Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.093%

Price spread now: Phoenix against Deribit−0.044%50s7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Phoenix

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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phoenix is 0.044% cheaper against Deribit than usual: you would sell low and buy high, −$4 on $10k if it goes back to zero (this spread has no 7-day history yet). 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	Deribit SPY_USDC-PERPETUAL	774.00	0	get 0.0000% / 1h	21m 31s	$23K	$56K	20x
Short	Phoenix SPY	773.66	0	get 0.0000% / 1h	21m 31s	$161K	$295K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.044%Rate

Funding earned: $0
Price spread: −0.044% → 0.000%: −$4.39
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$18.39
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Phoenix: live order book, 35 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 Phoenix live order book, 35 min ago	0.13 bp	7.9 bp −$8	15.8 bp −$158	doesn't fit	doesn't fit

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	−0.0111%	8h	774.31	+0.040%	$417K	$468K	50x	as long as short
ApeX Omni SPYUSDT	−0.0012%	1h	773.48	−0.067%	$163K	$24K	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.26	+0.034%	$6.3M	$2.0M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.37	+0.048%	$7.9M	$3.2M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.91	−0.012%	$776K	$2.4M	75x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.48	+0.062%	$10.9M	$1.8M	50x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.41	+0.053%	$163K	$374K	10x	as long as short
Phoenix SPYshort	0.0000%	1h	773.66	−0.044%	$161K	$295K	20x
SunX SPY-USDT	0.0000%	8h	775.31	+0.169%	$2K	$1.4M	10x	as long as short
Deribit SPY_USDC-PERPETUALlong	0.0000%	1h	774.00	long leg	$23K	$56K	20x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX SPY-USDT	0.0000%	8h	774.51	+0.066%	$308K	$20K	50x	as long as short
Binance SPYUSDT	+0.0007%	8h	774.36	+0.047%	$28.2M	$79.8M	50x	as long as short
MEXC SPY_USDT	+0.0008%	8h	774.36	+0.047%	$26.1M	$12.0M	100x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.61	−0.050%	$935K	$1.4M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.24	−0.098%	—	$123K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.59	−0.053%	$4.8M	$832K	20x	as long as short
Aster SPYUSDT	+0.0055%	8h	774.44	+0.057%	$865K	$196K	20x	as long as short
Lighter RH SPY	+0.0064%	1h	774.72	+0.093%	$56.5M	$114.7M	50x	as long as short
Coinbase International SPY-PERP-INTX	+0.0064%	1h	774.05	+0.006%	$954K	$552K	20x	as long as short
Lighter SPY	+0.0072%	1h	774.40	+0.052%	$8.3M	$19.5M	50x	as long as short
Nado SPY-PERP	+0.0076%	1h	774.03	+0.004%	$1.5M	$280K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.75	−0.032%	$2.5M	$978K	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.27	+0.035%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.76	−0.031%	$87K	—	10x	as long as short
RISEx SPY/USDC	+0.0173%	1h	774.47	+0.061%	$7.0M	$5.0M	25x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.37	+0.047%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0825%	4h	774.14	+0.018%	$640K	$242K	20x	as long as short