Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0035%/8h= −3.8% APRpaid last 24h −0.017%

Price spread now: MEXC against Deribit+0.029%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. MEXC is 0.029% dearer against Deribit than usual: you sell high and buy low (spread +0.029% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit SPY_USDC-PERPETUAL	771.89	0.0035	pay 0.0004% / 1h	28m 12s	$23K	$55K	20x
Short	MEXC SPY_USDT	772.11	0	get 0.0000% / 8h	7h 28m	$29.6M	$11.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Deribit. 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 DeribitbpFee MEXCbpOrdersPrice spread, now +0.029%Rate

Funding earned: −$7.37
Price spread: +0.029% → 0.000%: $2.85
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: −$11.52
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; MEXC: live order book, 6 min ago. Net counts fees only.

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 Deribit no order-book sample	—	—	—	—	—
Sell MEXC live order book, 6 min ago	0.06 bp	0.1 bp $0	0.3 bp −$3	0.6 bp −$64	1.9 bp −$956

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	772.18	+0.038%	$417K	$437K	50x	as long as short
Phoenix SPY	−0.0031%	1h	771.89	0.000%	$158K	$151K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	772.20	+0.040%	$863K	$199K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	772.12	+0.030%	$28.6M	$75.5M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	772.06	+0.022%	$6.2M	$1.5M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	772.05	+0.021%	$7.8M	$3.1M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	771.89	0.000%	$790K	$2.5M	75x	as long as short
MEXC SPY_USDTshort	0.0000%	8h	772.11	+0.029%	$29.6M	$11.6M	100x
Bitget SPYUSDT	0.0000%	8h	772.29	+0.052%	$10.9M	$1.6M	50x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	772.56	+0.087%	$159K	$330K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX SPY-USDT	0.0000%	8h	773.24	+0.175%	$2K	$1.3M	10x	as long as short
HTX SPY-USDT	0.0000%	8h	772.37	+0.062%	$299K	$38K	50x	as long as short
Lighter RH SPY	+0.0032%	1h	772.33	+0.057%	$56.7M	$119.1M	50x	as long as short
Deribit SPY_USDC-PERPETUALlong	+0.0035%	1h	771.89	long leg	$23K	$55K	20x
Arcus SPY-USD	+0.0040%	1h	771.40	−0.063%	$922K	$1.3M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	771.04	−0.110%	—	$123K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	771.40	−0.063%	$4.8M	$849K	20x	as long as short
Coinbase International SPY-PERP-INTX	+0.0056%	1h	771.63	−0.034%	$949K	$507K	20x	as long as short
Nado SPY-PERP	+0.0091%	1h	771.64	−0.032%	$1.5M	$252K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	771.70	−0.025%	$2.5M	$1.0M	20x	as long as short
ApeX Omni SPYUSDT	+0.0100%	1h	771.86	−0.004%	$164K	$25K	50x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	772.08	+0.025%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	771.59	−0.038%	$87K	—	10x	as long as short
Lighter SPY	+0.0112%	1h	772.11	+0.029%	$7.9M	$17.1M	50x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	772.12	+0.029%	$10K	—	26x	as long as short
RISEx SPY/USDC	+0.0211%	1h	772.24	+0.046%	$7.2M	$3.5M	25x	as long as short
edgeX SPYUSDC	+0.0861%	4h	772.20	+0.041%	$638K	$243K	20x	as long as short