Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.042%
Price spread now: Binance against Bybit−0.019%7-day average +0.015% · you buy dearer than you sell
Net, funding: paid 7d − costs−$40as in the Funding arb table
Net, price: spread back to 7d avg − costs−$28as in the Price arb table
costs, in and out, $10k−$240.244% of the position
Funding, last 7 days−0.160%−$16 on $10k
+Price spread, last 2 days (all we have)+0.045%+$5 · spread now −0.019%, 7d avg +0.015%
=Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Binance is 0.034% cheaper against Bybit than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.015%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bybit SPYUSDT | 774.65 | 0 | get 0.0000% / 8h | 43m 04s | $6.2M | $2.1M | 100x |
| Short | Binance SPYUSDT | 774.50 | 0 | get 0.0000% / 8h | 43m 04s | $28.6M | $83.0M | 50x |
Bybit SPYUSDT
Binance SPYUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Binance against Bybit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $0
- Price spread: −0.019% → +0.015%
- −$3.37
- Slippage, 4 orders
- −$3.42
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Binance: 5 bp × 2 orders
- −$10
- Net
- −$27.79
- Costs to cover
- 0.244%
- Break-even
- never at this rate
Slippage from Bybit: live order book, 5 min ago; Binance: live order book, 15 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 Bybit live order book, 5 min ago | 0.45 bp | 7.3 bp −$7 | 9.8 bp −$98 | 20.4 bp −$2,036 | doesn't fit |
| Sell Binance live order book, 15 min ago | 0.06 bp | 5.1 bp −$5 | 5.1 bp −$51 | 10.4 bp −$1,041 | 31.8 bp −$15.9K |
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 | |
|---|---|---|---|---|---|---|---|---|
| Arcus SPY-USD | −0.0266% | 1h | 773.53 | −0.145% | $940K | $1.5M | 50x | as long as short |
| BloFin SPY-USDT | −0.0120% | 8h | 774.52 | −0.017% | $411K | $726K | 50x | as long as short |
| Phoenix SPY | −0.0052% | 1h | 773.88 | −0.099% | $161K | $296K | 20x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 774.30 | −0.045% | $863K | $204K | 20x | as long as short |
| Binance SPYUSDTshort | 0.0000% | 8h | 774.50 | −0.019% | $28.6M | $83.0M | 50x | |
| Bybit SPYUSDTlong | 0.0000% | 8h | 774.65 | long leg | $6.2M | $2.1M | 100x | |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.58 | −0.009% | $7.9M | $3.4M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.94 | −0.092% | $747K | $2.3M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.47 | −0.023% | $28.0M | $11.7M | 100x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.64 | −0.001% | $157K | $411K | 10x | as long as short |
Arcus SPY-USD
BloFin SPY-USDT
Phoenix SPY
Aster SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
GRVT SPY_USDT_PerpShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX SPY-USDT | 0.0000% | 8h | 775.57 | +0.119% | $1K | $1.5M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.78 | +0.017% | $308K | $20K | 50x | as long as short |
| Bitget SPYUSDT | +0.0024% | 8h | 774.63 | −0.003% | $11.0M | $2.6M | 50x | as long as short |
| Lighter SPY | +0.0032% | 1h | 774.32 | −0.043% | $8.3M | $22.0M | 50x | as long as short |
| Lighter RH SPY | +0.0032% | 1h | 774.69 | +0.005% | $57.0M | $117.7M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.30 | −0.174% | — | $123K | 50x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0048% | 1h | 773.56 | −0.141% | $955K | $584K | 20x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.68 | −0.125% | $4.8M | $848K | 20x | as long as short |
| Nado SPY-PERP | +0.0069% | 1h | 774.06 | −0.076% | $1.5M | $301K | 20x | as long as short |
| edgeX SPYUSDC | +0.0075% | 4h | 774.43 | −0.028% | $640K | $242K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.86 | −0.102% | $2.5M | $974K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 773.90 | −0.097% | $159K | $23K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.49 | −0.021% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.95 | −0.090% | $87K | — | 10x | as long as short |
| RISEx SPY/USDC | +0.0110% | 1h | 774.68 | +0.004% | $6.9M | $5.2M | 25x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0112% | 1h | 774.25 | −0.052% | $23K | $58K | 20x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0208% / S −0.0429% | 1h | 774.51 | −0.017% | $10K | — | 26x | as long as short |
SunX SPY-USDT
HTX SPY-USDT
Bitget SPYUSDT
Lighter SPY
Lighter RH SPY
Vest SPY-USD-PERP
Coinbase International SPY-PERP-INTX
Ondo Perps SPY-USD.P
Nado SPY-PERP
edgeX SPYUSDC
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
RISEx SPY/USDC
Deribit SPY_USDC-PERPETUAL
GMX SPY/USD [ETH-USDC]