Funding you earn now, next payment 01:00 UTC−0.0075%/8h= −8.2% APRpaid last 24h −0.013%
Price spread now: OKX against Coinbase International−0.008%7-day average +0.056% · you buy dearer than you sell
Net, funding: paid 7d − costs−$22as in the Funding arb table
Net, price: spread back to 7d avg − costs−$30as in the Price arb table
costs, in and out, $10k−$240.235% of the position
Funding, last 7 days+0.012%+$1 on $10k
+Price spread, last 3 days (all we have)−0.006%−$1 · spread now −0.008%, 7d avg +0.056%
=Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and OKX is 0.063% 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 +0.056%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Coinbase International SPY-PERP-INTX | 774.14 | 0.0088 | pay 0.0011% / 1h | 41m 29s | $955K | $555K | 20x |
| Short | OKX SPY-USDT-SWAP | 774.08 | 0.0013 | get 0.0013% / 8h | 6h 41m | $7.9M | $3.3M | 50x |
Coinbase International SPY-PERP-INTX
OKX SPY-USDT-SWAPFunding history
latest
Range statsloading…
Price spread between the two exchanges
OKX 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
- −$15.75
- Price spread: −0.008% → +0.056%
- −$6.35
- Slippage, 4 orders
- −$3.53
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee OKX: 5 bp × 2 orders
- −$10
- Net
- −$45.63
- Costs to cover
- 0.235%
- Break-even
- never at this rate
Slippage from Coinbase International: live order book, 27 min ago; OKX: live order book, 2 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 | 7.6 bp −$76 | doesn't fit | doesn't fit |
| Sell OKX live order book, 2 min ago | 0.06 bp | 6.2 bp −$6 | 8.2 bp −$82 | 17.2 bp −$1,724 | 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 | −0.0096% | 8h | 774.30 | +0.021% | $417K | $545K | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.02 | −0.016% | $6.3M | $2.0M | 100x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.65 | −0.063% | $780K | $2.3M | 75x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.33 | +0.025% | $10.9M | $2.2M | 50x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.40 | +0.163% | $2K | $1.5M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.46 | +0.041% | $308K | $20K | 50x | as long as short |
| OKX SPY-USDT-SWAPshort | +0.0013% | 8h | 774.08 | −0.008% | $7.9M | $3.3M | 50x | |
| Aster SPYUSDT | +0.0016% | 8h | 774.21 | +0.009% | $863K | $204K | 20x | as long as short |
| MEXC SPY_USDT | +0.0023% | 8h | 774.18 | +0.005% | $19.7M | $11.7M | 100x | as long as short |
| Binance SPYUSDT | +0.0024% | 8h | 774.17 | +0.004% | $28.4M | $80.5M | 50x | as long as short |
BloFin SPY-USDT
Bybit SPYUSDT
Gate SPY_USDT
Bitget SPYUSDT
SunX SPY-USDT
HTX SPY-USDT
Aster SPYUSDT
MEXC SPY_USDT
Binance SPYUSDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT SPY_USDT_Perp | +0.0028% | 8h | 774.37 | +0.030% | $162K | $391K | 10x | as long as short |
| Lighter SPY | +0.0032% | 1h | 774.03 | −0.014% | $8.3M | $21.4M | 50x | as long as short |
| Lighter RH SPY | +0.0032% | 1h | 774.42 | +0.036% | $57.3M | $112.5M | 50x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 773.39 | −0.097% | $935K | $1.4M | 50x | as long as short |
| Phoenix SPY | +0.0041% | 1h | 773.57 | −0.074% | $161K | $296K | 20x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 772.99 | −0.149% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.40 | −0.096% | $4.8M | $842K | 20x | as long as short |
| edgeX SPYUSDC | +0.0086% | 4h | 774.14 | −0.001% | $640K | $240K | 20x | as long as short |
| Coinbase International SPY-PERP-INTXlong | +0.0088% | 1h | 774.14 | long leg | $955K | $555K | 20x | |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.77 | −0.048% | $2.5M | $942K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 773.79 | −0.045% | $159K | $23K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.23 | +0.012% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.61 | −0.068% | $87K | — | 10x | as long as short |
| Nado SPY-PERP | +0.0110% | 1h | 773.73 | −0.053% | $1.5M | $285K | 20x | as long as short |
| RISEx SPY/USDC | +0.0190% | 1h | 774.32 | +0.023% | $7.0M | $5.2M | 25x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0202% | 1h | 773.94 | −0.026% | $23K | $55K | 20x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.17 | +0.005% | $10K | — | 26x | as long as short |
GRVT SPY_USDT_Perp
Lighter SPY
Lighter RH SPY
Arcus SPY-USD
Phoenix SPY
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
edgeX SPYUSDC
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
Nado SPY-PERP
RISEx SPY/USDC
Deribit SPY_USDC-PERPETUAL
GMX SPY/USD [ETH-USDC]