Funding you earn now, next payment 09:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h +0.005%
Price spread now: Binance against Arcus+0.094%46s7-day average +0.118% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$190.186% of the position
Funding, last 4 days (all we have)−0.029%−$3 on $10k
+Price spread, last 7 days+0.021%+$2 · spread now +0.094%, 7d avg +0.118%
=Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Binance is 0.024% cheaper against Arcus than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.118%). Swap the legs. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Arcus SPY-USD | 772.52 | 0.0040 | pay 0.0005% / 1h | 46m 59s | $920K | $1.3M | 50x |
| Short | Binance SPYUSDT | 773.25 | 0 | get 0.0000% / 8h | 7h 46m | $28.5M | $74.9M | 50x |
Arcus SPY-USD
Binance SPYUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Binance against Arcus. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$8.46
- Price spread: +0.094% → +0.118%
- −$2.4
- Slippage, 4 orders
- −$4.1
- Fee Arcus: 2.25 bp × 2 orders
- −$4.5
- Fee Binance: 5 bp × 2 orders
- −$10
- Net
- −$29.46
- Costs to cover
- 0.186%
- Break-even
- never at this rate
Slippage from Arcus: live order book, 2 min ago; Binance: live order book, 10 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 Arcus live order book, 2 min ago | 0.06 bp | 2.3 bp −$2 | 2.3 bp −$23 | doesn't fit | doesn't fit |
| Sell Binance live order book, 10 min ago | 0.06 bp | 5.1 bp −$5 | 5.2 bp −$52 | 10.0 bp −$1,001 | 26.1 bp −$13.1K |
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 | 773.25 | +0.094% | $418K | $440K | 50x | as long as short |
| Phoenix SPY | −0.0031% | 1h | 772.74 | +0.028% | $158K | $151K | 20x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 773.32 | +0.103% | $864K | $196K | 20x | as long as short |
| Binance SPYUSDTshort | 0.0000% | 8h | 773.25 | +0.094% | $28.5M | $74.9M | 50x | |
| Bybit SPYUSDT | 0.0000% | 8h | 773.23 | +0.092% | $6.2M | $1.5M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 773.20 | +0.088% | $7.9M | $3.1M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.00 | +0.062% | $793K | $2.4M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 773.24 | +0.093% | $29.6M | $11.6M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 773.34 | +0.106% | $10.9M | $1.5M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 773.51 | +0.128% | $160K | $350K | 10x | as long as short |
BloFin SPY-USDT
Phoenix SPY
Aster SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
Bitget SPYUSDT
GRVT SPY_USDT_PerpShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX SPY-USDT | 0.0000% | 8h | 774.36 | +0.238% | $2K | $1.3M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 773.96 | +0.186% | $300K | $38K | 50x | as long as short |
| edgeX SPYUSDC | +0.0001% | 4h | 773.14 | +0.081% | $639K | $243K | 20x | as long as short |
| Nado SPY-PERP | +0.0032% | 1h | 772.74 | +0.028% | $1.5M | $250K | 20x | as long as short |
| Lighter RH SPY | +0.0032% | 1h | 773.38 | +0.111% | $56.7M | $117.2M | 50x | as long as short |
| Arcus SPY-USDlong | +0.0040% | 1h | 772.52 | long leg | $920K | $1.3M | 50x | |
| Vest SPY-USD-PERP | +0.0046% | 1h | 772.07 | −0.058% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 772.39 | −0.017% | $4.8M | $849K | 20x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0056% | 1h | 773.80 | +0.166% | $951K | $508K | 20x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0074% | 1h | 772.99 | +0.061% | $23K | $54K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 772.64 | +0.016% | $2.5M | $1.0M | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 772.82 | +0.039% | $164K | $25K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 773.17 | +0.084% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 772.67 | +0.019% | $87K | — | 10x | as long as short |
| Lighter SPY | +0.0120% | 1h | 773.24 | +0.093% | $7.9M | $17.1M | 50x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 773.25 | +0.095% | $10K | — | 26x | as long as short |
| RISEx SPY/USDC | +0.0211% | 1h | 773.48 | +0.124% | $7.1M | $3.8M | 25x | as long as short |
SunX SPY-USDT
HTX SPY-USDT
edgeX SPYUSDC
Nado SPY-PERP
Lighter RH SPY
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
Coinbase International SPY-PERP-INTX
Deribit SPY_USDC-PERPETUAL
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
Lighter SPY
GMX SPY/USD [ETH-USDC]
RISEx SPY/USDC