Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0104%/8h= −11.4% APRpaid last 24h −0.031%

Price spread now: Bybit against Aevo+0.074%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 Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.218%−$22 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. Bybit is 0.074% dearer against Aevo than usual: you sell high and buy low (spread +0.074% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo SPY-PERP	773.72	0.0104	pay 0.0013% / 1h	43m 45s	$87K	—	10x
Short	Bybit SPYUSDT	774.29	0	get 0.0000% / 8h	4h 43m	$6.3M	$2.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.074%Rate

Funding earned: −$21.84
Price spread: +0.074% → 0.000%: $7.4
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$41.44
Costs to cover: 0.270%
Break-even: never at this rate

Slippage unknown: Aevo: no order-book sample; Bybit: live order book, 4 min ago. 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 Bybit live order book, 4 min ago	0.06 bp	7.3 bp −$7	9.8 bp −$98	34.6 bp −$3,455	doesn't fit

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	−0.0103%	8h	774.28	+0.073%	$418K	$468K	50x	as long as short
Bybit SPYUSDTshort	0.0000%	8h	774.29	+0.074%	$6.3M	$2.0M	100x
Gate SPY_USDT	0.0000%	8h	773.80	+0.011%	$775K	$2.4M	75x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.49	+0.100%	$10.9M	$1.9M	50x	as long as short
Phoenix SPY	0.0000%	1h	773.84	+0.016%	$161K	$295K	20x	as long as short
SunX SPY-USDT	0.0000%	8h	775.35	+0.211%	$2K	$1.4M	10x	as long as short
HTX SPY-USDT	0.0000%	8h	774.44	+0.093%	$308K	$20K	50x	as long as short
OKX SPY-USDT-SWAP	+0.0001%	8h	774.22	+0.065%	$7.9M	$3.2M	50x	as long as short
GRVT SPY_USDT_Perp	+0.0013%	8h	774.38	+0.086%	$162K	$375K	10x	as long as short
MEXC SPY_USDT	+0.0017%	8h	774.32	+0.078%	$25.4M	$11.7M	100x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance SPYUSDT	+0.0017%	8h	774.35	+0.082%	$28.2M	$79.8M	50x	as long as short
ApeX Omni SPYUSDT	+0.0026%	1h	773.48	−0.031%	$163K	$24K	50x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.63	−0.011%	$931K	$1.4M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.11	−0.079%	—	$123K	50x	as long as short
Aster SPYUSDT	+0.0049%	8h	774.69	+0.126%	$865K	$196K	20x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.65	−0.009%	$4.8M	$843K	20x	as long as short
Coinbase International SPY-PERP-INTX	+0.0064%	1h	774.05	+0.043%	$954K	$552K	20x	as long as short
Lighter SPY	+0.0072%	1h	774.35	+0.082%	$8.3M	$19.5M	50x	as long as short
Lighter RH SPY	+0.0072%	1h	774.66	+0.122%	$56.5M	$113.2M	50x	as long as short
Deribit SPY_USDC-PERPETUAL	+0.0086%	1h	774.01	+0.038%	$23K	$56K	20x	as long as short
Nado SPY-PERP	+0.0094%	1h	773.87	+0.020%	$1.5M	$282K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.71	−0.001%	$2.5M	$980K	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.37	+0.084%	$1K	—	20x	as long as short
Aevo SPY-PERPlong	+0.0104%	1h	773.72	long leg	$87K	—	10x
RISEx SPY/USDC	+0.0173%	1h	774.45	+0.094%	$7.0M	$5.0M	25x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.29	+0.075%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0907%	4h	774.14	+0.055%	$640K	$242K	20x	as long as short