perp-cli 0.4.8 → 0.4.10

package/dist/commands/arb/index.js

@@ -1,11 +1,12 @@
 import chalk from "chalk";
 import { makeTable, formatUsd, formatPnl, printJson, jsonOk } from "../../utils.js";
 import { readExecutionLog, logExecution } from "../../execution-log.js";
-import { computeAnnualSpread } from "../../funding.js";
+import { toHourlyRate, computeAnnualSpread } from "../../funding.js";
 import { fetchPacificaPrices, fetchHyperliquidMeta, fetchLighterOrderBookDetails, fetchLighterFundingRates, } from "../../shared-api.js";
 import { computeBasisRisk } from "../../arb-utils.js";
 import { smartOrder } from "../../smart-order.js";
-import { removePosition as persistRemovePosition } from "../../arb-state.js";
+import { removePosition as persistRemovePosition, getPositions as getArbStatePositions } from "../../arb-state.js";
+import { SPOT_PERP_TOKEN_MAP } from "../../exchanges/spot-interface.js";
 import { fetchAllBalances, computeRebalancePlan } from "../../rebalance.js";
 import { EXCHANGE_TO_CHAIN, getBestQuote } from "../../bridge-engine.js";
 import { computeEnhancedStats } from "../../arb-history-stats.js";
@@ -89,7 +90,7 @@ export function registerArbManageCommands(program, getAdapterForExchange, isJson
     // ── arb status ──
     arb
         .command("status")
-        .description("Show open arb positions with PnL breakdown")
+        .description("Show open arb positions (perp-perp + spot-perp) with PnL breakdown")
         .action(async () => {
         if (!isJson())
             console.log(chalk.cyan("\n  Checking arb positions across exchanges...\n"));
@@ -218,66 +219,259 @@ export function registerArbManageCommands(program, getAdapterForExchange, isJson
                 }
             }
         }
+        // ── Spot-Perp position detection ──
+        // Fetch spot balances from HL and LT, match with perp shorts
+        const spotPerpPositions = [];
+        // Build reverse map: spot token → perp symbol (UETH→ETH, UBTC→BTC, etc.)
+        const spotToPerpSymbol = (token) => {
+            const upper = token.toUpperCase();
+            return SPOT_PERP_TOKEN_MAP[upper] ?? upper;
+        };
+        // Collect spot balances per exchange
+        const spotBalancesByExchange = new Map();
+        const SPOT_EXCHANGES = ["hyperliquid", "lighter"];
+        for (const exName of SPOT_EXCHANGES) {
+            try {
+                const adapter = await getAdapterForExchange(exName);
+                if (exName === "hyperliquid") {
+                    const { HyperliquidSpotAdapter } = await import("../../exchanges/hyperliquid-spot.js");
+                    const hlSpot = new HyperliquidSpotAdapter(adapter);
+                    await hlSpot.init();
+                    const balances = await hlSpot.getSpotBalances();
+                    spotBalancesByExchange.set(exName, balances.filter(b => b.token !== "USDC" && Number(b.total) > 0));
+                }
+                else if (exName === "lighter") {
+                    const { LighterSpotAdapter } = await import("../../exchanges/lighter-spot.js");
+                    const ltSpot = new LighterSpotAdapter(adapter);
+                    await ltSpot.init();
+                    const balances = await ltSpot.getSpotBalances();
+                    spotBalancesByExchange.set(exName, balances.filter(b => b.token !== "USDC" && b.token !== "USDC_SPOT" && Number(b.total) > 0));
+                }
+            }
+            catch {
+                // exchange not configured or no spot support
+            }
+        }
+        // Load persisted arb state for spot-perp entries
+        const persistedSpotPerp = getArbStatePositions().filter(p => p.mode === "spot-perp");
+        const persistedSymbols = new Set(persistedSpotPerp.map(p => p.symbol.toUpperCase()));
+        // Match: spot balance + perp short on same symbol (different or same exchange)
+        for (const [spotEx, balances] of spotBalancesByExchange) {
+            for (const bal of balances) {
+                const perpSymbol = spotToPerpSymbol(bal.token);
+                const spotAmount = Number(bal.total);
+                if (spotAmount <= 0)
+                    continue;
+                // Find matching perp short position (on any exchange)
+                const matchingShorts = allPositions.filter(p => p.symbol === perpSymbol && p.side === "short");
+                for (const shortPos of matchingShorts) {
+                    // Check if this short is already used by a perp-perp pair
+                    const usedByPerpPerp = arbPairs.some(ap => ap.symbol === perpSymbol && ap.shortExchange === shortPos.exchange);
+                    if (usedByPerpPerp)
+                        continue;
+                    // Look up persisted state for hold time and entry info
+                    const persisted = persistedSpotPerp.find(p => p.symbol.toUpperCase() === perpSymbol
+                        && p.spotExchange === spotEx
+                        && p.shortExchange === shortPos.exchange);
+                    const entryTime = persisted?.entryTime ?? null;
+                    const holdDurationMs = entryTime ? Date.now() - new Date(entryTime).getTime() : null;
+                    const holdDuration = holdDurationMs ? formatDuration(holdDurationMs) : null;
+                    // Get current perp funding rate for this symbol on this exchange
+                    const rates = rateMap.get(perpSymbol);
+                    const perpRate = rates?.find(r => r.exchange === shortPos.exchange);
+                    const fundingRate = perpRate?.rate ?? 0;
+                    const hourlyRate = fundingRate ? toHourlyRate(fundingRate, shortPos.exchange) : 0;
+                    const annualPct = hourlyRate * 8760 * 100;
+                    const perpNotional = shortPos.size * shortPos.markPrice;
+                    const spotValueUsd = spotAmount * shortPos.markPrice; // approx using perp mark price
+                    // Funding income: spot has 0 funding, perp short receives when rate > 0
+                    let estimatedFundingIncome = 0;
+                    if (holdDurationMs && hourlyRate !== 0) {
+                        const holdHours = holdDurationMs / (1000 * 60 * 60);
+                        // Short position: pays when rate < 0, receives when rate > 0
+                        estimatedFundingIncome = Math.abs(hourlyRate) * perpNotional * holdHours;
+                        if (hourlyRate < 0)
+                            estimatedFundingIncome = -estimatedFundingIncome;
+                    }
+                    // Add persisted accumulated funding
+                    if (persisted?.accumulatedFunding) {
+                        estimatedFundingIncome += persisted.accumulatedFunding;
+                    }
+                    // Fees: spot buy + spot sell + perp short entry + perp buy to close
+                    const { getTakerFee } = await import("../../constants.js");
+                    const spotFee = getTakerFee(spotEx);
+                    const perpFee = getTakerFee(shortPos.exchange);
+                    const totalFees = (spotValueUsd * spotFee * 2) + (perpNotional * perpFee * 2);
+                    const direction = hourlyRate >= 0 ? "long-spot-short-perp" : "sell-spot-long-perp";
+                    const dailyFundingEstimate = Math.abs(hourlyRate) * perpNotional * 24;
+                    spotPerpPositions.push({
+                        symbol: perpSymbol,
+                        mode: "spot-perp",
+                        spotExchange: spotEx,
+                        perpExchange: shortPos.exchange,
+                        spotToken: bal.token,
+                        spotAmount,
+                        spotValueUsd,
+                        perpSide: "short",
+                        perpSize: shortPos.size,
+                        perpEntryPrice: shortPos.entryPrice,
+                        perpMarkPrice: shortPos.markPrice,
+                        perpUnrealizedPnl: shortPos.unrealizedPnl,
+                        perpLeverage: shortPos.leverage,
+                        perpNotionalUsd: perpNotional,
+                        direction,
+                        currentSpread: annualPct || null,
+                        holdDuration,
+                        holdDurationMs,
+                        estimatedFundingIncome,
+                        estimatedFees: totalFees,
+                        netPnl: shortPos.unrealizedPnl + estimatedFundingIncome - totalFees,
+                        dailyFundingEstimate,
+                    });
+                }
+            }
+        }
+        // Also detect persisted spot-perp entries without matching spot balance (already exited spot)
+        for (const persisted of persistedSpotPerp) {
+            const sym = persisted.symbol.toUpperCase();
+            const alreadyMatched = spotPerpPositions.some(sp => sp.symbol === sym && sp.spotExchange === persisted.spotExchange);
+            if (alreadyMatched)
+                continue;
+            // Check if there's still a perp short for this
+            const shortPos = allPositions.find(p => p.symbol === sym && p.side === "short" && p.exchange === persisted.shortExchange);
+            if (!shortPos)
+                continue; // both legs closed, skip
+            const holdDurationMs = Date.now() - new Date(persisted.entryTime).getTime();
+            const rates = rateMap.get(sym);
+            const perpRate = rates?.find(r => r.exchange === persisted.shortExchange);
+            const hourlyRate = perpRate ? toHourlyRate(perpRate.rate, persisted.shortExchange) : 0;
+            const perpNotional = shortPos.size * shortPos.markPrice;
+            spotPerpPositions.push({
+                symbol: sym,
+                mode: "spot-perp",
+                spotExchange: persisted.spotExchange ?? "unknown",
+                perpExchange: persisted.shortExchange,
+                spotToken: "?",
+                spotAmount: 0,
+                spotValueUsd: 0,
+                perpSide: "short",
+                perpSize: shortPos.size,
+                perpEntryPrice: shortPos.entryPrice,
+                perpMarkPrice: shortPos.markPrice,
+                perpUnrealizedPnl: shortPos.unrealizedPnl,
+                perpLeverage: shortPos.leverage,
+                perpNotionalUsd: perpNotional,
+                direction: hourlyRate >= 0 ? "long-spot-short-perp" : "sell-spot-long-perp",
+                currentSpread: hourlyRate ? Math.abs(hourlyRate) * 8760 * 100 : null,
+                holdDuration: formatDuration(holdDurationMs),
+                holdDurationMs,
+                estimatedFundingIncome: persisted.accumulatedFunding ?? 0,
+                estimatedFees: 0,
+                netPnl: shortPos.unrealizedPnl + (persisted.accumulatedFunding ?? 0),
+                dailyFundingEstimate: Math.abs(hourlyRate) * perpNotional * 24,
+            });
+        }
+        // ── JSON output ──
         if (isJson()) {
-            const totalNotionalJ = arbPairs.reduce((s, p) => s + (p.longPosition.notionalUsd + p.shortPosition.notionalUsd) / 2, 0);
-            const totalDailyJ = arbPairs.reduce((s, p) => s + p.dailyFundingEstimate, 0);
+            const totalNotionalPP = arbPairs.reduce((s, p) => s + (p.longPosition.notionalUsd + p.shortPosition.notionalUsd) / 2, 0);
+            const totalDailyPP = arbPairs.reduce((s, p) => s + p.dailyFundingEstimate, 0);
+            const totalNotionalSP = spotPerpPositions.reduce((s, p) => s + p.perpNotionalUsd, 0);
+            const totalDailySP = spotPerpPositions.reduce((s, p) => s + p.dailyFundingEstimate, 0);
+            const totalNotionalJ = totalNotionalPP + totalNotionalSP;
+            const totalDailyJ = totalDailyPP + totalDailySP;
             return printJson(jsonOk({
-                pairs: arbPairs,
+                perpPerpPairs: arbPairs,
+                spotPerpPairs: spotPerpPositions,
                 aggregate: {
-                    positions: arbPairs.length,
+                    perpPerpCount: arbPairs.length,
+                    spotPerpCount: spotPerpPositions.length,
+                    totalPositions: arbPairs.length + spotPerpPositions.length,
                     totalNotionalUsd: totalNotionalJ,
-                    unrealizedPnl: arbPairs.reduce((s, p) => s + p.unrealizedPnl, 0),
-                    estimatedFunding: arbPairs.reduce((s, p) => s + p.estimatedFundingIncome, 0),
-                    estimatedFees: arbPairs.reduce((s, p) => s + p.estimatedFees, 0),
-                    netPnl: arbPairs.reduce((s, p) => s + p.netPnl, 0),
+                    unrealizedPnl: arbPairs.reduce((s, p) => s + p.unrealizedPnl, 0) + spotPerpPositions.reduce((s, p) => s + p.perpUnrealizedPnl, 0),
+                    estimatedFunding: arbPairs.reduce((s, p) => s + p.estimatedFundingIncome, 0) + spotPerpPositions.reduce((s, p) => s + p.estimatedFundingIncome, 0),
+                    estimatedFees: arbPairs.reduce((s, p) => s + p.estimatedFees, 0) + spotPerpPositions.reduce((s, p) => s + p.estimatedFees, 0),
+                    netPnl: arbPairs.reduce((s, p) => s + p.netPnl, 0) + spotPerpPositions.reduce((s, p) => s + p.netPnl, 0),
                     dailyFundingEstimate: totalDailyJ,
                     annualizedApr: totalNotionalJ > 0 ? (totalDailyJ * 365 / totalNotionalJ) * 100 : 0,
                 },
             }));
         }
-        if (arbPairs.length === 0) {
+        if (arbPairs.length === 0 && spotPerpPositions.length === 0) {
             console.log(chalk.gray("  No open arb positions found.\n"));
             return;
         }
-        console.log(chalk.cyan.bold("  Open Arb Positions\n"));
-        const rows = arbPairs.map(p => {
-            const spreadStr = p.currentSpread !== null ? `${p.currentSpread.toFixed(1)}%` : "-";
-            const entrySpreadStr = p.entrySpread !== null ? `${p.entrySpread.toFixed(1)}%` : "-";
-            const holdStr = p.holdDuration ?? "-";
-            const avgNotional = (p.longPosition.notionalUsd + p.shortPosition.notionalUsd) / 2;
-            // Compute basis risk from mark prices
-            const basis = computeBasisRisk(p.longPosition.markPrice, p.shortPosition.markPrice);
-            const basisStr = basis.divergencePct > 0
-                ? (basis.warning
-                    ? chalk.red(`${basis.divergencePct.toFixed(1)}%`)
-                    : chalk.gray(`${basis.divergencePct.toFixed(1)}%`))
-                : chalk.gray("-");
-            return [
-                chalk.white.bold(p.symbol),
-                chalk.green(p.longExchange),
-                chalk.red(p.shortExchange),
-                `$${formatUsd(avgNotional)}`,
-                `$${p.longPosition.entryPrice.toFixed(2)} / $${p.shortPosition.entryPrice.toFixed(2)}`,
-                `$${p.longPosition.markPrice.toFixed(2)}`,
-                formatPnl(p.unrealizedPnl),
-                chalk.yellow(`$${p.estimatedFundingIncome.toFixed(4)}`),
-                `${entrySpreadStr} -> ${spreadStr}`,
-                basisStr,
-                holdStr,
-                formatPnl(p.netPnl),
-            ];
-        });
-        console.log(makeTable(["Symbol", "Long", "Short", "Size", "Entry", "Mark", "uPnL", "Funding", "Spread", "Basis", "Hold", "Net PnL"], rows));
-        // Summary
-        const totalUpnl = arbPairs.reduce((s, p) => s + p.unrealizedPnl, 0);
-        const totalFunding = arbPairs.reduce((s, p) => s + p.estimatedFundingIncome, 0);
-        const totalFees = arbPairs.reduce((s, p) => s + p.estimatedFees, 0);
-        const totalNet = arbPairs.reduce((s, p) => s + p.netPnl, 0);
-        const totalDailyFunding = arbPairs.reduce((s, p) => s + p.dailyFundingEstimate, 0);
-        const totalNotional = arbPairs.reduce((s, p) => s + (p.longPosition.notionalUsd + p.shortPosition.notionalUsd) / 2, 0);
+        // ── Perp-Perp table ──
+        if (arbPairs.length > 0) {
+            console.log(chalk.cyan.bold("  Perp-Perp Arb Positions\n"));
+            const rows = arbPairs.map(p => {
+                const spreadStr = p.currentSpread !== null ? `${p.currentSpread.toFixed(1)}%` : "-";
+                const entrySpreadStr = p.entrySpread !== null ? `${p.entrySpread.toFixed(1)}%` : "-";
+                const holdStr = p.holdDuration ?? "-";
+                const avgNotional = (p.longPosition.notionalUsd + p.shortPosition.notionalUsd) / 2;
+                const basis = computeBasisRisk(p.longPosition.markPrice, p.shortPosition.markPrice);
+                const basisStr = basis.divergencePct > 0
+                    ? (basis.warning
+                        ? chalk.red(`${basis.divergencePct.toFixed(1)}%`)
+                        : chalk.gray(`${basis.divergencePct.toFixed(1)}%`))
+                    : chalk.gray("-");
+                return [
+                    chalk.white.bold(p.symbol),
+                    chalk.green(p.longExchange),
+                    chalk.red(p.shortExchange),
+                    `$${formatUsd(avgNotional)}`,
+                    `$${p.longPosition.entryPrice.toFixed(2)} / $${p.shortPosition.entryPrice.toFixed(2)}`,
+                    `$${p.longPosition.markPrice.toFixed(2)}`,
+                    formatPnl(p.unrealizedPnl),
+                    chalk.yellow(`$${p.estimatedFundingIncome.toFixed(4)}`),
+                    `${entrySpreadStr} -> ${spreadStr}`,
+                    basisStr,
+                    holdStr,
+                    formatPnl(p.netPnl),
+                ];
+            });
+            console.log(makeTable(["Symbol", "Long", "Short", "Size", "Entry", "Mark", "uPnL", "Funding", "Spread", "Basis", "Hold", "Net PnL"], rows));
+        }
+        // ── Spot-Perp table ──
+        if (spotPerpPositions.length > 0) {
+            console.log(chalk.cyan.bold("  Spot-Perp Arb Positions\n"));
+            const spRows = spotPerpPositions.map(sp => {
+                const spotLabel = sp.spotToken !== sp.symbol
+                    ? `${sp.spotToken} (${sp.spotExchange})`
+                    : sp.spotExchange;
+                const spreadStr = sp.currentSpread !== null ? `${sp.currentSpread.toFixed(1)}%` : "-";
+                return [
+                    chalk.white.bold(sp.symbol),
+                    chalk.green(`${sp.spotAmount.toFixed(4)} ${sp.spotToken}`),
+                    spotLabel,
+                    chalk.red(sp.perpExchange),
+                    `$${formatUsd(sp.perpNotionalUsd)}`,
+                    `$${sp.perpMarkPrice.toFixed(2)}`,
+                    formatPnl(sp.perpUnrealizedPnl),
+                    chalk.yellow(`$${sp.estimatedFundingIncome.toFixed(4)}`),
+                    spreadStr,
+                    sp.holdDuration ?? "-",
+                    formatPnl(sp.netPnl),
+                ];
+            });
+            console.log(makeTable(["Symbol", "Spot Held", "Spot Ex", "Perp Ex", "Size", "Mark", "uPnL", "Funding", "Spread", "Hold", "Net PnL"], spRows));
+        }
+        // ── Combined Summary ──
+        const totalUpnl = arbPairs.reduce((s, p) => s + p.unrealizedPnl, 0)
+            + spotPerpPositions.reduce((s, p) => s + p.perpUnrealizedPnl, 0);
+        const totalFunding = arbPairs.reduce((s, p) => s + p.estimatedFundingIncome, 0)
+            + spotPerpPositions.reduce((s, p) => s + p.estimatedFundingIncome, 0);
+        const totalFees = arbPairs.reduce((s, p) => s + p.estimatedFees, 0)
+            + spotPerpPositions.reduce((s, p) => s + p.estimatedFees, 0);
+        const totalNet = arbPairs.reduce((s, p) => s + p.netPnl, 0)
+            + spotPerpPositions.reduce((s, p) => s + p.netPnl, 0);
+        const totalDailyFunding = arbPairs.reduce((s, p) => s + p.dailyFundingEstimate, 0)
+            + spotPerpPositions.reduce((s, p) => s + p.dailyFundingEstimate, 0);
+        const totalNotional = arbPairs.reduce((s, p) => s + (p.longPosition.notionalUsd + p.shortPosition.notionalUsd) / 2, 0)
+            + spotPerpPositions.reduce((s, p) => s + p.perpNotionalUsd, 0);
         const portfolioApr = totalNotional > 0 ? (totalDailyFunding * 365 / totalNotional) * 100 : 0;
         console.log(chalk.white.bold("\n  Summary"));
-        console.log(`    Positions:       ${arbPairs.length}`);
+        console.log(`    Perp-Perp:       ${arbPairs.length} positions`);
+        console.log(`    Spot-Perp:       ${spotPerpPositions.length} positions`);
         console.log(`    Total Notional:  $${formatUsd(totalNotional)}`);
         console.log(`    Unrealized PnL:  ${formatPnl(totalUpnl)}`);
         console.log(`    Est. Funding:    ${chalk.yellow(`$${totalFunding.toFixed(4)}`)}`);

package/dist/commands/arb-auto.js

@@ -910,19 +910,30 @@ export function registerArbAutoCommands(program, getAdapterForExchange, isJson,
         const holdDays = parseFloat(opts.holdDays);
         const bridgeCostUsd = parseFloat(opts.bridgeCost);
         const sizeUsd = parseFloat(opts.size);
+        let spotSpreads = [];
         // ── spot-perp mode ──
         if (opts.mode === "spot-perp" || opts.mode === "all") {
             if (!isJson())
                 console.log(chalk.cyan("\n  Scanning spot+perp funding opportunities...\n"));
             const { fetchSpotPerpSpreads } = await import("../funding/rates.js");
-            const { spreads: spotSpreads } = await fetchSpotPerpSpreads({ minSpread });
+            ({ spreads: spotSpreads } = await fetchSpotPerpSpreads({ minSpread }));
             if (isJson() && opts.mode === "spot-perp") {
-                let result = spotSpreads.map(s => ({
-                    mode: "spot-perp", symbol: s.symbol, perpExchange: s.perpExchange,
-                    spotExchanges: s.spotExchanges, annualSpreadPct: s.annualSpreadPct,
-                    perpFundingRate: s.perpFundingRate, direction: s.direction,
-                    markPrice: s.bestMarkPrice, estHourlyIncomeUsd: s.estHourlyIncomeUsd,
-                }));
+                let result = spotSpreads.map(s => {
+                    // Use best spot exchange for fee calc; spot+perp same legs as perp-perp cost model
+                    const spotEx = s.spotExchanges[0] || "lighter";
+                    const rtCost = computeRoundTripCostPct(spotEx, s.perpExchange);
+                    // Same-exchange spot+perp → no bridge cost
+                    const effectiveBridgeCost = s.spotExchanges.includes(s.perpExchange) ? 0 : bridgeCostUsd;
+                    const netSpread = computeNetSpread(s.annualSpreadPct, holdDays, rtCost, effectiveBridgeCost, sizeUsd);
+                    return {
+                        mode: "spot-perp", symbol: s.symbol, perpExchange: s.perpExchange,
+                        spotExchanges: s.spotExchanges, grossSpreadPct: s.annualSpreadPct,
+                        netSpreadPct: netSpread, estFeesPct: rtCost,
+                        perpFundingRate: s.perpFundingRate, direction: s.direction,
+                        markPrice: s.bestMarkPrice, estHourlyIncomeUsd: s.estHourlyIncomeUsd,
+                        breakEvenDays: rtCost > 0 ? Math.ceil(rtCost / (s.annualSpreadPct / 365)) : 0,
+                    };
+                }).sort((a, b) => b.netSpreadPct - a.netSpreadPct);
                 if (opts.top)
                     result = result.slice(0, parseInt(opts.top));
                 return printJson(jsonOk(result));
@@ -932,18 +943,28 @@ export function registerArbAutoCommands(program, getAdapterForExchange, isJson,
                     console.log(chalk.gray(`  No spot+perp opportunities above ${minSpread}%\n`));
                 }
                 else {
-                    console.log(chalk.gray(`  ${"SYMBOL".padEnd(8)} ${"SPREAD".padEnd(8)} ${"PERP EX".padEnd(9)} ${"SPOT EX".padEnd(12)} ${"FUND".padEnd(12)} DIRECTION`));
+                    console.log(chalk.gray(`  ${"SYMBOL".padEnd(8)} ${"GROSS".padEnd(8)} ${"NET".padEnd(8)} ${"FEES".padEnd(7)} ${"BE".padEnd(5)} ${"PERP".padEnd(5)} ${"SPOT".padEnd(8)} DIRECTION`));
                     for (const s of spotSpreads.slice(0, parseInt(opts.top ?? "30"))) {
-                        const spreadColor = s.annualSpreadPct >= 30 ? chalk.green : chalk.yellow;
+                        const spotEx = s.spotExchanges[0] || "lighter";
+                        const rtCost = computeRoundTripCostPct(spotEx, s.perpExchange);
+                        const effectiveBridgeCost = s.spotExchanges.includes(s.perpExchange) ? 0 : bridgeCostUsd;
+                        const netSpread = computeNetSpread(s.annualSpreadPct, holdDays, rtCost, effectiveBridgeCost, sizeUsd);
+                        const breakEvenDays = rtCost > 0 ? Math.ceil(rtCost / (s.annualSpreadPct / 365)) : 0;
+                        const grossColor = s.annualSpreadPct >= 30 ? chalk.green : chalk.yellow;
+                        const netColor = netSpread >= 20 ? chalk.green : netSpread >= 0 ? chalk.yellow : chalk.red;
                         const dir = s.direction === "long-spot-short-perp" ? "Spot+Short" : "Sell+Long";
+                        const exAbbr = (e) => e === "pacifica" ? "PAC" : e === "hyperliquid" ? "HL" : "LT";
                         console.log(`  ${chalk.white.bold(s.symbol.padEnd(8))} ` +
-                            `${spreadColor(`${s.annualSpreadPct.toFixed(1)}%`.padEnd(8))} ` +
-                            `${s.perpExchange.slice(0, 8).padEnd(9)} ` +
-                            `${s.spotExchanges.join(",").slice(0, 11).padEnd(12)} ` +
-                            `${(s.perpFundingRate * 100).toFixed(4).padEnd(12)}% ` +
+                            `${grossColor(`${s.annualSpreadPct.toFixed(1)}%`.padEnd(8))} ` +
+                            `${netColor(`${netSpread.toFixed(1)}%`.padEnd(8))} ` +
+                            `${chalk.gray(`${rtCost.toFixed(2)}%`.padEnd(7))} ` +
+                            `${chalk.gray(`${breakEvenDays}d`.padEnd(5))} ` +
+                            `${exAbbr(s.perpExchange).padEnd(5)} ` +
+                            `${s.spotExchanges.map(exAbbr).join(",").padEnd(8)} ` +
                             dir);
                     }
                     console.log(chalk.gray(`\n  ${spotSpreads.length} spot+perp opportunities (spot funding = 0%)`));
+                    console.log(chalk.gray(`  Net spread assumes ${holdDays}d hold, $${bridgeCostUsd} bridge, $${sizeUsd} size. BE = break-even days`));
                 }
             }
             if (opts.mode === "spot-perp")
@@ -957,22 +978,42 @@ export function registerArbAutoCommands(program, getAdapterForExchange, isJson,
         const spreads = await fetchFundingSpreads();
         const filtered = spreads.filter(s => Math.abs(s.spread) >= minSpread);
         if (isJson()) {
-            let enriched = filtered.map(s => {
+            const perpPerp = filtered.map(s => {
                 const grossSpread = Math.abs(s.spread);
                 const rtCost = computeRoundTripCostPct(s.longExch, s.shortExch);
                 const net = computeNetSpread(grossSpread, holdDays, rtCost, bridgeCostUsd, sizeUsd);
-                return { mode: "perp-perp", symbol: s.symbol, longExch: s.longExch, shortExch: s.shortExch, markPrice: s.markPrice, grossSpread, netSpread: net, estFeesPct: rtCost };
-            }).sort((a, b) => b.netSpread - a.netSpread);
+                // Compute price gap between long and short exchanges
+                const longPrice = s.longExch === "pacifica" ? s.pacMarkPrice : s.longExch === "hyperliquid" ? s.hlMarkPrice : s.ltMarkPrice;
+                const shortPrice = s.shortExch === "pacifica" ? s.pacMarkPrice : s.shortExch === "hyperliquid" ? s.hlMarkPrice : s.ltMarkPrice;
+                const mid = (longPrice + shortPrice) / 2;
+                const priceGapPct = mid > 0 ? Math.abs(longPrice - shortPrice) / mid * 100 : 0;
+                return { mode: "perp-perp", symbol: s.symbol, longExch: s.longExch, shortExch: s.shortExch, markPrice: s.markPrice, grossSpread, netSpread: net, estFeesPct: rtCost, priceGapPct: Math.round(priceGapPct * 10000) / 10000 };
+            });
+            // Merge spot-perp results if "all" mode
+            const spotPerp = (opts.mode === "all" && spotSpreads) ? spotSpreads.map(s => {
+                const spotEx = s.spotExchanges[0] || "lighter";
+                const rtCost = computeRoundTripCostPct(spotEx, s.perpExchange);
+                const effectiveBridgeCost = s.spotExchanges.includes(s.perpExchange) ? 0 : bridgeCostUsd;
+                const net = computeNetSpread(s.annualSpreadPct, holdDays, rtCost, effectiveBridgeCost, sizeUsd);
+                return {
+                    mode: "spot-perp", symbol: s.symbol, perpExchange: s.perpExchange,
+                    spotExchanges: s.spotExchanges, grossSpread: s.annualSpreadPct,
+                    netSpread: net, estFeesPct: rtCost,
+                    perpFundingRate: s.perpFundingRate, direction: s.direction,
+                    markPrice: s.bestMarkPrice, breakEvenDays: rtCost > 0 ? Math.ceil(rtCost / (s.annualSpreadPct / 365)) : 0,
+                };
+            }) : [];
+            let combined = [...perpPerp, ...spotPerp].sort((a, b) => b.netSpread - a.netSpread);
             if (opts.top)
-                enriched = enriched.slice(0, parseInt(opts.top));
-            return printJson(jsonOk(enriched));
+                combined = combined.slice(0, parseInt(opts.top));
+            return printJson(jsonOk(combined));
         }
         if (filtered.length === 0) {
             console.log(chalk.gray(`  No perp-perp spreads above ${minSpread}%\n`));
             return;
         }
         // Header
-        console.log(chalk.gray(`  ${"SYMBOL".padEnd(8)} ${"GROSS".padEnd(8)} ${"NET".padEnd(8)} ${"FEES".padEnd(7)} ${"DIR".padEnd(7)} RATES`));
+        console.log(chalk.gray(`  ${"SYMBOL".padEnd(8)} ${"GROSS".padEnd(8)} ${"NET".padEnd(8)} ${"FEES".padEnd(7)} ${"GAP".padEnd(8)} ${"DIR".padEnd(7)} RATES`));
         for (const s of filtered) {
             const exAbbr = (e) => e === "pacifica" ? "PAC" : e === "hyperliquid" ? "HL" : "LT";
             const direction = `${exAbbr(s.shortExch)}>${exAbbr(s.longExch)}`;
@@ -981,6 +1022,12 @@ export function registerArbAutoCommands(program, getAdapterForExchange, isJson,
             const netSpread = computeNetSpread(grossSpread, holdDays, rtCost, bridgeCostUsd, sizeUsd);
             const grossColor = grossSpread >= 30 ? chalk.green : chalk.yellow;
             const netColor = netSpread >= 20 ? chalk.green : netSpread >= 0 ? chalk.yellow : chalk.red;
+            // Price gap between long/short exchanges
+            const longPrice = s.longExch === "pacifica" ? s.pacMarkPrice : s.longExch === "hyperliquid" ? s.hlMarkPrice : s.ltMarkPrice;
+            const shortPrice = s.shortExch === "pacifica" ? s.pacMarkPrice : s.shortExch === "hyperliquid" ? s.hlMarkPrice : s.ltMarkPrice;
+            const mid = (longPrice + shortPrice) / 2;
+            const priceGapPct = mid > 0 ? Math.abs(longPrice - shortPrice) / mid * 100 : 0;
+            const gapColor = priceGapPct >= 0.5 ? chalk.red : priceGapPct >= 0.1 ? chalk.yellow : chalk.gray;
             const rates = [];
             if (s.pacRate)
                 rates.push(`PAC:${(s.pacRate * 100).toFixed(4)}%`);
@@ -992,6 +1039,7 @@ export function registerArbAutoCommands(program, getAdapterForExchange, isJson,
                 `${grossColor(`${grossSpread.toFixed(1)}%`.padEnd(8))} ` +
                 `${netColor(`${netSpread.toFixed(1)}%`.padEnd(8))} ` +
                 `${chalk.gray(`${rtCost.toFixed(2)}%`.padEnd(7))} ` +
+                `${gapColor(`${priceGapPct.toFixed(3)}%`.padEnd(8))} ` +
                 `${direction.padEnd(7)} ` +
                 rates.join(" "));
         }

package/dist/commands/arb.d.ts

@@ -1,2 +1,3 @@
 import { Command } from "commander";
-export declare function registerArbCommands(program: Command, isJson: () => boolean): void;
+import type { ExchangeAdapter } from "../exchanges/interface.js";
+export declare function registerArbCommands(program: Command, isJson: () => boolean, getAdapterForExchange?: (exchange: string) => Promise<ExchangeAdapter>): void;