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 |
|---|---|---|---|---|---|---|---|---|
| BOT | $30.75 |  Hyperliquid | -407% |  Lighter | +3.5k% | 3862.1% | $263K | |
| SKHYNIX | $1,096 |  Pacifica | +10.95% | Lighter | +1.2k% | 1180.4% | $740K | |
| CXMT | $6.78 | Lighter | +28.03% | Hyperliquid | +1.0k% | 1007.4% | $408K | |
| XPD | $1,270 |  Variational | +31.74% | Lighter | +855% | 823.2% | $436K | |
| XLM | $0.1752 | Lighter | -420% | Hyperliquid | +10.95% | 431.4% | $304K | |
| POL | $0.0727 | Lighter | -259% | Hyperliquid | +10.95% | 270.2% | $317K | |
| TRUMP | $1.47 | Lighter | -224% |  Extended | +11.39% | 235.6% | $717K | |
| LIT | $2.32 |  Backpack Exchange | +1.37% | Lighter | +231% | 229.9% | $401K | |
| CASHCAT | $0.0500 |  Aster | -176% | Hyperliquid | +19.80% | 195.7% | $352K | |
| USELESS | $0.0533 | Variational | +32.46% | Lighter | +224% | 191.8% | $267K | |
| SNDK | $1,152 | Variational | +26.70% | Lighter | +203% | 176.5% | $2.68M | |
| VIRTUAL | $0.5680 | Lighter | -147% | Extended | +11.39% | 158.6% | $252K | |
| DOGE | $0.0683 | GMTrade | -71.72% | Lighter | +84.10% | 155.8% | $537K | |
| LDO | $0.3679 |  GRVT | -59.46% | Lighter | +84.10% | 143.6% | $301K | |
| AERO | $0.4369 | Lighter | -126% | Extended | +11.39% | 137.5% | $388K | |
| PAXG | $4,018 | Lighter | -119% | Variational | +10.95% | 130.1% | $1.83M | |
| WLD | $0.3150 | GMTrade | -40.69% | Lighter | +84.10% | 124.8% | $397K | |
| SOXL | $115.29 | Variational | +61.82% | Lighter | +182% | 120.4% | $327K | |
| UNI | $3.83 | GMTrade | -30.26% | Lighter | +84.10% | 114.4% | $351K | |
| BNB | $555.45 | GMTrade | -22.89% | Lighter | +84.10% | 107.0% | $1.29M | |
| ZRO | $0.8321 |  Nado | -11.35% | Lighter | +84.10% | 95.4% | $531K | |
| PEPE | $0.00000282 | Aster | -11.29% | Lighter | +84.10% | 95.4% | $385K | |
| FARTCOIN | $0.1174 | GMTrade | -11.18% | Lighter | +84.10% | 95.3% | $508K | |
| TRX | $0.3247 | Lighter | -84.10% | Aster | +7.29% | 91.4% | $601K | |
| ZEC | $468.42 | GMTrade | -4.71% | Lighter | +84.10% | 88.8% | $307K | |
| PENDLE | $1.48 | GRVT | -77.09% | Hyperliquid | +10.95% | 88.0% | $253K | |
| AVAX | $6.60 | Variational | -3.65% | Lighter | +84.10% | 87.7% | $1.02M | |
| BCH | $215.36 | GRVT | -3.61% | Lighter | +84.10% | 87.7% | $268K | |
| 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 | |
| LINK | $8.41 |  dYdX v4 | +0.00% | Lighter | +84.10% | 84.1% | $420K | |
| NEAR | $1.66 | Backpack Exchange | +1.37% | Lighter | +84.10% | 82.7% | $253K | |
| ONDO | $0.4071 | Backpack Exchange | +1.37% | Lighter | +84.10% | 82.7% | $273K | |
| WLFI | $0.0544 | Variational | +2.40% | Lighter | +84.10% | 81.7% | $527K | |
| PUMP | $0.001993 | Nado | -38.19% | Lighter | +42.05% | 80.2% | $904K | |
| XMR | $342.30 | Extended | +4.38% | Lighter | +84.10% | 79.7% | $1.32M | |
| APT | $0.5879 | Variational | +5.50% | Lighter | +84.10% | 78.6% | $897K | |
| TSLA | $308.15 | Variational | +0.00% | GRVT | +78.18% | 78.2% | $959K | |
| ADA | $0.1627 | Aster | +7.69% | Lighter | +84.10% | 76.4% | $544K | |
| ASTER | $0.6224 | Aster | +8.74% | Lighter | +84.10% | 75.4% | $935K | |
| MON | $0.0213 | Nado | +10.95% | Lighter | +84.10% | 73.1% | $564K | |
| XPL | $0.0844 | Nado | +10.95% | Lighter | +84.10% | 73.1% | $762K | |
| ENA | $0.0835 | Nado | +10.95% | Lighter | +84.10% | 73.1% | $532K | |
| ETHFI | $0.4225 | Hyperliquid | +10.95% | Lighter | +84.10% | 73.1% | $437K | |
| MORPHO | $2.04 | Hyperliquid | +10.95% | Lighter | +84.10% | 73.1% | $250K | |
| VVV | $13.05 | Aster | +10.95% | Lighter | +84.10% | 73.1% | $280K | |
| GRAM | $1.45 | Hyperliquid | +10.95% | Lighter | +84.10% | 73.1% | $1.23M | |
| SHIB | $0.00000463 | Hyperliquid | +10.95% | Lighter | +84.10% | 73.1% | $401K | |
| INTC | $88.59 | Variational | +0.00% | GRVT | +72.16% | 72.2% | $691K | |
| XRP | $1.07 | GMTrade | -54.06% | Extended | +11.39% | 65.5% | $951K | |
| GOOGL | $334.79 | Nado | -36.61% | Lighter | +28.03% | 64.6% | $674K | |
| CL | $81.96 | GRVT | -52.34% | Pacifica | +10.95% | 63.3% | $306K | |
| AMZN | $232.16 | Nado | -32.35% | Lighter | +28.03% | 60.4% | $341K | |
| SKHY | $136.11 | Hyperliquid | +4.02% | Variational | +64.13% | 60.1% | $5.31M | |
| POPCAT | $0.0416 | Variational | -86.18% | Hyperliquid | -29.12% | 57.1% | $374K | |
| JUP | $0.1923 | Variational | -41.84% | Extended | +14.89% | 56.7% | $1.07M | |
| EWY | $155.66 | GRVT | +24.97% | Aster | +79.47% | 54.5% | $312K | |
| WTI | $67.98 | Nado | -26.36% | Lighter | +28.03% | 54.4% | $796K | |
| LTC | $44.77 | Lighter | -42.05% | Extended | +11.39% | 53.4% | $457K | |
| SPY | $745.47 | Nado | -25.01% | Lighter | +28.03% | 53.0% | $1.57M |
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.