Funding you earn now, next payment 22:00 UTC−0.0041%/8h= −4.5% APRpaid last 24h −0.018%
Price spread now: Phoenix against Bybit−0.074%85s7-day average −0.046% · you buy dearer than you sell
Net, funding: paid 7d − costs−$6as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$300.296% of the position
Funding, last 7 days+0.232%+$23 on $10k
+Price spread, last 3 days (all we have)+0.057%+$6 · spread now −0.074%, 7d avg −0.046%
=Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phoenix is 0.027% cheaper against Bybit than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.046%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.232%, so the current rate has only just turned against you. The two prices were read 85 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 | Bybit SPYUSDT | 774.25 | 0 | get 0.0000% / 8h | 1h 20m | $6.2M | $2.1M | 100x |
| Short | Phoenix SPY | 773.68 | −0.0041 | pay 0.0005% / 1h | 20m 03s | $161K | $296K | 20x |
Bybit SPYUSDT
Phoenix SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix 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
- −$8.69
- Price spread: −0.074% → −0.046%
- −$2.74
- Slippage, 4 orders
- −$11.59
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$41.02
- Costs to cover
- 0.296%
- Break-even
- never at this rate
Slippage from Bybit: live order book, 3 min ago; Phoenix: live order book, 60 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 | 0.06 bp | 7.2 bp −$7 | 9.8 bp −$98 | 24.2 bp −$2,418 | doesn't fit |
| Sell Phoenix live order book, 60 min ago | 0.13 bp | 7.9 bp −$8 | 15.8 bp −$158 | doesn't fit | 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 | 774.25 | 0.000% | $414K | $726K | 50x | as long as short |
| Arcus SPY-USD | −0.0112% | 1h | 773.19 | −0.137% | $945K | $1.4M | 50x | as long as short |
| Phoenix SPYshort | −0.0041% | 1h | 773.68 | −0.074% | $161K | $296K | 20x | |
| Aster SPYUSDT | 0.0000% | 8h | 774.08 | −0.022% | $862K | $269K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.22 | −0.005% | $28.2M | $83.2M | 50x | as long as short |
| Bybit SPYUSDTlong | 0.0000% | 8h | 774.25 | long leg | $6.2M | $2.1M | 100x | |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.25 | 0.000% | $7.9M | $3.4M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.66 | −0.076% | $746K | $2.2M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.23 | −0.003% | $26.7M | $12.3M | 100x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.19 | −0.007% | $157K | $430K | 10x | as long as short |
BloFin SPY-USDT
Arcus SPY-USD
Aster SPYUSDT
Binance 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 | 775.31 | +0.137% | $2K | $1.5M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.22 | −0.004% | $308K | $20K | 50x | as long as short |
| Bitget SPYUSDT | +0.0022% | 8h | 774.36 | +0.014% | $11.0M | $2.7M | 50x | as long as short |
| Lighter SPY | +0.0032% | 1h | 774.12 | −0.017% | $8.6M | $22.4M | 50x | as long as short |
| Lighter RH SPY | +0.0032% | 1h | 774.53 | +0.036% | $56.7M | $121.7M | 50x | as long as short |
| Nado SPY-PERP | +0.0043% | 1h | 773.89 | −0.047% | $1.5M | $306K | 20x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.14 | −0.143% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.47 | −0.101% | $4.8M | $921K | 20x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0064% | 1h | 773.56 | −0.089% | $955K | $636K | 20x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0086% | 1h | 774.15 | −0.013% | $23K | $75K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.72 | −0.068% | $2.5M | $984K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 773.86 | −0.050% | $154K | $20K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.19 | −0.008% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.71 | −0.070% | $87K | — | 10x | as long as short |
| RISEx SPY/USDC | +0.0204% | 1h | 774.40 | +0.019% | $6.9M | $5.3M | 25x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0208% / S −0.0429% | 1h | 774.25 | −0.001% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0662% | 4h | 774.07 | −0.023% | $640K | $240K | 20x | as long as short |
SunX SPY-USDT
HTX SPY-USDT
Bitget SPYUSDT
Lighter SPY
Lighter RH SPY
Nado SPY-PERP
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
RISEx SPY/USDC
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC