Funding you earn now, next payment 00:00 UTC−0.0120%/8h= −13.1% APRnext payment −$1.20 per $10,000 · paid last 24h +0.006%
Price spread now: BloFin against Bybit−0.009%7-day average +0.027% · you buy dearer than you sell
Net, funding: paid 7d − costs−$47as in the Funding arb table
Net, price: spread back to 7d avg − costs−$30as in the Price arb table
costs, in and out, $10k−$260.261% of the position
Funding, last 7 days−0.208%−$21 on $10k
+Price spread, last 3 days (all we have)+0.100%+$10 · spread now −0.009%, 7d avg +0.027%
=Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and BloFin is 0.036% cheaper against Bybit than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.027%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bybit SPYUSDT | 774.12 | 0 | get 0.0000% / 8h | 2h 00m | $6.2M | $2.2M | 100x |
| Short | BloFin SPY-USDT | 774.05 | −0.0120 | pay 0.0120% / 8h | 2h 00m | $415K | $727K | 50x |
Bybit SPYUSDT
BloFin SPY-USDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
BloFin 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
- −$25.2
- Price spread: −0.009% → +0.027%
- −$3.61
- Slippage, 4 orders
- −$3.05
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee BloFin: 6 bp × 2 orders
- −$12
- Net
- −$54.86
- Costs to cover
- 0.261%
- Break-even
- never at this rate
Slippage from Bybit: live order book, 2 min ago; BloFin: live order book, 21 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, 2 min ago | 0.26 bp | 6.4 bp −$6 | 9.2 bp −$92 | 31.0 bp −$3,098 | doesn't fit |
| Sell BloFin live order book, 21 min ago | 0.06 bp | 6.1 bp −$6 | 6.1 bp −$61 | 7.5 bp −$752 | doesn't fit |
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-USDTshort | −0.0120% | 8h | 774.05 | −0.009% | $415K | $727K | 50x | |
| Aster SPYUSDT | 0.0000% | 8h | 773.90 | −0.028% | $862K | $269K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.00 | −0.016% | $28.4M | $86.8M | 50x | as long as short |
| Bybit SPYUSDTlong | 0.0000% | 8h | 774.12 | long leg | $6.2M | $2.2M | 100x | |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.02 | −0.013% | $8.0M | $3.6M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.39 | −0.094% | $746K | $2.2M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.02 | −0.013% | $25.4M | $12.1M | 100x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.09 | −0.004% | $157K | $454K | 10x | as long as short |
| Phoenix SPY | 0.0000% | 1h | 773.42 | −0.090% | $161K | $296K | 20x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.10 | +0.127% | $2K | $1.6M | 10x | as long as short |
Aster SPYUSDT
Binance SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
GRVT SPY_USDT_Perp
Phoenix SPY
SunX SPY-USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX SPY-USDT | 0.0000% | 8h | 774.37 | +0.032% | $308K | $20K | 50x | as long as short |
| Nado SPY-PERP | +0.0024% | 1h | 773.48 | −0.082% | $1.5M | $312K | 20x | as long as short |
| Lighter SPY | +0.0032% | 1h | 773.81 | −0.040% | $8.8M | $22.2M | 50x | as long as short |
| Lighter RH SPY | +0.0040% | 1h | 774.31 | +0.025% | $56.5M | $123.8M | 50x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 773.20 | −0.119% | $951K | $1.3M | 50x | as long as short |
| Bitget SPYUSDT | +0.0042% | 8h | 774.06 | −0.008% | $10.8M | $3.1M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 772.80 | −0.171% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.19 | −0.120% | $4.8M | $917K | 20x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0088% | 1h | 773.52 | −0.078% | $955K | $653K | 20x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0099% | 1h | 773.91 | −0.027% | $22K | $75K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.39 | −0.094% | $2.5M | $985K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 773.57 | −0.071% | $154K | $16K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.05 | −0.009% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.56 | −0.073% | $87K | — | 10x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0208% / S −0.0429% | 1h | 774.04 | −0.010% | $10K | — | 26x | as long as short |
| RISEx SPY/USDC | +0.0232% | 1h | 774.17 | +0.007% | $6.9M | $5.5M | 25x | as long as short |
| edgeX SPYUSDC | +0.0815% | 4h | 774.01 | −0.014% | $640K | $241K | 20x | as long as short |
HTX SPY-USDT
Nado SPY-PERP
Lighter SPY
Lighter RH SPY
Arcus SPY-USD
Bitget SPYUSDT
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
Coinbase International SPY-PERP-INTX
Deribit SPY_USDC-PERPETUAL
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
GMX SPY/USD [ETH-USDC]
RISEx SPY/USDC
edgeX SPYUSDC