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 |
|---|---|---|---|---|---|---|---|---|
| BTC | $77,161 | GMTrade | -14.25% |  Lighter | +84.10% | 98.3% | $5.63M | |
| HYPE | $80.34 | Lighter | -84.10% |  Extended | +11.39% | 95.5% | $15.27M | |
| SOL | $101.23 | GMTrade | -5.10% | Lighter | +84.10% | 89.2% | $6.54M | |
| ETH | $2,528 |  GRVT | -3.18% | Lighter | +84.10% | 87.3% | $111.19M | |
| NEAR | $2.39 |  Variational | -1.89% | Lighter | +84.10% | 86.0% | $6.42M | |
| XMR | $529.64 |  Hyperliquid | +27.29% | Variational | +104% | 76.6% | $5.74M | |
| ZEC | $1,138 | Hyperliquid | +10.95% | Lighter | +84.10% | 73.1% | $14.47M | |
| LIT | $4.27 | Hyperliquid | +10.95% | Lighter | +84.10% | 73.1% | $51.28M | |
| WTI | $55.30 | GMTrade | -9.59% | Lighter | +28.03% | 37.6% | $6.58M | |
| XAU | $3,468 | GMTrade | -7.22% | Lighter | +28.03% | 35.3% | $18.44M | |
| XAG | $40.65 | GMTrade | -6.17% | Lighter | +28.03% | 34.2% | $5.34M | |
| SPY | $765.34 |  RISEx | -0.82% | Lighter | +28.03% | 28.9% | $6.62M | |
| WLFI | $0.0579 | Hyperliquid | +10.95% |  Aster | +23.70% | 12.8% | $5.19M | |
| ASTER | $0.6914 | Aster | +0.00% | Hyperliquid | +10.95% | 11.0% | $24.46M | |
| BNB | $731.42 | Aster | +0.51% | Hyperliquid | +10.95% | 10.4% | $5.35M | |
| CL | $95.67 | Variational | +0.00% | Hyperliquid | +6.93% | 6.9% | $16.17M | |
| BRENTOIL | $99.68 | Hyperliquid | +22.72% | Lighter | +28.03% | 5.3% | $10.95M | |
| XRP | $1.37 | Hyperliquid | +4.71% | Aster | +10.02% | 5.3% | $34.72M | |
| EUR | $1.16 | Hyperliquid | +0.00% | Extended | +3.50% | 3.5% | $6.21M | |
| SPCX | $149.97 | Variational | +0.00% | Hyperliquid | +2.68% | 2.7% | $6.18M |
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.