Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0266%/8h= −29.1% APRpaid last 24h +0.012%

Price spread now: Arcus against HTX−0.142%7-day average −0.114% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$290.285% of the position

Long on HTX Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.081%+$8 on $10k

Price spread, last 3 days (all we have)+0.043%+$4 · spread now −0.142%, 7d avg −0.114%

Together, before fees+0.124%+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Arcus is 0.028% cheaper against HTX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.114%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.081%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.081% in total (about 8.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX SPY-USDT	774.62	0	get 0.0000% / 8h	47m 39s	$308K	$20K	50x
Short	Arcus SPY-USD	773.52	−0.0266	pay 0.0033% / 1h	47m 39s	$940K	$1.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against HTX. 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 HTXbpFee ArcusbpOrdersPrice spread, now −0.142%Rate

Funding earned: −$55.76
Price spread: −0.142% → −0.114%: −$2.77
Slippage, 4 orders: −$12.01
Fee HTX: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$87.04
Costs to cover: 0.285%
Break-even: never at this rate

Slippage from HTX: live order book, 29 min ago; Arcus: live order book, 1 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 HTX live order book, 29 min ago	2.00 bp	8.0 bp −$8	12.1 bp −$121	doesn't fit	doesn't fit
Sell Arcus live order book, 1 min ago	0.06 bp	4.1 bp −$4	6.4 bp −$64	doesn't fit	doesn't fit

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-USDshort	−0.0266%	1h	773.52	−0.142%	$940K	$1.5M	50x
BloFin SPY-USDT	−0.0120%	8h	774.43	−0.025%	$370K	$726K	50x	as long as short
Phoenix SPY	−0.0052%	1h	773.84	−0.101%	$161K	$296K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	774.30	−0.041%	$863K	$204K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.43	−0.025%	$28.6M	$83.1M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.30	−0.041%	$6.2M	$2.1M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.48	−0.018%	$7.9M	$3.4M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.93	−0.089%	$747K	$2.2M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	774.42	−0.026%	$27.3M	$11.6M	100x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.64	+0.002%	$157K	$411K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX SPY-USDT	0.0000%	8h	775.48	+0.111%	$2K	$1.5M	10x	as long as short
HTX SPY-USDTlong	0.0000%	8h	774.62	long leg	$308K	$20K	50x
Bitget SPYUSDT	+0.0023%	8h	774.58	−0.005%	$11.0M	$2.6M	50x	as long as short
Lighter SPY	+0.0032%	1h	774.23	−0.050%	$8.4M	$21.7M	50x	as long as short
Lighter RH SPY	+0.0032%	1h	774.59	−0.004%	$57.1M	$117.3M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.18	−0.186%	—	$123K	50x	as long as short
Coinbase International SPY-PERP-INTX	+0.0048%	1h	773.56	−0.137%	$955K	$584K	20x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.71	−0.117%	$4.8M	$870K	20x	as long as short
Nado SPY-PERP	+0.0078%	1h	773.93	−0.089%	$1.5M	$302K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.82	−0.103%	$2.5M	$976K	20x	as long as short
ApeX Omni SPYUSDT	+0.0100%	1h	773.86	−0.098%	$159K	$23K	50x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.39	−0.030%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.89	−0.095%	$87K	—	10x	as long as short
RISEx SPY/USDC	+0.0110%	1h	774.55	−0.010%	$6.9M	$5.2M	25x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0208% / S −0.0429%	1h	774.43	−0.024%	$10K	—	26x	as long as short
Deribit SPY_USDC-PERPETUAL	+0.0215%	1h	774.24	−0.049%	$23K	$58K	20x	as long as short
edgeX SPYUSDC	+0.0987%	4h	774.34	−0.036%	$640K	$241K	20x	as long as short