Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0003%/8h= −0.3% APRpaid last 24h +0.010%

Price spread now: Deribit against GRVT−0.048%75s7-day average — · you buy dearer than you sell

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

Long on GRVT Short on Deribit

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—+ Points / potential airdropGRVT: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Deribit is 0.048% cheaper against GRVT than usual: you would sell low and buy high, −$5 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 75 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	GRVT SPY_USDT_Perp	774.37	0.0003	pay 0.0003% / 8h	4h 23m	$163K	$374K	10x
Short	Deribit SPY_USDC-PERPETUAL	774.00	0	get 0.0000% / 1h	23m 52s	$23K	$56K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against GRVT. 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 GRVTbpFee DeribitbpOrdersPrice spread, now −0.048%Rate

Funding earned: −$0.63
Price spread: −0.048% → 0.000%: −$4.82
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$21.45
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: GRVT: live order book, 34 min ago; Deribit: no order-book sample. 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 GRVT live order book, 34 min ago	1.61 bp	6.4 bp −$6	7.1 bp −$71	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

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	−0.0109%	8h	774.25	−0.016%	$417K	$468K	50x	as long as short
ApeX Omni SPYUSDT	−0.0013%	1h	773.19	−0.153%	$162K	$24K	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.26	−0.015%	$6.3M	$2.0M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.32	−0.007%	$7.9M	$3.2M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.83	−0.070%	$775K	$2.4M	75x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.47	+0.012%	$10.9M	$1.8M	50x	as long as short
Phoenix SPY	0.0000%	1h	773.66	−0.092%	$161K	$295K	20x	as long as short
SunX SPY-USDT	0.0000%	8h	775.27	+0.116%	$2K	$1.4M	10x	as long as short
Deribit SPY_USDC-PERPETUALshort	0.0000%	1h	774.00	−0.048%	$23K	$56K	20x
HTX SPY-USDT	0.0000%	8h	774.30	−0.009%	$308K	$20K	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT SPY_USDT_Perplong	+0.0003%	8h	774.37	long leg	$163K	$374K	10x
Binance SPYUSDT	+0.0010%	8h	774.26	−0.015%	$28.3M	$79.9M	50x	as long as short
MEXC SPY_USDT	+0.0010%	8h	774.26	−0.015%	$26.1M	$12.0M	100x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.59	−0.101%	$934K	$1.4M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.13	−0.161%	—	$123K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.47	−0.117%	$4.8M	$833K	20x	as long as short
Aster SPYUSDT	+0.0058%	8h	774.39	+0.003%	$865K	$196K	20x	as long as short
Lighter RH SPY	+0.0064%	1h	774.66	+0.037%	$56.4M	$114.4M	50x	as long as short
Coinbase International SPY-PERP-INTX	+0.0064%	1h	774.05	−0.042%	$954K	$552K	20x	as long as short
Nado SPY-PERP	+0.0079%	1h	773.95	−0.055%	$1.5M	$280K	20x	as long as short
Lighter SPY	+0.0080%	1h	774.34	−0.004%	$8.3M	$19.5M	50x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.77	−0.078%	$2.5M	$978K	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.21	−0.021%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.73	−0.083%	$87K	—	10x	as long as short
RISEx SPY/USDC	+0.0173%	1h	774.38	+0.001%	$7.0M	$5.0M	25x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.25	−0.017%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0547%	4h	774.11	−0.035%	$640K	$241K	20x	as long as short