Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0201%/8h= −22.0% APRpaid last 24h −0.023%

Price spread now: BloFin against ApeX Omni+0.124%7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$94as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$520.518% of the position

Long on ApeX Omni Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.417%−$42 on $10k

Price spread, last 3 days (all we have)−0.058%−$6 · spread now +0.124%, 7d avg +0.029%

Together, before fees−0.475%−$48 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.095% dearer against ApeX Omni than usual: you sell high and buy low (spread +0.124% now, against its 7-day average of +0.029%): +$9 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 38 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni SPYUSDT	773.61	0.0100	pay 0.0013% / 1h	25m 20s	$159K	$23K	50x
Short	BloFin SPY-USDT	774.57	−0.0101	pay 0.0101% / 8h	7h 25m	$413K	$571K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against ApeX Omni. 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 ApeX OmnibpFee BloFinbpOrdersPrice spread, now +0.124%Rate

Funding earned: −$42.17
Price spread: +0.124% → +0.029%: $9.49
Slippage, 4 orders: −$29.83
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$84.5
Costs to cover: 0.518%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 46 min ago; BloFin: live order book, 46 min ago.

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 ApeX Omni live order book, 46 min ago	1.62 bp	23.6 bp −$24	97.7 bp −$977	doesn't fit	doesn't fit
Sell BloFin live order book, 46 min ago	0.06 bp	6.1 bp −$6	6.3 bp −$63	8.5 bp −$855	16.9 bp −$8,453

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-USDTshort	−0.0101%	8h	774.57	+0.124%	$413K	$571K	50x
Arcus SPY-USD	−0.0016%	1h	773.70	+0.012%	$937K	$1.4M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.68	+0.138%	$6.3M	$2.0M	100x	as long as short
Gate SPY_USDT	0.0000%	8h	774.13	+0.067%	$780K	$2.3M	75x	as long as short
SunX SPY-USDT	0.0000%	8h	775.66	+0.265%	$1K	$1.5M	10x	as long as short
HTX SPY-USDT	0.0000%	8h	774.97	+0.176%	$308K	$20K	50x	as long as short
OKX SPY-USDT-SWAP	+0.0006%	8h	774.63	+0.132%	$7.9M	$3.3M	50x	as long as short
Aster SPYUSDT	+0.0007%	8h	774.51	+0.116%	$863K	$204K	20x	as long as short
MEXC SPY_USDT	+0.0019%	8h	774.55	+0.122%	$29.9M	$11.7M	100x	as long as short
Binance SPYUSDT	+0.0019%	8h	774.56	+0.123%	$28.5M	$81.2M	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SPYUSDT	+0.0023%	8h	774.76	+0.149%	$11.0M	$2.3M	50x	as long as short
Lighter SPY	+0.0032%	1h	774.30	+0.089%	$8.2M	$21.6M	50x	as long as short
Lighter RH SPY	+0.0032%	1h	774.73	+0.145%	$57.3M	$114.0M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.29	−0.041%	—	$123K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.42	−0.025%	$4.8M	$847K	20x	as long as short
GRVT SPY_USDT_Perp	+0.0055%	8h	774.71	+0.142%	$168K	$398K	10x	as long as short
Phoenix SPY	+0.0062%	1h	774.10	+0.063%	$161K	$296K	20x	as long as short
Coinbase International SPY-PERP-INTX	+0.0064%	1h	774.00	+0.050%	$954K	$554K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.92	+0.040%	$2.5M	$950K	20x	as long as short
ApeX Omni SPYUSDTlong	+0.0100%	1h	773.61	long leg	$159K	$23K	50x
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.55	+0.122%	$1K	—	20x	as long as short
Nado SPY-PERP	+0.0102%	1h	774.09	+0.062%	$1.5M	$282K	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.99	+0.050%	$87K	—	10x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0208% / S −0.0429%	1h	774.55	+0.122%	$10K	—	26x	as long as short
Deribit SPY_USDC-PERPETUAL	+0.0254%	1h	774.42	+0.105%	$23K	$55K	20x	as long as short
RISEx SPY/USDC	+0.0320%	1h	774.71	+0.142%	$6.9M	$5.2M	25x	as long as short
edgeX SPYUSDC	+0.0789%	4h	774.59	+0.127%	$640K	$240K	20x	as long as short