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 |
|---|---|---|---|---|---|---|---|---|
| SKHYNIX | $1,337 |  Lighter | -2.3k% |  Extended | -173% | 2097.1% | $2.32M | |
| INTC | $102.12 | Lighter | -624% |  Variational | -31.84% | 591.9% | $1.02M | |
| XPL | $0.0796 | Lighter | -498% |  Hyperliquid | +10.95% | 508.5% | $2.68M | |
| WTI | $63.46 |  Nado | -39.91% | Extended | +130% | 169.6% | $2.30M | |
| SKHY | $187.31 | Hyperliquid | -238% | Variational | -70.82% | 166.9% | $1.78M | |
| VVV | $23.71 | Hyperliquid | +10.95% | Lighter | +175% | 164.3% | $2.03M | |
| DRAM | $58.18 | Hyperliquid | -214% | Variational | -55.99% | 157.7% | $2.65M | |
| LINK | $11.26 | Lighter | -133% | Hyperliquid | +10.95% | 144.1% | $1.76M | |
| MU | $966.61 | Hyperliquid | -127% | Variational | +0.00% | 127.3% | $2.95M | |
| PUMP | $0.003855 |  GRVT | -34.82% | Lighter | +84.10% | 118.9% | $1.10M | |
| BNB | $698.61 | GMTrade | -31.51% | Lighter | +84.10% | 115.6% | $2.43M | |
| ORCL | $149.31 | Hyperliquid | -65.35% | Variational | +39.85% | 105.2% | $1.45M | |
| ETH | $2,518 | GRVT | -7.34% | Lighter | +84.10% | 91.4% | $110.81M | |
| UNI | $6.35 | Variational | -4.03% | Lighter | +84.10% | 88.1% | $1.63M | |
| AAVE | $126.40 | Variational | -3.33% | Lighter | +84.10% | 87.4% | $3.48M | |
| WLD | $0.4019 | Variational | -3.26% | Lighter | +84.10% | 87.4% | $1.67M | |
| PONS | $0.5749 | Variational | +10.95% | Lighter | +98.11% | 87.2% | $1.33M | |
| HYPE | $79.92 |  Aster | -0.39% | Lighter | +84.10% | 84.5% | $6.71M | |
| ZEC | $1,124 |  Backpack Exchange | +1.37% | Lighter | +84.10% | 82.7% | $1.76M | |
| HOOD | $111.75 | Hyperliquid | -53.59% | Lighter | +28.03% | 81.6% | $3.36M | |
| ASTER | $0.6853 | Aster | +5.09% | Lighter | +84.10% | 79.0% | $1.06M | |
| ENA | $0.1413 | Aster | +5.48% | Lighter | +84.10% | 78.6% | $1.14M | |
| WLFI | $0.0582 | Aster | +5.48% | Lighter | +84.10% | 78.6% | $1.09M | |
| NEAR | $2.34 | Hyperliquid | +6.53% | Lighter | +84.10% | 77.6% | $7.76M | |
| SOXL | $121.57 | Hyperliquid | -87.18% | Variational | -10.71% | 76.5% | $1.71M | |
| EWY | $188.40 | Hyperliquid | -76.25% | Variational | +0.00% | 76.2% | $1.22M | |
| ZRO | $1.02 | Hyperliquid | +10.95% | Lighter | +84.10% | 73.1% | $4.16M | |
| ADA | $0.2078 | Hyperliquid | +10.95% | Lighter | +84.10% | 73.1% | $1.90M | |
| ETHFI | $0.7139 | Hyperliquid | +10.95% | Lighter | +84.10% | 73.1% | $1.42M | |
| USELESS | $0.2265 | Variational | +10.95% | Lighter | +84.10% | 73.1% | $1.16M | |
| SNDK | $1,626 | Hyperliquid | -40.58% | Lighter | +28.03% | 68.6% | $2.25M | |
| NVDA | $218.68 | Hyperliquid | -39.66% | Lighter | +28.03% | 67.7% | $1.76M | |
| NBIS | $223.12 | Hyperliquid | -64.89% | Variational | +0.00% | 64.9% | $1.48M | |
| XMR | $540.11 | Hyperliquid | +34.45% | Lighter | +91.10% | 56.7% | $2.24M | |
| PAXG | $4,354 | Backpack Exchange | +0.43% | Lighter | +56.06% | 55.6% | $1.15M | |
| SOL | $100.61 |  RISEx | -6.39% | Lighter | +49.06% | 55.4% | $1.13M | |
| XRP | $1.37 | Backpack Exchange | +1.37% | Lighter | +56.06% | 54.7% | $1.27M | |
| TSLA | $366.97 | Hyperliquid | -51.63% | Variational | +0.00% | 51.6% | $1.75M | |
| QQQ | $714.24 | Nado | -13.47% | Lighter | +28.03% | 41.5% | $1.13M | |
| DOGE | $0.0825 | Aster | +10.11% | GMTrade | +49.84% | 39.7% | $2.20M | |
| JUP | $0.2431 | Hyperliquid | -28.73% | GRVT | +10.95% | 39.7% | $1.34M | |
| SPY | $765.40 | RISEx | +0.00% | Nado | +38.00% | 38.0% | $1.81M | |
| XAU | $3,570 | GMTrade | -7.21% | Lighter | +28.03% | 35.2% | $18.40M | |
| XAG | $47.62 | GMTrade | -6.17% | Lighter | +28.03% | 34.2% | $5.33M | |
| MSTR | $130.15 | Aster | -4.14% | Lighter | +28.03% | 32.2% | $1.41M | |
| LIT | $4.20 | Nado | +5.93% | Aster | +37.19% | 31.3% | $1.62M | |
| GRAM | $1.38 | Hyperliquid | +10.95% | Lighter | +42.05% | 31.1% | $1.18M | |
| BTC | $77,032 | Extended | -17.52% | RISEx | +13.49% | 31.0% | $11.34M | |
| GRASS | $0.3316 | Variational | -18.42% | Hyperliquid | +10.95% | 29.4% | $1.13M | |
| GOOGL | $340.76 | Variational | +0.00% | Lighter | +28.03% | 28.0% | $1.85M | |
| SPCX | $150.12 | Variational | +0.00% | Lighter | +28.03% | 28.0% | $2.50M | |
| MSFT | $494.80 | Variational | +0.00% | Lighter | +28.03% | 28.0% | $1.16M | |
| US500 | $1,391 | Variational | +0.00% | Lighter | +28.03% | 28.0% | $2.40M | |
| LTC | $53.74 | Variational | -13.55% | Hyperliquid | +10.95% | 24.5% | $2.34M | |
| AVAX | $7.39 | Variational | -18.05% | Aster | +4.96% | 23.0% | $1.40M | |
| SUI | $0.7231 | Variational | -11.22% | Extended | +11.39% | 22.6% | $1.27M | |
| NATGAS | $2.94 | Hyperliquid | +5.48% | Lighter | +28.03% | 22.6% | $1.05M | |
| ANTHROPIC | $2,100 | Variational | +5.48% | Lighter | +28.03% | 22.6% | $1.83M | |
| BRENTOIL | $99.99 | Hyperliquid | +5.48% | Lighter | +28.03% | 22.6% | $11.00M | |
| OPENAI | $1,521 | Variational | +5.48% | Lighter | +28.03% | 22.6% | $1.38M |
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.