Funding you earn now, next payment 23:00 UTC−0.0260%/8h= −28.5% APRnext payment −$0.32 per $10,000 · paid last 24h −0.111%
Price spread now: Phoenix against GMX−0.083%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
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
Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Phoenix is 0.083% cheaper against GMX than usual: you would sell low and buy high (−$8 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | GMX SPY/USD [ETH-USDC] | 774.50 | L +0.0208% / S −0.0429% | pay 0.0026% / 1h | 23m 31s | $10K | — | 26x |
| Short | Phoenix SPY | 773.85 | −0.0052 | pay 0.0006% / 1h | 23m 31s | $161K | $296K | 20x |
GMX SPY/USD [ETH-USDC]
Phoenix SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against GMX. 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
- −$54.58
- Price spread: −0.083% → 0.000%
- −$8.33
- Slippage, 4 orders
- no order book: not counted
- Fee GMX: 6 bp × 2 orders
- −$12
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$81.91
- Costs to cover
- 0.190%
- Break-even
- never at this rate
Slippage unknown: GMX: no order-book sample; Phoenix: live order book, 52 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 Phoenix live order book, 52 min ago | 0.13 bp | 7.9 bp −$8 | 15.8 bp −$158 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Arcus SPY-USD | −0.0266% | 1h | 773.50 | −0.128% | $940K | $1.4M | 50x | as long as short |
| BloFin SPY-USDT | −0.0120% | 8h | 774.39 | −0.014% | $414K | $726K | 50x | as long as short |
| Phoenix SPYshort | −0.0052% | 1h | 773.85 | −0.083% | $161K | $296K | 20x | |
| Aster SPYUSDT | 0.0000% | 8h | 774.30 | −0.025% | $863K | $204K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.47 | −0.003% | $28.6M | $82.9M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.37 | −0.016% | $6.2M | $2.1M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.42 | −0.010% | $7.9M | $3.4M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.95 | −0.070% | $755K | $2.3M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.46 | −0.005% | $28.0M | $11.8M | 100x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.56 | +0.138% | $2K | $1.5M | 10x | as long as short |
Arcus SPY-USD
BloFin SPY-USDT
Aster SPYUSDT
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
SunX SPY-USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX SPY-USDT | 0.0000% | 8h | 774.67 | +0.023% | $308K | $20K | 50x | as long as short |
| GRVT SPY_USDT_Perp | +0.0004% | 8h | 774.60 | +0.014% | $157K | $411K | 10x | as long as short |
| Lighter SPY | +0.0032% | 1h | 774.29 | −0.026% | $8.2M | $22.3M | 50x | as long as short |
| Lighter RH SPY | +0.0032% | 1h | 774.62 | +0.016% | $56.9M | $119.2M | 50x | as long as short |
| Bitget SPYUSDT | +0.0032% | 8h | 774.49 | −0.001% | $11.0M | $2.6M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.13 | −0.176% | — | $123K | 50x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0048% | 1h | 773.56 | −0.121% | $955K | $584K | 20x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.83 | −0.086% | $4.8M | $847K | 20x | as long as short |
| Nado SPY-PERP | +0.0082% | 1h | 773.94 | −0.071% | $1.5M | $293K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.81 | −0.088% | $2.5M | $969K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 773.85 | −0.083% | $159K | $23K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.38 | −0.015% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.93 | −0.074% | $87K | — | 10x | as long as short |
| RISEx SPY/USDC | +0.0110% | 1h | 774.62 | +0.016% | $6.9M | $5.2M | 25x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0112% | 1h | 774.17 | −0.042% | $23K | $58K | 20x | as long as short |
| GMX SPY/USD [ETH-USDC]long | L +0.0208% / S −0.0429% | 1h | 774.50 | long leg | $10K | — | 26x | |
| edgeX SPYUSDC | +0.0724% | 4h | 774.33 | −0.021% | $640K | $241K | 20x | as long as short |
HTX SPY-USDT
GRVT SPY_USDT_Perp
Lighter SPY
Lighter RH SPY
Bitget SPYUSDT
Vest SPY-USD-PERP
Coinbase International SPY-PERP-INTX
Ondo Perps SPY-USD.P
Nado SPY-PERP
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
RISEx SPY/USDC
Deribit SPY_USDC-PERPETUAL
edgeX SPYUSDC