Funding arb · Price arb /

SPY

RWAall SPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0031%/8h= −3.4% APRpaid last 24h −0.060%

Price spread now: Phoenix against Binance−0.077%65s7-day average −0.070% · you buy dearer than you sell

Net, funding: paid 7d − costs+$12as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$260.260% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.375%+$38 on $10k

Price spread, last 4 days (all we have)−0.064%−$6 · spread now −0.077%, 7d avg −0.070%

Together, before fees+0.312%+$31 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.070%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.375%, so the current rate has only just turned against you. The two prices were read 65 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	Binance SPYUSDT	774.29	0	get 0.0000% / 8h	7h 02m	$28.5M	$76.2M	50x
Short	Phoenix SPY	773.69	−0.0031	pay 0.0004% / 1h	2m 29s	$158K	$151K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now −0.077%Rate

Funding earned: −$6.52
Price spread: −0.077% → −0.070%: −$0.7
Slippage, 4 orders: −$8.99
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$33.21
Costs to cover: 0.260%
Break-even: never at this rate

Slippage from Binance: live order book, 10 min ago; Phoenix: live order book, 27 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 Binance live order book, 10 min ago	0.06 bp	5.1 bp −$5	5.3 bp −$53	9.6 bp −$964	29.8 bp −$14.9K
Sell Phoenix live order book, 27 min ago	0.13 bp	7.9 bp −$8	15.7 bp −$157	doesn't fit	doesn't fit

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	774.10	−0.024%	$414K	$410K	50x	as long as short
Phoenix SPYshort	−0.0031%	1h	773.69	−0.077%	$158K	$151K	20x
Aster SPYUSDT	0.0000%	8h	774.04	−0.032%	$862K	$199K	20x	as long as short
Binance SPYUSDTlong	0.0000%	8h	774.29	long leg	$28.5M	$76.2M	50x
Bybit SPYUSDT	0.0000%	8h	774.25	−0.005%	$6.2M	$1.5M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.29	+0.001%	$7.8M	$3.2M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.88	−0.052%	$792K	$2.5M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	774.32	+0.004%	$19.1M	$12.2M	100x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.42	+0.017%	$11.0M	$1.5M	50x	as long as short
SunX SPY-USDT	0.0000%	8h	775.48	+0.154%	$2K	$1.3M	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX SPY-USDT	0.0000%	8h	774.58	+0.038%	$300K	$38K	50x	as long as short
Nado SPY-PERP	+0.0010%	1h	774.07	−0.028%	$1.5M	$251K	20x	as long as short
Lighter RH SPY	+0.0032%	1h	774.54	+0.033%	$56.8M	$121.1M	50x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.27	−0.131%	$969K	$1.4M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.27	−0.131%	—	$85K	50x	as long as short
Lighter SPY	+0.0048%	1h	774.22	−0.009%	$7.9M	$17.2M	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	772.78	−0.194%	$4.8M	$849K	20x	as long as short
Coinbase International SPY-PERP-INTX	+0.0056%	1h	772.60	−0.218%	$951K	$505K	20x	as long as short
Deribit SPY_USDC-PERPETUAL	+0.0086%	1h	774.18	−0.014%	$23K	$55K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.82	−0.060%	$2.5M	$1.0M	20x	as long as short
ApeX Omni SPYUSDT	+0.0100%	1h	773.09	−0.154%	$164K	$24K	50x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.19	−0.012%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.89	−0.051%	$87K	—	10x	as long as short
GRVT SPY_USDT_Perp	+0.0120%	8h	774.22	−0.009%	$161K	$341K	10x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.35	+0.008%	$10K	—	26x	as long as short
RISEx SPY/USDC	+0.0211%	1h	774.24	−0.006%	$7.2M	$3.6M	25x	as long as short
edgeX SPYUSDC	+0.0762%	4h	774.15	−0.017%	$640K	$243K	20x	as long as short