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 |
|---|---|---|---|---|---|---|---|---|
| ZRO | $1.68 |  Hyperliquid | +10.95% |  Lighter | +112% | 101.2% | $6.56M | |
| ETH | $2,351 |  GMX v2 | -8.87% | Lighter | +84.10% | 93.0% | $18.15M | |
| BTC | $80,918 |  dYdX v4 | -1.73% | Lighter | +84.10% | 85.8% | $17.19M | |
| SNDK | $1,295 | Hyperliquid | +5.48% | Lighter | +91.10% | 85.6% | $7.68M | |
| SOL | $101.28 |  Backpack Exchange | +1.37% | Lighter | +84.10% | 82.7% | $18.47M | |
| LIT | $3.07 |  Aster | +5.48% | Lighter | +84.10% | 78.6% | $8.10M | |
| ZEC | $1,305 | Aster | +8.14% | Lighter | +84.10% | 76.0% | $10.77M | |
| NEAR | $4.69 | Hyperliquid | +10.95% | Lighter | +84.10% | 73.1% | $17.24M | |
| GOOGL | $322.09 | Hyperliquid | +5.48% | Lighter | +63.07% | 57.6% | $10.70M | |
| QQQ | $721.64 |  Arcus | -5.23% | Lighter | +28.03% | 33.3% | $7.90M | |
| XAU | $3,552 | GMTrade | +0.65% | Lighter | +28.03% | 27.4% | $9.58M | |
| EUR | $0.6769 | GMTrade | -0.46% |  Extended | +25.40% | 25.9% | $6.76M | |
| MSFT | $533.08 | Hyperliquid | +5.48% | Lighter | +28.03% | 22.6% | $7.39M | |
| AMZN | $253.86 | Hyperliquid | +5.48% | Lighter | +28.03% | 22.6% | $6.27M | |
| HYPE | $81.15 | Lighter | +0.00% | Extended | +11.39% | 11.4% | $12.04M | |
| ASTER | $0.7080 | Aster | +5.48% | Hyperliquid | +10.95% | 5.5% | $24.31M | |
| NVDA | $217.69 |  Variational | +0.00% | Hyperliquid | +5.48% | 5.5% | $6.62M | |
| XMR | $605.21 | Hyperliquid | +56.47% | Variational | +60.78% | 4.3% | $5.23M | |
| CL | $99.89 | Variational | +0.00% | Hyperliquid | +3.63% | 3.6% | $12.38M | |
| SPY | $770.02 | Arcus | -3.31% |  RISEx | +0.00% | 3.3% | $11.24M | |
| WLFI | $0.0525 | Aster | +7.79% | Hyperliquid | +10.95% | 3.2% | $11.37M | |
| BNB | $745.48 | Hyperliquid | +10.95% | Aster | +13.67% | 2.7% | $6.29M | |
| PAXG | $4,064 | Hyperliquid | +8.44% | Variational | +10.95% | 2.5% | $10.80M |
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.