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 |
|---|---|---|---|---|---|---|---|---|
| LIT | $2.32 |  Nado | +10.95% |  Lighter | +231% | 220.3% | $1.32M | |
| SNDK | $1,152 |  Variational | +26.70% | Lighter | +203% | 176.5% | $2.68M | |
| PAXG | $4,018 | Lighter | -119% |  Hyperliquid | +10.95% | 130.1% | $1.83M | |
| BNB | $554.77 | GMTrade | -22.89% | Lighter | +84.10% | 107.0% | $1.29M | |
| UNI | $3.89 | Hyperliquid | -3.75% | Lighter | +84.10% | 87.8% | $1.73M | |
| AVAX | $6.60 | Variational | -3.65% | Lighter | +84.10% | 87.7% | $1.02M | |
| AAVE | $101.79 | Variational | -2.55% | Lighter | +84.10% | 86.6% | $2.04M | |
| SOL | $73.12 | GMTrade | -74.99% |  Extended | +11.39% | 86.4% | $7.03M | |
| DOGE | $0.0680 | GMTrade | -71.72% | Hyperliquid | +10.95% | 82.7% | $1.33M | |
| XMR | $342.30 | Extended | +4.38% | Lighter | +84.10% | 79.7% | $1.32M | |
| LINK | $8.49 |  GMX v2 | +4.61% | Lighter | +84.10% | 79.5% | $1.26M | |
| WLD | $0.3187 | Variational | +4.66% | Lighter | +84.10% | 79.4% | $1.14M | |
| WLFI | $0.0544 | Hyperliquid | +9.77% | Lighter | +84.10% | 74.3% | $1.16M | |
| ZEC | $468.98 |  Aster | +10.92% | Lighter | +84.10% | 73.2% | $2.58M | |
| ENA | $0.0835 | Hyperliquid | +10.95% | Lighter | +84.10% | 73.1% | $1.91M | |
| ADA | $0.1627 | Hyperliquid | +10.95% | Lighter | +84.10% | 73.1% | $3.94M | |
| APT | $0.5880 | Hyperliquid | +10.95% | Lighter | +84.10% | 73.1% | $1.12M | |
| ZRO | $0.8321 | Hyperliquid | +10.95% | Lighter | +84.10% | 73.1% | $2.80M | |
| GRAM | $1.45 | Hyperliquid | +10.95% | Lighter | +84.10% | 73.1% | $1.23M | |
| PUMP | $0.001993 | Hyperliquid | -19.40% | Lighter | +42.05% | 61.5% | $1.24M | |
| SKHY | $136.11 | Hyperliquid | +4.02% | Variational | +64.13% | 60.1% | $5.31M | |
| JUP | $0.1923 | Variational | -41.84% | Extended | +14.89% | 56.7% | $1.07M | |
| SPY | $743.80 | Nado | -25.01% | Lighter | +28.03% | 53.0% | $1.57M | |
| KAITO | $1.22 | Hyperliquid | -23.26% | Aster | +29.37% | 52.6% | $9.54M | |
| EWY | $155.60 | Hyperliquid | +25.79% | Variational | +77.52% | 51.7% | $1.94M | |
| CL | $81.96 |  RISEx | -43.02% | Aster | +0.00% | 43.0% | $1.94M | |
| WTI | $66.92 | GMTrade | -10.00% | Lighter | +28.03% | 38.0% | $1.95M | |
| BTC | $63,862 | GMTrade | -8.72% |  dYdX v4 | +27.11% | 35.8% | $8.59M | |
| INTC | $88.58 | Variational | +0.00% | Hyperliquid | +33.01% | 33.0% | $1.73M | |
| HYPE | $55.26 |  Backpack Exchange | +2.89% | Lighter | +35.04% | 32.1% | $11.39M | |
| ETH | $1,920 |  GRVT | -15.99% | dYdX v4 | +12.84% | 28.8% | $12.24M | |
| XAG | $57.27 | Variational | +0.00% | Lighter | +28.03% | 28.0% | $4.71M | |
| NVDA | $198.07 | Variational | +0.00% | Lighter | +28.03% | 28.0% | $1.40M | |
| MSTR | $97.06 | Variational | +0.00% | Lighter | +28.03% | 28.0% | $1.52M | |
| XAU | $4,024 | GRVT | +0.00% | Lighter | +28.03% | 28.0% | $2.05M | |
| QQQ | $681.58 | Variational | +0.00% | Lighter | +28.03% | 28.0% | $3.45M | |
| SPCX | $116.79 | Variational | +0.00% | Lighter | +28.03% | 28.0% | $4.44M | |
| GOOGL | $334.79 | Variational | +0.00% | Lighter | +28.03% | 28.0% | $1.54M | |
| US500 | $1,183 | Variational | +0.00% | Lighter | +28.03% | 28.0% | $1.43M | |
| NBIS | $173.43 | Variational | +0.00% | Lighter | +28.03% | 28.0% | $1.01M | |
| DRAM | $49.88 | Variational | +18.29% | Hyperliquid | +43.71% | 25.4% | $3.28M | |
| FARTCOIN | $0.1166 | GMTrade | -11.18% | Hyperliquid | +10.95% | 22.1% | $1.13M | |
| NATGAS | $3.07 |  edgeX | +0.00% | Hyperliquid | +22.10% | 22.1% | $6.26M | |
| BRENTOIL | $84.45 | Hyperliquid | +6.63% | Lighter | +28.03% | 21.4% | $1.94M | |
| CRCL | $64.28 | Hyperliquid | +7.40% | Lighter | +28.03% | 20.6% | $1.13M | |
| TRUMP | $1.47 | Variational | -44.21% | Hyperliquid | -23.86% | 20.4% | $2.22M | |
| MSFT | $394.48 | Hyperliquid | +7.98% | Lighter | +28.03% | 20.1% | $1.14M | |
| BZ | $84.49 | RISEx | -18.29% | Variational | +0.00% | 18.3% | $1.70M | |
| MU | $846.24 | Hyperliquid | +13.12% | Lighter | +28.03% | 14.9% | $1.65M | |
| EUR | $0.5074 | GMTrade | -9.71% | Extended | +3.50% | 13.2% | $6.98M | |
| USDJPY | $7.04 | Extended | -3.50% | GMTrade | +8.76% | 12.3% | $1.41M | |
| XRP | $1.07 | Lighter | +0.00% | Extended | +11.39% | 11.4% | $2.23M | |
| LTC | $46.31 | Variational | +0.38% | Aster | +10.95% | 10.6% | $1.19M | |
| XAUT | $4,010 | Variational | +4.15% | Nado | +10.95% | 6.8% | $4.79M | |
| TSLA | $308.13 | Variational | +0.00% | Hyperliquid | +5.48% | 5.5% | $2.51M | |
| STRC | $88.35 | Lighter | +0.00% | Hyperliquid | +5.48% | 5.5% | $1.59M | |
| NEAR | $1.66 | Variational | +8.58% | Aster | +10.95% | 2.4% | $1.10M | |
| ASTER | $0.6224 | Aster | +8.74% | Hyperliquid | +10.95% | 2.2% | $20.38M | |
| SUI | $0.6953 | Extended | +8.76% | Hyperliquid | +9.69% | 0.9% | $1.18M |
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.