Funding you earn now, next payment 04:00 UTC−0.0056%/8h= −6.1% APRpaid last 24h −0.029%
Price spread now: Bybit against Coinbase International+0.026%7-day average +0.050% · you sell dearer than you buy
Net, funding: paid 7d − costs−$25as in the Funding arb table
Net, price: spread back to 7d avg − costs−$28as in the Price arb table
costs, in and out, $10k−$250.253% of the position
Funding, last 7 days−0.001%$0 on $10k
+Price spread, last 4 days (all we have)−0.105%−$10 · spread now +0.026%, 7d avg +0.050%
=Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.024% cheaper against Coinbase International than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.050%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Coinbase International SPY-PERP-INTX | 774.05 | 0.0056 | pay 0.0007% / 1h | 53m 38s | $954K | $552K | 20x |
| Short | Bybit SPYUSDT | 774.25 | 0 | get 0.0000% / 8h | 3h 53m | $6.3M | $2.0M | 100x |
Coinbase International SPY-PERP-INTX
Bybit SPYUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against Coinbase International. 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
- −$11.76
- Price spread: +0.026% → +0.050%
- −$2.42
- Slippage, 4 orders
- −$4.29
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$39.48
- Costs to cover
- 0.253%
- Break-even
- never at this rate
Slippage from Coinbase International: live order book, 65 min ago; Bybit: live order book, 4 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 Coinbase International live order book, 65 min ago | 0.06 bp | 5.3 bp −$5 | 8.4 bp −$84 | 26.6 bp −$2,663 | doesn't fit |
| Sell Bybit live order book, 4 min ago | 0.06 bp | 7.3 bp −$7 | 10.0 bp −$100 | 31.5 bp −$3,151 | 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 | 774.15 | +0.013% | $417K | $468K | 50x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.17 | +0.016% | $28.1M | $79.6M | 50x | as long as short |
| Bybit SPYUSDTshort | 0.0000% | 8h | 774.25 | +0.026% | $6.3M | $2.0M | 100x | |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.13 | +0.010% | $7.9M | $3.2M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.72 | −0.043% | $775K | $2.4M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.16 | +0.014% | $28.3M | $12.1M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.31 | +0.034% | $10.9M | $1.8M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.34 | +0.037% | $163K | $374K | 10x | as long as short |
| Phoenix SPY | 0.0000% | 1h | 773.56 | −0.063% | $161K | $295K | 20x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.16 | +0.143% | $2K | $1.4M | 10x | as long as short |
BloFin SPY-USDT
Binance SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
Bitget SPYUSDT
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 | 773.92 | −0.017% | $308K | $20K | 50x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0021% | 1h | 773.95 | −0.013% | $23K | $56K | 20x | as long as short |
| Aster SPYUSDT | +0.0033% | 8h | 774.19 | +0.018% | $865K | $196K | 20x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 773.47 | −0.075% | $935K | $1.4M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.05 | −0.129% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.33 | −0.093% | $4.8M | $827K | 20x | as long as short |
| Coinbase International SPY-PERP-INTXlong | +0.0056% | 1h | 774.05 | long leg | $954K | $552K | 20x | |
| Lighter RH SPY | +0.0064% | 1h | 774.51 | +0.059% | $56.4M | $113.8M | 50x | as long as short |
| Nado SPY-PERP | +0.0069% | 1h | 773.85 | −0.026% | $1.5M | $282K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0074% | 1h | 773.48 | −0.074% | $163K | $24K | 50x | as long as short |
| edgeX SPYUSDC | +0.0086% | 4h | 774.00 | −0.007% | $640K | $241K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.45 | −0.078% | $2.5M | $970K | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.09 | +0.005% | $1K | — | 20x | as long as short |
| RISEx SPY/USDC | +0.0100% | 1h | 774.26 | +0.028% | $7.0M | $5.0M | 25x | as long as short |
| Lighter SPY | +0.0104% | 1h | 774.22 | +0.022% | $8.2M | $19.1M | 50x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.56 | −0.063% | $87K | — | 10x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.17 | +0.016% | $10K | — | 26x | as long as short |
HTX SPY-USDT
Deribit SPY_USDC-PERPETUAL
Aster SPYUSDT
Arcus SPY-USD
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
Lighter RH SPY
Nado SPY-PERP
ApeX Omni SPYUSDT
edgeX SPYUSDC
KuCoin SPYUSDTM
Orderly PERP_SPY_USDC_mythos
RISEx SPY/USDC
Lighter SPY
Aevo SPY-PERP
GMX SPY/USD [ETH-USDC]