |
|---|---|---|---|---|---|---|---|---|
| XMR | $605.19 |  Hyperliquid | +56.47% |  Lighter | +554% | 497.2% | $2.61M | |
| BRENTOIL | $109.44 | Lighter | -449% | Hyperliquid | -16.57% | 431.9% | $3.14M | |
| META | $619.97 |  Arcus | +4.41% | Lighter | +287% | 282.9% | $1.10M | |
| COIN | $158.92 | Hyperliquid | +15.78% | Lighter | +189% | 173.4% | $2.43M | |
| VVV | $26.02 |  Variational | +10.95% | Lighter | +168% | 157.2% | $1.36M | |
| ENA | $0.2088 | Lighter | -140% | Hyperliquid | +10.95% | 151.1% | $2.25M | |
| SPCX | $149.18 | Hyperliquid | +11.90% | Lighter | +161% | 149.3% | $1.83M | |
| EUR | $0.6929 | GMTrade | -0.46% | Lighter | +133% | 133.6% | $2.16M | |
| SOXL | $99.00 |  Aster | +0.00% | Lighter | +105% | 105.1% | $1.35M | |
| ZRO | $1.68 | Hyperliquid | +10.95% | Lighter | +112% | 101.2% | $6.56M | |
| BTC | $80,881 | GMTrade | -14.73% | Lighter | +84.10% | 98.8% | $2.29M | |
| ETH | $2,350 |  GMX v2 | -8.87% | Lighter | +84.10% | 93.0% | $18.15M | |
| ZEC | $1,305 |  Nado | -7.24% | Lighter | +84.10% | 91.3% | $1.92M | |
| SNDK | $1,295 | Variational | +0.00% | Lighter | +91.10% | 91.1% | $4.63M | |
| AMD | $562.03 | Variational | +0.00% | Lighter | +91.10% | 91.1% | $1.18M | |
| SKHYNIX | $1,033 |  Extended | +0.00% | Lighter | +91.10% | 91.1% | $2.39M | |
| AAVE | $132.56 | Variational | -5.25% | Lighter | +84.10% | 89.3% | $3.74M | |
| BNB | $745.44 |  RISEx | -1.76% | Lighter | +84.10% | 85.9% | $1.05M | |
| UNI | $7.08 | Variational | +1.30% | Lighter | +84.10% | 82.8% | $1.19M | |
| LIT | $3.07 | Arcus | +1.37% | Lighter | +84.10% | 82.7% | $1.30M | |
| NEAR | $4.69 |  Backpack Exchange | +1.37% | Lighter | +84.10% | 82.7% | $1.52M | |
| XRP | $1.32 | Backpack Exchange | +1.37% | Lighter | +84.10% | 82.7% | $1.21M | |
| SOL | $101.10 | Backpack Exchange | +1.37% | Lighter | +84.10% | 82.7% | $18.47M | |
| AVAX | $8.93 | Variational | +4.52% | Lighter | +84.10% | 79.6% | $1.04M | |
| PUMP | $0.004341 |  GRVT | +4.82% | Lighter | +84.10% | 79.3% | $1.17M | |
| GRAM | $1.23 | Hyperliquid | +10.95% | Lighter | +84.10% | 73.1% | $1.79M | |
| GRASS | $0.7479 | Variational | +10.95% | Lighter | +84.10% | 73.1% | $1.06M | |
| ADA | $0.2053 | Hyperliquid | +10.95% | Lighter | +84.10% | 73.1% | $1.76M | |
| XPL | $0.0738 | Hyperliquid | +10.95% | Lighter | +84.10% | 73.1% | $3.00M | |
| WLD | $0.4354 | Variational | +10.95% | Lighter | +84.10% | 73.1% | $2.29M | |
| LINK | $11.53 | Lighter | -49.06% | GMX v2 | +18.92% | 68.0% | $1.44M | |
| GOOGL | $322.09 | Arcus | -0.32% | Lighter | +63.07% | 63.4% | $1.56M | |
| TSLA | $407.97 | Variational | +0.00% | Lighter | +63.07% | 63.1% | $1.95M | |
| SUI | $0.9282 | Lighter | -35.04% | Extended | +11.39% | 46.4% | $1.01M | |
| XAG | $47.58 | Aster | +3.24% | Lighter | +42.05% | 38.8% | $3.67M | |
| WTI | $81.40 | GMTrade | -10.00% | Lighter | +28.03% | 38.0% | $2.66M | |
| NVDA | $217.70 | Variational | +0.00% | RISEx | +37.07% | 37.1% | $1.18M | |
| STRC | $99.48 | Hyperliquid | -7.28% | Variational | +29.07% | 36.4% | $3.21M | |
| APT | $0.6908 | Hyperliquid | -24.81% | Variational | +10.95% | 35.8% | $1.20M | |
| QQQ | $721.65 | Arcus | -5.23% | Lighter | +28.03% | 33.3% | $7.90M | |
| SPY | $770.08 | Arcus | -3.31% | Lighter | +28.03% | 31.3% | $4.55M | |
| AAPL | $346.96 | Hyperliquid | -2.18% | Lighter | +28.03% | 30.2% | $3.53M | |
| INTC | $93.57 | Variational | +0.00% | Lighter | +28.03% | 28.0% | $1.78M | |
| MU | $926.77 | RISEx | +0.00% | Lighter | +28.03% | 28.0% | $1.10M | |
| MSTR | $141.11 | Variational | +0.00% | Lighter | +28.03% | 28.0% | $2.03M | |
| XAU | $3,616 | GRVT | +0.00% | Lighter | +28.03% | 28.0% | $1.01M | |
| MSFT | $533.08 | Variational | +0.00% | Lighter | +28.03% | 28.0% | $2.01M | |
| US500 | $1,121 | Variational | +0.00% | Lighter | +28.03% | 28.0% | $1.07M | |
| AMZN | $253.89 | Variational | +0.00% | Lighter | +28.03% | 28.0% | $2.40M | |
| PAXG | $4,064 | Backpack Exchange | +1.37% | Lighter | +28.03% | 26.7% | $1.36M | |
| DRAM | $50.29 | Hyperliquid | +5.48% | Lighter | +28.03% | 22.6% | $1.02M | |
| SKHY | $145.53 | Hyperliquid | +5.48% | Lighter | +28.03% | 22.6% | $1.23M | |
| XAUT | $4,054 | Variational | -11.02% | Nado | +10.95% | 22.0% | $3.94M | |
| DOT | $0.9984 | Variational | -6.60% | Aster | +10.95% | 17.6% | $1.01M | |
| BZ | $109.49 | RISEx | -14.09% | Variational | +0.00% | 14.1% | $3.46M | |
| EWY | $157.35 | Hyperliquid | +8.80% | Variational | +22.66% | 13.9% | $1.81M | |
| HYPE | $81.15 | Lighter | +0.00% | Extended | +11.39% | 11.4% | $12.04M | |
| HOOD | $87.22 | Variational | +0.00% | Hyperliquid | +7.92% | 7.9% | $1.58M | |
| ARB | $0.1669 | Variational | +4.02% | Hyperliquid | +10.95% | 6.9% | $1.17M | |
| LTC | $56.95 | Variational | +4.93% | Extended | +11.39% | 6.5% | $1.03M |
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.