Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0056%/8h= +6.1% APRpaid last 24h +0.029%

Price spread now: Coinbase International against Bybit−0.194%7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$260.261% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.001%$0 on $10k

Price spread, last 4 days (all we have)+0.293%+$29 · spread now −0.194%, 7d avg −0.049%

Together, before fees+0.292%+$29 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.145% cheaper against Bybit than usual: you would sell low and buy high (spread −0.194% now, against its 7-day average of −0.049%). If the spread goes back, that is −$15 on $10k: about 8.6 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SPYUSDT	774.10	0	get 0.0000% / 8h	6h 59m	$6.2M	$1.5M	100x
Short	Coinbase International SPY-PERP-INTX	772.60	0.0056	get 0.0007% / 1h	59m 39s	$951K	$505K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.194%Rate

Funding earned: $11.76
Price spread: −0.194% → −0.049%: −$14.5
Slippage, 4 orders: −$5.13
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$28.88
Costs to cover: 0.261%
Break-even: 24.2 days

Slippage from Bybit: live order book, 3 min ago; Coinbase International: live order book, 34 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, 3 min ago	0.26 bp	6.9 bp −$7	9.8 bp −$98	28.0 bp −$2,798	doesn't fit
Sell Coinbase International live order book, 34 min ago	0.06 bp	5.8 bp −$6	7.2 bp −$72	33.4 bp −$3,336	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-USDT	−0.0120%	8h	774.09	−0.001%	$413K	$410K	50x	as long as short
Phoenix SPY	−0.0031%	1h	773.82	−0.036%	$158K	$151K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	773.93	−0.022%	$862K	$199K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.14	+0.005%	$28.5M	$76.2M	50x	as long as short
Bybit SPYUSDTlong	0.0000%	8h	774.10	long leg	$6.2M	$1.5M	100x
OKX SPY-USDT-SWAP	0.0000%	8h	774.14	+0.005%	$7.8M	$3.2M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.81	−0.037%	$792K	$2.5M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	774.16	+0.008%	$19.1M	$12.1M	100x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.29	+0.025%	$11.0M	$1.5M	50x	as long as short
SunX SPY-USDT	0.0000%	8h	775.33	+0.159%	$2K	$1.3M	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit SPY_USDC-PERPETUAL	0.0000%	1h	773.94	−0.021%	$23K	$56K	20x	as long as short
HTX SPY-USDT	0.0000%	8h	774.56	+0.059%	$300K	$38K	50x	as long as short
Nado SPY-PERP	+0.0007%	1h	773.86	−0.031%	$1.5M	$251K	20x	as long as short
Lighter RH SPY	+0.0032%	1h	774.34	+0.031%	$56.8M	$114.9M	50x	as long as short
Lighter SPY	+0.0040%	1h	774.07	−0.004%	$7.9M	$17.1M	50x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.23	−0.112%	$968K	$1.4M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.15	−0.123%	—	$85K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.48	−0.080%	$4.8M	$850K	20x	as long as short
Coinbase International SPY-PERP-INTXshort	+0.0056%	1h	772.60	−0.194%	$951K	$505K	20x
KuCoin SPYUSDTM	+0.0100%	8h	773.61	−0.063%	$2.5M	$1.0M	20x	as long as short
ApeX Omni SPYUSDT	+0.0100%	1h	773.09	−0.130%	$164K	$24K	50x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.17	+0.009%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.78	−0.041%	$87K	—	10x	as long as short
GRVT SPY_USDT_Perp	+0.0120%	8h	774.22	+0.016%	$161K	$341K	10x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.25	+0.019%	$10K	—	26x	as long as short
RISEx SPY/USDC	+0.0211%	1h	774.25	+0.019%	$7.2M	$3.5M	25x	as long as short
edgeX SPYUSDC	+0.0762%	4h	774.15	+0.007%	$640K	$243K	20x	as long as short