Funding you earn now, next payment 02:00 UTC−0.0056%/8h= −6.1% APRpaid last 24h −0.028%
Price spread now: Gate against Coinbase International−0.014%50s7-day average +0.042% · you buy dearer than you sell
Net, funding: paid 7d − costs−$37as 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−$370.367% of the position
Funding, last 7 days−0.002%$0 on $10k
+Price spread, last 4 days (all we have)−0.084%−$8 · spread now −0.014%, 7d avg +0.042%
=Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Gate is 0.056% cheaper against Coinbase International than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.042%). Swap the legs. The two prices were read 50 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 | Coinbase International SPY-PERP-INTX | 774.05 | 0.0056 | pay 0.0007% / 1h | 36m 24s | $954K | $552K | 20x |
| Short | Gate SPY_USDT | 773.94 | 0 | get 0.0000% / 8h | 5h 36m | $780K | $2.4M | 75x |
Coinbase International SPY-PERP-INTX
Gate SPY_USDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Gate 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: −0.014% → +0.042%
- −$5.62
- Slippage, 4 orders
- −$11.66
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Gate: 7.5 bp × 2 orders
- −$15
- Net
- −$54.04
- Costs to cover
- 0.367%
- Break-even
- never at this rate
Slippage from Coinbase International: live order book, 27 min ago; Gate: live order book, 1 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, 27 min ago | 0.06 bp | 5.4 bp −$5 | 7.9 bp −$79 | doesn't fit | doesn't fit |
| Sell Gate live order book, 1 min ago | 2.71 bp | 13.7 bp −$14 | 14.5 bp −$145 | 51.5 bp −$5,149 | 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 | −0.0110% | 8h | 774.43 | +0.049% | $417K | $470K | 50x | as long as short |
| ApeX Omni SPYUSDT | −0.0058% | 1h | 773.21 | −0.109% | $162K | $24K | 50x | as long as short |
| Phoenix SPY | −0.0021% | 1h | 773.76 | −0.037% | $161K | $295K | 20x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.43 | +0.049% | $6.3M | $2.0M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.41 | +0.047% | $7.9M | $3.3M | 50x | as long as short |
| Gate SPY_USDTshort | 0.0000% | 8h | 773.94 | −0.014% | $780K | $2.4M | 75x | |
| Bitget SPYUSDT | 0.0000% | 8h | 774.53 | +0.062% | $10.9M | $2.0M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.45 | +0.052% | $162K | $375K | 10x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.51 | +0.189% | $2K | $1.4M | 10x | as long as short |
| Deribit SPY_USDC-PERPETUAL | 0.0000% | 1h | 773.99 | −0.008% | $23K | $55K | 20x | as long as short |
BloFin SPY-USDT
ApeX Omni SPYUSDT
Phoenix SPY
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Bitget SPYUSDT
GRVT SPY_USDT_Perp
SunX SPY-USDT
Deribit SPY_USDC-PERPETUALShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX SPY-USDT | 0.0000% | 8h | 774.57 | +0.067% | $308K | $20K | 50x | as long as short |
| Aster SPYUSDT | +0.0004% | 8h | 774.45 | +0.051% | $863K | $203K | 20x | as long as short |
| MEXC SPY_USDT | +0.0009% | 8h | 774.46 | +0.053% | $22.6M | $11.9M | 100x | as long as short |
| Binance SPYUSDT | +0.0010% | 8h | 774.48 | +0.056% | $28.3M | $80.0M | 50x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 773.51 | −0.070% | $935K | $1.3M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.24 | −0.105% | — | $123K | 50x | as long as short |
| Nado SPY-PERP | +0.0049% | 1h | 773.96 | −0.012% | $1.5M | $288K | 20x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.51 | −0.070% | $4.8M | $842K | 20x | as long as short |
| Lighter SPY | +0.0056% | 1h | 774.33 | +0.036% | $8.3M | $21.0M | 50x | as long as short |
| Coinbase International SPY-PERP-INTXlong | +0.0056% | 1h | 774.05 | long leg | $954K | $552K | 20x | |
| RISEx SPY/USDC | +0.0097% | 1h | 774.63 | +0.075% | $6.9M | $5.0M | 25x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.67 | −0.049% | $2.5M | $975K | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.36 | +0.040% | $1K | — | 20x | as long as short |
| Lighter RH SPY | +0.0104% | 1h | 774.72 | +0.087% | $56.6M | $113.7M | 50x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.83 | −0.029% | $87K | — | 10x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.49 | +0.056% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0740% | 4h | 774.27 | +0.028% | $640K | $241K | 20x | as long as short |
HTX SPY-USDT
Aster SPYUSDT
MEXC SPY_USDT
Binance SPYUSDT
Arcus SPY-USD
Vest SPY-USD-PERP
Nado SPY-PERP
Ondo Perps SPY-USD.P
Lighter SPY
RISEx SPY/USDC
KuCoin SPYUSDTM
Orderly PERP_SPY_USDC_mythos
Lighter RH SPY
Aevo SPY-PERP
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC