Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0209%/8h= −22.9% APRpaid last 24h −0.087%

Price spread now: HTX against GMX+0.056%7-day average — · you sell dearer than you buy

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

Long on GMX Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 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. HTX is 0.056% dearer against GMX than usual: you sell high and buy low (spread +0.056% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 22 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX SPY/USD [ETH-USDC]	774.38	L +0.0209% / S −0.0429%	pay 0.0026% / 1h	27m 44s	$10K	—	26x
Short	HTX SPY-USDT	774.81	0	get 0.0000% / 8h	5h 27m	$308K	$20K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against GMX. 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 GMXbpFee HTXbpOrdersPrice spread, now +0.056%Rate

Funding earned: −$43.87
Price spread: +0.056% → 0.000%: $5.62
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee HTX: 6 bp × 2 orders: −$12
Net: −$62.25
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; HTX: live order book, 34 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 GMX no order-book sample	—	—	—	—	—
Sell HTX live order book, 34 min ago	2.45 bp	12.6 bp −$13	14.4 bp −$144	doesn't fit	doesn't fit

GMX: 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	−0.0109%	8h	774.45	+0.010%	$418K	$468K	50x	as long as short
ApeX Omni SPYUSDT	−0.0079%	1h	773.19	−0.153%	$162K	$24K	50x	as long as short
Phoenix SPY	−0.0021%	1h	774.06	−0.041%	$161K	$295K	20x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.36	−0.002%	$6.3M	$2.0M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.41	+0.005%	$7.9M	$3.3M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.85	−0.068%	$780K	$2.4M	75x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.53	+0.020%	$10.9M	$1.9M	50x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.52	+0.019%	$162K	$375K	10x	as long as short
SunX SPY-USDT	0.0000%	8h	775.47	+0.141%	$2K	$1.4M	10x	as long as short
HTX SPY-USDTshort	0.0000%	8h	774.81	+0.056%	$308K	$20K	50x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster SPYUSDT	+0.0005%	8h	774.42	+0.006%	$863K	$203K	20x	as long as short
Deribit SPY_USDC-PERPETUAL	+0.0008%	1h	773.96	−0.054%	$23K	$55K	20x	as long as short
MEXC SPY_USDT	+0.0011%	8h	774.36	−0.002%	$23.3M	$11.9M	100x	as long as short
Binance SPYUSDT	+0.0011%	8h	774.37	−0.001%	$28.3M	$79.7M	50x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.53	−0.109%	$932K	$1.4M	50x	as long as short
Nado SPY-PERP	+0.0045%	1h	773.91	−0.060%	$1.5M	$292K	20x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.10	−0.165%	—	$123K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.58	−0.103%	$4.8M	$842K	20x	as long as short
Coinbase International SPY-PERP-INTX	+0.0056%	1h	774.05	−0.042%	$954K	$552K	20x	as long as short
Lighter SPY	+0.0064%	1h	774.28	−0.012%	$8.3M	$21.0M	50x	as long as short
Lighter RH SPY	+0.0096%	1h	774.61	+0.030%	$56.4M	$114.5M	50x	as long as short
RISEx SPY/USDC	+0.0097%	1h	774.50	+0.017%	$6.9M	$5.0M	25x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.78	−0.077%	$2.5M	$977K	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.25	−0.016%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.76	−0.080%	$87K	—	10x	as long as short
GMX SPY/USD [ETH-USDC]long	L +0.0209% / S −0.0429%	1h	774.38	long leg	$10K	—	26x
edgeX SPYUSDC	+0.0382%	4h	774.33	−0.005%	$640K	$242K	20x	as long as short