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 |  Aster | +10.95% |  Lighter | +231% | 220.3% | $6.19M | |
| SOL | $73.10 | GMTrade | -74.99% |  Extended | +11.39% | 86.4% | $7.03M | |
| ZEC | $468.97 |  edgeX | +10.95% | Lighter | +84.10% | 73.1% | $5.39M | |
| SKHY | $136.11 |  Hyperliquid | +4.02% |  Variational | +64.13% | 60.1% | $5.31M | |
| KAITO | $1.22 | Hyperliquid | -23.26% | Aster | +29.37% | 52.6% | $9.54M | |
| BTC | $63,862 | GMTrade | -8.72% |  dYdX v4 | +27.11% | 35.8% | $8.59M | |
| HYPE | $55.26 |  Backpack Exchange | +2.89% | Lighter | +35.04% | 32.1% | $11.39M | |
| ETH | $1,923 |  GRVT | -15.99% | dYdX v4 | +12.84% | 28.8% | $12.24M | |
| XAU | $4,024 | Variational | +0.00% | Lighter | +28.03% | 28.0% | $11.44M | |
| NATGAS | $3.07 | edgeX | +0.00% | Hyperliquid | +22.10% | 22.1% | $6.26M | |
| EUR | $0.4690 | GMTrade | -9.71% | Extended | +3.50% | 13.2% | $6.98M | |
| XAUT | $4,009 | Variational | +4.15% | edgeX | +8.05% | 3.9% | $16.39M | |
| ASTER | $0.6224 | Aster | +8.74% | Hyperliquid | +10.95% | 2.2% | $20.38M | |
| WLFI | $0.0544 | Hyperliquid | +9.77% | Aster | +10.95% | 1.2% | $8.37M | |
| MU | $846.24 | Hyperliquid | +13.12% | Variational | +13.43% | 0.3% | $6.73M | |
| CL | $81.96 | Hyperliquid | -0.18% | Variational | +0.00% | 0.2% | $16.39M |
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.