Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.005%

Price spread now: Aevo against Bitget−0.095%7-day average — · you buy dearer than you sell

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

Long on Bitget Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days+0.181%+$18 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Aevo is 0.095% cheaper against Bitget than usual: you would sell low and buy high (spread −0.095% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 3.0 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget SPYUSDT	774.60	0	get 0.0000% / 8h	5h 33m	$10.9M	$2.0M	50x
Short	Aevo SPY-PERP	773.87	0.0104	get 0.0013% / 1h	33m 57s	$87K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Bitget. 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 BitgetbpFee AevobpOrdersPrice spread, now −0.095%Rate

Funding earned: $21.84
Price spread: −0.095% → 0.000%: −$9.47
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$15.63
Costs to cover: 0.280%
Break-even: 12.0 days

Slippage unknown: Bitget: live order book, 5 min ago; Aevo: no order-book sample. 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 Bitget live order book, 5 min ago	0.06 bp	7.1 bp −$7	9.4 bp −$94	13.2 bp −$1,322	doesn't fit
Sell Aevo no order-book sample	—	—	—	—	—

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	−0.0110%	8h	774.49	−0.014%	$417K	$468K	50x	as long as short
ApeX Omni SPYUSDT	−0.0058%	1h	773.16	−0.186%	$162K	$24K	50x	as long as short
Phoenix SPY	−0.0021%	1h	773.86	−0.096%	$161K	$295K	20x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.48	−0.015%	$6.3M	$2.0M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.41	−0.025%	$7.9M	$3.3M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.94	−0.085%	$780K	$2.4M	75x	as long as short
Bitget SPYUSDTlong	0.0000%	8h	774.60	long leg	$10.9M	$2.0M	50x
GRVT SPY_USDT_Perp	0.0000%	8h	774.50	−0.013%	$162K	$375K	10x	as long as short
SunX SPY-USDT	0.0000%	8h	775.59	+0.128%	$2K	$1.4M	10x	as long as short
Deribit SPY_USDC-PERPETUAL	0.0000%	1h	773.99	−0.079%	$23K	$55K	20x	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	774.57	−0.004%	$308K	$20K	50x	as long as short
Aster SPYUSDT	+0.0005%	8h	774.44	−0.020%	$863K	$203K	20x	as long as short
MEXC SPY_USDT	+0.0010%	8h	774.47	−0.017%	$22.6M	$11.9M	100x	as long as short
Binance SPYUSDT	+0.0011%	8h	774.49	−0.014%	$28.3M	$79.8M	50x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.55	−0.136%	$935K	$1.3M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.20	−0.181%	—	$123K	50x	as long as short
Nado SPY-PERP	+0.0048%	1h	773.98	−0.080%	$1.5M	$288K	20x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.51	−0.141%	$4.8M	$842K	20x	as long as short
Coinbase International SPY-PERP-INTX	+0.0056%	1h	774.05	−0.071%	$954K	$552K	20x	as long as short
Lighter SPY	+0.0064%	1h	774.34	−0.034%	$8.3M	$21.0M	50x	as long as short
RISEx SPY/USDC	+0.0097%	1h	774.61	+0.001%	$6.9M	$5.0M	25x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.77	−0.107%	$2.5M	$976K	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.36	−0.031%	$1K	—	20x	as long as short
Lighter RH SPY	+0.0104%	1h	774.72	+0.015%	$56.5M	$114.1M	50x	as long as short
Aevo SPY-PERPshort	+0.0104%	1h	773.87	−0.095%	$87K	—	10x
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.49	−0.015%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0904%	4h	774.25	−0.045%	$640K	$242K	20x	as long as short