Funding you earn now, next payment 11:00 UTC+0.0010%/8h= +1.1% APRpaid last 24h −0.050%
Price spread now: Phoenix against GRVT−0.061%7-day average −0.082% · you buy dearer than you sell
Net, funding: paid 7d − costs−$20as in the Funding arb table
Net, price: spread back to 7d avg − costs−$26as in the Price arb table
costs, in and out, $10k−$290.285% of the position
Funding, last 7 days+0.089%+$9 on $10k
+Price spread, last 4 days (all we have)−0.015%−$2 · spread now −0.061%, 7d avg −0.082%
=Together, before fees+0.073%+ Points / potential airdropGRVT: Active · farm board+$7 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Phoenix is 0.021% dearer against GRVT than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.082%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | GRVT SPY_USDT_Perp | 774.69 | 0 | get 0.0000% / 8h | 4h 09m | $164K | $361K | 10x |
| Short | Phoenix SPY | 774.22 | 0.0010 | get 0.0001% / 1h | 9m 23s | $161K | $74K | 20x |
GRVT SPY_USDT_Perp
Phoenix SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against GRVT. 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
- $2.17
- Price spread: −0.061% → −0.082%
- $2.15
- Slippage, 4 orders
- −$12.52
- Fee GRVT: 4.5 bp × 2 orders
- −$9
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$24.2
- Costs to cover
- 0.285%
- Break-even
- 85.1 days
Slippage from GRVT: live order book, 31 min ago; Phoenix: live order book, 25 min ago.
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, 31 min ago | 1.81 bp | 6.3 bp −$6 | 7.0 bp −$70 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 25 min ago | 0.13 bp | 8.0 bp −$8 | 15.8 bp −$158 | doesn't fit | doesn't fit |
SPY on 27 exchanges
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 | 774.67 | −0.003% | $420K | $401K | 50x | as long as short |
| Arcus SPY-USD | −0.0042% | 1h | 773.79 | −0.116% | $1.0M | $1.4M | 50x | as long as short |
| Nado SPY-PERP | −0.0032% | 1h | 774.45 | −0.031% | $1.5M | $283K | 20x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 774.57 | −0.016% | $862K | $207K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.70 | +0.001% | $28.4M | $74.5M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.74 | +0.006% | $6.2M | $1.5M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.64 | −0.007% | $7.8M | $3.2M | 50x | as long as short |
| RISEx SPY/USDC | 0.0000% | 1h | 774.70 | 0.000% | $7.1M | $3.1M | 25x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 774.24 | −0.058% | $806K | $2.6M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.70 | +0.001% | $18.9M | $13.8M | 100x | as long as short |
BloFin SPY-USDT
Arcus SPY-USD
Nado SPY-PERP
Aster SPYUSDT
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
RISEx SPY/USDC
Gate SPY_USDT
MEXC SPY_USDTShow all 27 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget SPYUSDT | 0.0000% | 8h | 774.81 | +0.015% | $11.0M | $1.6M | 50x | as long as short |
| GRVT SPY_USDT_Perplong | 0.0000% | 8h | 774.69 | long leg | $164K | $361K | 10x | |
| SunX SPY-USDT | 0.0000% | 8h | 775.80 | +0.143% | $2K | $1.1M | 10x | as long as short |
| Deribit SPY_USDC-PERPETUAL | 0.0000% | 1h | 774.35 | −0.044% | $23K | $38K | 20x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.92 | +0.029% | $300K | $21K | 50x | as long as short |
| Phoenix SPYshort | +0.0010% | 1h | 774.22 | −0.061% | $161K | $74K | 20x | |
| Lighter SPY | +0.0032% | 1h | 774.61 | −0.011% | $7.9M | $16.2M | 50x | as long as short |
| Lighter RH SPY | +0.0032% | 1h | 774.93 | +0.031% | $57.4M | $116.8M | 50x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0040% | 1h | 774.09 | −0.078% | $952K | $174K | 20x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.63 | −0.137% | — | $85K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.53 | −0.150% | $4.8M | $852K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 774.15 | −0.070% | $2.5M | $1.1M | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 774.40 | −0.038% | $226K | $54K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.60 | −0.012% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 774.07 | −0.080% | $87K | — | 10x | as long as short |
| edgeX SPYUSDC | +0.0147% | 4h | 774.52 | −0.022% | $640K | $242K | 20x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.73 | +0.004% | $10K | — | 26x | as long as short |
Bitget SPYUSDT
SunX SPY-USDT
Deribit SPY_USDC-PERPETUAL
HTX SPY-USDT
Lighter SPY
Lighter RH SPY
Coinbase International SPY-PERP-INTX
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
edgeX SPYUSDC
GMX SPY/USD [ETH-USDC]