> For the complete documentation index, see [llms.txt](https://docs.renzofinance.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.renzofinance.com/spy-basis.md).

# SPY Basis

Hold spot SPY, short the perpetual on Lighter, and collect the funding.

#### How it works

Your account buys SPY on the spot market and opens a short SPY perpetual of the same size. Price moves on one side are offset by the other, so your position stays roughly flat while the short side collects funding.

#### Market details

| Parameter         | Value                                         |
| ----------------- | --------------------------------------------- |
| Spot market       | SPY on Lighter                                |
| Perp market       | SPY perpetual on Lighter                      |
| Deposit asset     | USDG on Robinhood Chain                       |
| Funding frequency | Hourly                                        |
| Risk presets      | Conservative 2x · Balanced 3x · Aggressive 6x |
| Minimum deposit   | Shown in the app for each risk level          |

#### Funding your position

SPY Basis is funded with USDG on Robinhood Chain. If your funds are on another network, use the in-app **Bridge** to move them over from any supported chain.

#### Trading key

SPY Basis runs through a trade-only trading key on Lighter. The key is valid for 365 days, and you can renew or revoke it at any time from the position's settings.

The key **can** place and cancel orders, rebalance the hedge in your account, set the position's leverage, and withdraw to your own wallet.

The key **cannot** send your funds to anyone else, transfer them to another account, or extend or change its own permissions.

If the key lapses without being renewed, the position automatically closes. To renew your key, go to the advanced view, select manage and go the settings.

#### Withdrawals

Withdrawing from SPY Basis takes two steps:

1. **Withdraw from the position.** Your funds move from the position to your Lighter account as USDG.
2. **Bridge your USDG out.** Use the in-app **Bridge** to move your USDG from Lighter to your wallet on Robinhood Chain, or to another network.

{% hint style="info" %}
 For bridging out you'll need a small amount of ETH on Robinhood Chain to pay gas.
{% endhint %}

#### Get started

Open a position from the [Basic quickstart](https://app.renzofinance.com/) or configure your own automations in the [Advanced quickstart.](https://app.renzofinance.com/?view=advanced)


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