US500 Funding Rate — perpetuals across 2 venues

TradFi perpetual · compared across 2 venues · net of estimated fees · updated every few minutes

US500 is a perpetual linked to the US500 index/ETF. Perpia compares its annualized funding across venues and the best delta-neutral spread.

Live annualized US500 perpetual funding across all 2 venues Perpia tracks. Right now US500 funding is positive on 2 and negative on 0, ranging from +5.5% on Sodex to +3.5% on Lighter — a spread of 2.0%. The widest delta-neutral trade is long Lighter / short Sodex at 0.8% net APR.

venues

paying positive

2.0%

funding spread

Best US500 spread now

0.8%

net APR after fees

Long Lighter→Short Sodex

size depends on live venue depth — see the real cap in the scanner

US500 funding trend & liquidity

168h of history

2.0%

current gross APR

1.9%

24h average

2.0%

7-day average

$678K

pair OI · lower leg

$404K

24h volume · lower leg

Averages are historical funding over the window shown. A current rate near the 7-day average may indicate the spread has persisted; a rate far above it is usually a short-lived spike. OI and volume are the smaller (binding) leg of the best pair — the ceiling on tradeable size.

US500 funding rate history

30d · 6h buckets · 5 venues

18.0%0-68.1%

4 Aug3 Sep

US500 — average across 5 venuesLighterParadexSodexVariational

Annualized funding, averaged into 6-hour buckets. The bold line is the mean across venues quoting in that bucket; the faint lines are individual venues. Mean over the window: +1.1%. A break in a line means no data was recorded for that stretch, not a zero rate.

US500 funding rate by venue

1 pairs scanned

Venue	Funding APR	Interval
Sodex ↗	+5.5%	1h
Lighter ↗	+3.5%	8h

Rates annualized; updated ~every few minutes from live venue data. Venue names link to that exchange's full funding table; ↗ opens the market on the exchange itself. Every spread between these two venues is on the Lighter vs Sodex page.

US500 arbitrage — 30-day backtest

long Lighter · short Sodex

1.7%

backtested APR

+$14

historical net P&L on $10,000

0.12%

max drawdown

$10,000$10,014

30 days agostarting capital $10,000today

Over the last 30 days, holding long Lighter / short Sodex would have produced 1.7% APR — versus the 0.8% the live spread implies right now (equity $10,000 → $10,014). This is a backtest on historical funding, not a live result: funding drifts and decays, so backtested results rarely match the current headline rate — which is why size and holding window matter more than the top-line number.

Open full interactive backtest →

Loading US500 backtest…

US500 funding — FAQ

Is US500 funding positive right now?

US500 perpetual funding is positive on 2 of 2 venues Perpia tracks. The highest is +5.5% on Sodex; the lowest is +3.5% on Lighter.

What is the best US500 funding arbitrage right now?

Go long Lighter and short Sodex for about 0.8% net APR after fees — the widest delta-neutral US500 spread Perpia currently sees.

Which exchange has the highest US500 funding rate?

Sodex, at +5.5% annualized. Funding shifts continuously, so check the live table above before trading.

How US500 funding arbitrage works

Funding arbitrage combines opposing positions on two venues — long the one paying the most negative funding, short the one paying the most positive — to reduce directional exposure and capture the difference between their funding payments. Fees, slippage, basis divergence and liquidation risk can reduce the result. See the methodology for how it is measured and the guide for the full walkthrough.

Markets related to US500

Markets also quoted on both Lighter and Sodex — the same two exchanges you would already have funded for the US500 trade.

See every spread between them on the Lighter vs Sodex page.

Open the live scanner →All funding rates Funding by exchange How we calculate this