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 | $539.74 |  Aster | +17.62% |  Lighter | +610% | 592.1% | $590K | |
| ANSEM | $0.1647 | Aster | +10.95% | Lighter | +420% | 409.5% | $256K | |
| SKHYNIX | $1,335 | Lighter | -470% | Aster | -83.13% | 386.4% | $852K | |
| SKHY | $186.80 | Lighter | -413% |  Hyperliquid | -76.02% | 337.5% | $910K | |
| AVAX | $7.39 | Lighter | -273% |  GMX v2 | +18.63% | 291.9% | $825K | |
| CASHCAT | $0.1716 | Lighter | -182% | Aster | +98.10% | 280.3% | $438K | |
| DRAM | $58.10 | Lighter | -343% |  Variational | -86.59% | 256.8% | $764K | |
| VIRTUAL | $0.6248 | Lighter | -182% | Hyperliquid | +10.95% | 193.2% | $317K | |
| RAY | $1.52 | Variational | -180% |  Orderly Network | +4.13% | 184.2% | $258K | |
| HOOD | $111.47 | Lighter | -175% |  Arcus | +0.52% | 175.7% | $2.61M | |
| XPL | $0.0798 | Lighter | -161% |  Extended | +11.39% | 172.6% | $504K | |
| NVDA | $218.24 | Lighter | -154% |  Pacifica | +10.95% | 165.1% | $277K | |
| MU | $966.07 |  RISEx | -161% | Aster | +0.00% | 161.0% | $411K | |
| LIT | $4.19 |  GRVT | -67.89% | Lighter | +77.09% | 145.0% | $791K | |
| LINK | $11.26 | Lighter | -63.07% |  dYdX v4 | +61.03% | 124.1% | $333K | |
| GRASS | $0.3306 | Variational | -38.45% | Lighter | +84.10% | 122.5% | $288K | |
| BNB | $698.94 | GMTrade | -31.51% | Lighter | +84.10% | 115.6% | $2.42M | |
| PONS | $0.5880 | Aster | +10.95% | Lighter | +126% | 115.2% | $1.35M | |
| TRUMP | $2.00 | Lighter | -105% | Aster | +4.84% | 110.0% | $368K | |
| VVV | $23.87 | Aster | +9.28% | Lighter | +119% | 109.9% | $495K | |
| PUMP | $0.003829 | GRVT | -23.87% | Lighter | +84.10% | 108.0% | $1.09M | |
| LTC | $53.66 | Variational | -10.99% | dYdX v4 | +94.37% | 105.4% | $387K | |
| ETHFI | $0.7195 | Variational | -16.48% | Lighter | +84.10% | 100.6% | $985K | |
| AERO | $0.5651 | RISEx | -16.19% | Lighter | +84.10% | 100.3% | $271K | |
| DELL | $561.97 | Hyperliquid | -98.52% | Extended | +0.00% | 98.5% | $251K | |
| WLFI | $0.0583 | Variational | -12.65% | Lighter | +84.10% | 96.7% | $459K | |
| POL | $0.0965 | GRVT | -12.48% | Lighter | +84.10% | 96.6% | $348K | |
| SUI | $0.7237 | Variational | -10.98% | Lighter | +84.10% | 95.1% | $968K | |
| WLD | $0.4010 | Hyperliquid | -9.99% | Lighter | +84.10% | 94.1% | $4.28M | |
| ARB | $0.1400 | Variational | -9.13% | Lighter | +84.10% | 93.2% | $784K | |
| TAO | $232.45 | Variational | -8.79% | Lighter | +84.10% | 92.9% | $898K | |
| ZEC | $1,125 | Pacifica | -7.62% | Lighter | +84.10% | 91.7% | $1.28M | |
| AAVE | $125.97 | Variational | -5.85% | Lighter | +84.10% | 89.9% | $3.47M | |
| CRV | $0.3348 | Variational | -4.98% | Lighter | +84.10% | 89.1% | $330K | |
| XRP | $1.36 | Lighter | -70.08% | RISEx | +17.68% | 87.8% | $430K | |
| UNI | $6.34 | Variational | -2.40% | Lighter | +84.10% | 86.5% | $1.63M | |
| NEAR | $2.36 | RISEx | -2.21% | Lighter | +84.10% | 86.3% | $270K | |
| EIGEN | $0.2157 | Extended | -0.88% | Lighter | +84.10% | 85.0% | $278K | |
| HYPE | $79.87 |  Backpack Exchange | -0.64% | Lighter | +84.10% | 84.7% | $9.69M | |
| BCH | $225.56 |  Nado | -14.19% | Lighter | +70.08% | 84.3% | $384K | |
| PEPE | $0.00000342 | Extended | +0.00% | Lighter | +84.10% | 84.1% | $333K | |
| ENA | $0.1415 | Backpack Exchange | +0.40% | Lighter | +84.10% | 83.7% | $338K | |
| LDO | $0.3729 | GRVT | +0.55% | Lighter | +84.10% | 83.5% | $261K | |
| PAXG | $4,353 | Backpack Exchange | +1.22% | Lighter | +84.10% | 82.9% | $1.15M | |
| JUP | $0.2430 | Backpack Exchange | +1.37% | Lighter | +84.10% | 82.7% | $796K | |
| DOGE | $0.0826 | Backpack Exchange | +1.37% | Lighter | +84.10% | 82.7% | $362K | |
| ASTER | $0.6863 | GRVT | +2.19% | Lighter | +84.10% | 81.9% | $429K | |
| DOT | $1.03 | Variational | +3.87% | Lighter | +84.10% | 80.2% | $353K | |
| USELESS | $0.2273 | Aster | +5.48% | Lighter | +84.10% | 78.6% | $559K | |
| GRAM | $1.38 | Aster | +5.48% | Lighter | +84.10% | 78.6% | $863K | |
| ONDO | $0.3483 | Aster | +5.48% | Lighter | +84.10% | 78.6% | $316K | |
| APT | $0.6007 | Variational | +6.67% | Lighter | +84.10% | 77.4% | $381K | |
| INTC | $102.03 | GRVT | -77.20% | Aster | +0.00% | 77.2% | $256K | |
| MON | $0.0232 | Variational | +9.80% | Lighter | +84.10% | 74.3% | $567K | |
| PENDLE | $2.19 | GRVT | +9.85% | Lighter | +84.10% | 74.2% | $367K | |
| FARTCOIN | $0.1434 | Nado | +10.95% | Lighter | +84.10% | 73.1% | $533K | |
| ZRO | $1.02 | Nado | +10.95% | Lighter | +84.10% | 73.1% | $840K | |
| MORPHO | $2.24 | Hyperliquid | +10.95% | Lighter | +84.10% | 73.1% | $322K | |
| WTI | $63.08 | GMTrade | -9.54% | Extended | +63.07% | 72.6% | $2.57M | |
| ORCL | $149.17 | Hyperliquid | -37.55% | Lighter | +28.03% | 65.6% | $436K |
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.