Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.031%

Price spread now: Aevo against Bybit−0.065%7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days+0.218%+$22 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 0.065% cheaper against Bybit than usual: you would sell low and buy high (spread −0.065% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 2.1 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	Bybit SPYUSDT	774.26	0	get 0.0000% / 8h	4h 21m	$6.3M	$2.0M	100x
Short	Aevo SPY-PERP	773.76	0.0104	get 0.0013% / 1h	21m 52s	$87K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Bybit. 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 BybitbpFee AevobpOrdersPrice spread, now −0.065%Rate

Funding earned: $21.84
Price spread: −0.065% → 0.000%: −$6.46
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$11.62
Costs to cover: 0.270%
Break-even: 10.7 days

Slippage unknown: Bybit: live order book, 1 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 Bybit live order book, 1 min ago	0.06 bp	7.1 bp −$7	9.6 bp −$96	30.7 bp −$3,069	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	−0.0111%	8h	774.31	+0.006%	$417K	$468K	50x	as long as short
ApeX Omni SPYUSDT	−0.0012%	1h	773.48	−0.101%	$163K	$24K	50x	as long as short
Bybit SPYUSDTlong	0.0000%	8h	774.26	long leg	$6.3M	$2.0M	100x
OKX SPY-USDT-SWAP	0.0000%	8h	774.37	+0.014%	$7.9M	$3.2M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.91	−0.045%	$776K	$2.4M	75x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.48	+0.028%	$10.9M	$1.8M	50x	as long as short
Phoenix SPY	0.0000%	1h	773.66	−0.077%	$161K	$295K	20x	as long as short
SunX SPY-USDT	0.0000%	8h	775.31	+0.136%	$2K	$1.4M	10x	as long as short
Deribit SPY_USDC-PERPETUAL	0.0000%	1h	774.00	−0.034%	$23K	$56K	20x	as long as short
HTX SPY-USDT	0.0000%	8h	774.51	+0.032%	$308K	$20K	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT SPY_USDT_Perp	+0.0003%	8h	774.37	+0.015%	$163K	$374K	10x	as long as short
MEXC SPY_USDT	+0.0008%	8h	774.34	+0.010%	$26.1M	$12.0M	100x	as long as short
Binance SPYUSDT	+0.0008%	8h	774.31	+0.007%	$28.2M	$79.8M	50x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.59	−0.087%	$935K	$1.4M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.23	−0.133%	—	$123K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.47	−0.102%	$4.8M	$833K	20x	as long as short
Aster SPYUSDT	+0.0056%	8h	774.42	+0.020%	$865K	$196K	20x	as long as short
Lighter RH SPY	+0.0064%	1h	774.72	+0.059%	$56.4M	$114.7M	50x	as long as short
Coinbase International SPY-PERP-INTX	+0.0064%	1h	774.05	−0.027%	$954K	$552K	20x	as long as short
Lighter SPY	+0.0072%	1h	774.40	+0.018%	$8.3M	$19.5M	50x	as long as short
Nado SPY-PERP	+0.0077%	1h	774.03	−0.030%	$1.5M	$280K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.74	−0.067%	$2.5M	$978K	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.27	+0.001%	$1K	—	20x	as long as short
Aevo SPY-PERPshort	+0.0104%	1h	773.76	−0.065%	$87K	—	10x
RISEx SPY/USDC	+0.0173%	1h	774.38	+0.016%	$7.0M	$5.0M	25x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.37	+0.014%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0879%	4h	774.10	−0.020%	$640K	$241K	20x	as long as short