Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0104%/8h= −11.4% APRpaid last 24h +0.011%

Price spread now: Binance against Aevo+0.061%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Aevo Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.379%−$38 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Binance is 0.061% dearer against Aevo than usual: you sell high and buy low (spread +0.061% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 47 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo SPY-PERP	773.69	0.0104	pay 0.0013% / 1h	27m 06s	$87K	—	10x
Short	Binance SPYUSDT	774.16	0	get 0.0000% / 8h	1h 27m	$28.2M	$83.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Aevo. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee AevobpFee BinancebpOrdersPrice spread, now +0.061%Rate

Funding earned: −$21.84
Price spread: +0.061% → 0.000%: $6.1
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Binance: 5 bp × 2 orders: −$10
Net: −$41.74
Costs to cover: 0.260%
Break-even: never at this rate

Slippage unknown: Aevo: no order-book sample; Binance: live order book, just now. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Aevo no order-book sample	—	—	—	—	—
Sell Binance live order book, just now	0.06 bp	5.1 bp −$5	5.6 bp −$56	11.2 bp −$1,125	33.9 bp −$17.0K

Aevo: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

SPY on 27 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin SPY-USDT	−0.0120%	8h	774.20	+0.066%	$413K	$731K	50x	as long as short
Arcus SPY-USD	−0.0112%	1h	773.17	−0.067%	$945K	$1.4M	50x	as long as short
Phoenix SPY	−0.0041%	1h	773.76	+0.009%	$161K	$296K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	774.05	+0.046%	$862K	$269K	20x	as long as short
Binance SPYUSDTshort	0.0000%	8h	774.16	+0.061%	$28.2M	$83.7M	50x
Bybit SPYUSDT	0.0000%	8h	774.31	+0.080%	$6.2M	$2.1M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.27	+0.075%	$7.9M	$3.4M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.77	+0.010%	$746K	$2.2M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	774.19	+0.064%	$26.0M	$12.3M	100x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.23	+0.070%	$157K	$430K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX SPY-USDT	0.0000%	8h	775.26	+0.203%	$2K	$1.6M	10x	as long as short
HTX SPY-USDT	0.0000%	8h	774.55	+0.111%	$308K	$20K	50x	as long as short
Deribit SPY_USDC-PERPETUAL	+0.0021%	1h	774.01	+0.041%	$23K	$75K	20x	as long as short
Bitget SPYUSDT	+0.0027%	8h	774.22	+0.068%	$11.0M	$2.8M	50x	as long as short
Lighter SPY	+0.0032%	1h	774.10	+0.053%	$8.6M	$22.3M	50x	as long as short
Lighter RH SPY	+0.0032%	1h	774.54	+0.110%	$56.8M	$121.3M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.13	−0.073%	—	$123K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.52	−0.022%	$4.8M	$920K	20x	as long as short
Nado SPY-PERP	+0.0053%	1h	773.91	+0.029%	$1.5M	$306K	20x	as long as short
Coinbase International SPY-PERP-INTX	+0.0064%	1h	773.56	−0.017%	$955K	$636K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.59	−0.013%	$2.5M	$983K	20x	as long as short
ApeX Omni SPYUSDT	+0.0100%	1h	773.91	+0.028%	$154K	$20K	50x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.09	+0.051%	$1K	—	20x	as long as short
Aevo SPY-PERPlong	+0.0104%	1h	773.69	long leg	$87K	—	10x
RISEx SPY/USDC	+0.0204%	1h	774.34	+0.084%	$6.9M	$5.4M	25x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0208% / S −0.0429%	1h	774.20	+0.065%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0645%	4h	774.07	+0.049%	$640K	$240K	20x	as long as short