Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h +0.034%

Price spread now: Deribit against Bitget−0.028%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 Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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. Deribit is 0.028% cheaper against Bitget than usual: you would sell low and buy high (spread −0.028% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 33 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget SPYUSDT	774.22	0.0031	pay 0.0031% / 8h	1h 31m	$10.8M	$2.9M	50x
Short	Deribit SPY_USDC-PERPETUAL	774.00	0.0099	get 0.0012% / 1h	31m 12s	$23K	$75K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.028%Rate

Funding earned: $14.27
Price spread: −0.028% → 0.000%: −$2.84
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$7.57
Costs to cover: 0.190%
Break-even: 10.7 days

Slippage unknown: Bitget: live order book, 2 min ago; Deribit: 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, 2 min ago	0.06 bp	6.7 bp −$7	9.8 bp −$98	14.4 bp −$1,445	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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	−0.0120%	8h	774.06	−0.021%	$413K	$704K	50x	as long as short
Arcus SPY-USD	−0.0112%	1h	773.15	−0.138%	$945K	$1.4M	50x	as long as short
Phoenix SPY	−0.0041%	1h	773.50	−0.093%	$161K	$296K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	774.01	−0.027%	$862K	$269K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.03	−0.025%	$28.2M	$83.7M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.24	+0.003%	$6.2M	$2.1M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.12	−0.013%	$7.9M	$3.4M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.49	−0.094%	$746K	$2.2M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	774.05	−0.022%	$26.0M	$12.3M	100x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.15	−0.009%	$157K	$430K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX SPY-USDT	0.0000%	8h	775.12	+0.116%	$2K	$1.6M	10x	as long as short
HTX SPY-USDT	0.0000%	8h	774.09	−0.017%	$308K	$20K	50x	as long as short
Bitget SPYUSDTlong	+0.0031%	8h	774.22	long leg	$10.8M	$2.9M	50x
Lighter SPY	+0.0032%	1h	774.01	−0.027%	$8.6M	$22.3M	50x	as long as short
Lighter RH SPY	+0.0032%	1h	774.44	+0.028%	$56.8M	$121.2M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.02	−0.155%	—	$123K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.29	−0.120%	$4.8M	$919K	20x	as long as short
Nado SPY-PERP	+0.0062%	1h	773.76	−0.059%	$1.5M	$309K	20x	as long as short
Coinbase International SPY-PERP-INTX	+0.0064%	1h	773.52	−0.090%	$955K	$648K	20x	as long as short
Deribit SPY_USDC-PERPETUALshort	+0.0099%	1h	774.00	−0.028%	$23K	$75K	20x
KuCoin SPYUSDTM	+0.0100%	8h	773.51	−0.092%	$2.5M	$983K	20x	as long as short
ApeX Omni SPYUSDT	+0.0100%	1h	773.76	−0.059%	$154K	$20K	50x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.09	−0.017%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.57	−0.084%	$87K	—	10x	as long as short
RISEx SPY/USDC	+0.0204%	1h	774.23	+0.001%	$6.9M	$5.4M	25x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0208% / S −0.0429%	1h	774.05	−0.021%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0476%	4h	773.96	−0.034%	$639K	$241K	20x	as long as short