Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against HTX−0.025%7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$360.357% of the position

Long on HTX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 3 days (all we have)−0.084%−$8 · spread now −0.025%, 7d avg −0.056%

Together, before fees−0.084%−$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.031% dearer against HTX than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.056%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX SPY-USDT	774.74	0	get 0.0000% / 8h	7h 57m	$308K	$20K	50x
Short	Bybit SPYUSDT	774.55	0	get 0.0000% / 8h	7h 57m	$6.2M	$2.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.025%Rate

Funding earned: $0
Price spread: −0.025% → −0.056%: $3.1
Slippage, 4 orders: −$12.71
Fee HTX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$32.61
Costs to cover: 0.357%
Break-even: never at this rate

Slippage from HTX: live order book, 14 min ago; Bybit: live order book, 10 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, 14 min ago	2.45 bp	8.5 bp −$8	12.5 bp −$125	doesn't fit	doesn't fit
Sell Bybit live order book, 10 min ago	0.65 bp	7.3 bp −$7	10.3 bp −$103	39.5 bp −$3,952	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
BloFin SPY-USDT	−0.0110%	8h	774.53	−0.027%	$412K	$571K	50x	as long as short
Phoenix SPY	−0.0052%	1h	773.95	−0.102%	$161K	$295K	20x	as long as short
Arcus SPY-USD	−0.0016%	1h	773.51	−0.159%	$937K	$1.4M	50x	as long as short
Aster SPYUSDT	0.0000%	8h	774.41	−0.043%	$863K	$204K	20x	as long as short
Bybit SPYUSDTshort	0.0000%	8h	774.55	−0.025%	$6.2M	$2.0M	100x
OKX SPY-USDT-SWAP	0.0000%	8h	774.57	−0.022%	$7.9M	$3.3M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	774.06	−0.088%	$762K	$2.3M	75x	as long as short
SunX SPY-USDT	0.0000%	8h	775.66	+0.119%	$2K	$1.5M	10x	as long as short
HTX SPY-USDTlong	0.0000%	8h	774.74	long leg	$308K	$20K	50x
MEXC SPY_USDT	+0.0010%	8h	774.58	−0.021%	$28.1M	$11.4M	100x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance SPYUSDT	+0.0011%	8h	774.59	−0.019%	$28.5M	$82.4M	50x	as long as short
GRVT SPY_USDT_Perp	+0.0024%	8h	774.61	−0.017%	$157K	$400K	10x	as long as short
Lighter RH SPY	+0.0032%	1h	774.69	−0.006%	$57.1M	$111.9M	50x	as long as short
Lighter SPY	+0.0040%	1h	774.34	−0.052%	$8.2M	$21.2M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.21	−0.197%	—	$123K	50x	as long as short
Bitget SPYUSDT	+0.0047%	8h	774.69	−0.006%	$11.0M	$2.5M	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.62	−0.145%	$4.8M	$848K	20x	as long as short
Coinbase International SPY-PERP-INTX	+0.0064%	1h	773.56	−0.152%	$955K	$578K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	774.07	−0.086%	$2.5M	$951K	20x	as long as short
ApeX Omni SPYUSDT	+0.0100%	1h	774.00	−0.096%	$159K	$23K	50x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.55	−0.025%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	774.02	−0.093%	$87K	—	10x	as long as short
Deribit SPY_USDC-PERPETUAL	+0.0151%	1h	774.20	−0.070%	$23K	$59K	20x	as long as short
Nado SPY-PERP	+0.0154%	1h	773.97	−0.100%	$1.5M	$292K	20x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0208% / S −0.0429%	1h	774.59	−0.020%	$10K	—	26x	as long as short
RISEx SPY/USDC	+0.0320%	1h	774.65	−0.012%	$6.9M	$5.2M	25x	as long as short
edgeX SPYUSDC	+0.0473%	4h	774.43	−0.040%	$640K	$242K	20x	as long as short