Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0114%/8h= +12.5% APRpaid last 24h +0.047%

Price spread now: Deribit against BloFin−0.043%57s7-day average — · you buy dearer than you sell

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

Long on BloFin 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 0.043% cheaper against BloFin than usual: you would sell low and buy high (spread −0.043% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 30 hours of funding at the current rate (+$3 a day). The two prices were read 57 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	BloFin SPY-USDT	774.32	−0.0114	get 0.0114% / 8h	4h 18m	$417K	$468K	50x
Short	Deribit SPY_USDC-PERPETUAL	773.99	0	get 0.0000% / 1h	18m 05s	$23K	$56K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BloFin. 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 BloFinbpFee DeribitbpOrdersPrice spread, now −0.043%Rate

Funding earned: $23.97
Price spread: −0.043% → 0.000%: −$4.26
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $0.71
Costs to cover: 0.190%
Break-even: 6.8 days

Slippage unknown: BloFin: live order book, 18 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 BloFin live order book, 18 min ago	0.06 bp	6.1 bp −$6	6.4 bp −$64	9.0 bp −$897	15.2 bp −$7,599
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-USDTlong	−0.0114%	8h	774.32	long leg	$417K	$468K	50x
ApeX Omni SPYUSDT	−0.0023%	1h	773.48	−0.108%	$163K	$24K	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.37	+0.006%	$6.3M	$2.0M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.38	+0.008%	$7.9M	$3.2M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.88	−0.057%	$775K	$2.4M	75x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.47	+0.019%	$10.9M	$1.8M	50x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.41	+0.012%	$163K	$374K	10x	as long as short
Phoenix SPY	0.0000%	1h	773.78	−0.070%	$161K	$295K	20x	as long as short
SunX SPY-USDT	0.0000%	8h	775.34	+0.132%	$2K	$1.4M	10x	as long as short
Deribit SPY_USDC-PERPETUALshort	0.0000%	1h	773.99	−0.043%	$23K	$56K	20x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX SPY-USDT	0.0000%	8h	774.65	+0.043%	$308K	$20K	50x	as long as short
MEXC SPY_USDT	+0.0005%	8h	774.32	0.000%	$26.8M	$12.1M	100x	as long as short
Binance SPYUSDT	+0.0005%	8h	774.32	0.000%	$28.2M	$79.9M	50x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.62	−0.090%	$935K	$1.4M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.17	−0.149%	—	$123K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.59	−0.094%	$4.8M	$831K	20x	as long as short
Aster SPYUSDT	+0.0053%	8h	774.39	+0.009%	$865K	$196K	20x	as long as short
Lighter RH SPY	+0.0064%	1h	774.65	+0.043%	$56.4M	$115.0M	50x	as long as short
Coinbase International SPY-PERP-INTX	+0.0064%	1h	774.05	−0.035%	$954K	$552K	20x	as long as short
Nado SPY-PERP	+0.0074%	1h	774.00	−0.041%	$1.5M	$280K	20x	as long as short
Lighter SPY	+0.0080%	1h	774.37	+0.006%	$8.3M	$19.5M	50x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.71	−0.079%	$2.5M	$979K	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.23	−0.012%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.72	−0.077%	$87K	—	10x	as long as short
RISEx SPY/USDC	+0.0173%	1h	774.47	+0.019%	$7.0M	$5.0M	25x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.33	+0.001%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0825%	4h	774.14	−0.024%	$640K	$242K	20x	as long as short