Funding arb · Price arb /

SPY

RWAall SPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0429%/8h= +47.0% APRpaid last 24h +0.341%

Price spread now: GMX against HTX−0.041%128s7-day average — · you buy dearer than you sell

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

Long on HTX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 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

Funding pays, the price is against you. GMX is 0.041% cheaper against HTX than usual: you would sell low and buy high (spread −0.041% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 8 hours of funding at the current rate (+$13 a day). The two prices were read 128 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	HTX SPY-USDT	774.56	0	get 0.0000% / 8h	6h 59m	$300K	$38K	50x
Short	GMX SPY/USD [ETH-USDC]	774.25	L +0.0209% / S −0.0429%	get 0.0054% / 1h	59m 20s	$10K	—	26x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.041%Rate

Funding earned: $90.12
Price spread: −0.041% → 0.000%: −$4.07
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $62.05
Costs to cover: 0.240%
Break-even: 2.2 days

Slippage unknown: HTX: live order book, 33 min ago; GMX: 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 HTX live order book, 33 min ago	2.46 bp	8.5 bp −$8	12.0 bp −$120	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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
BloFin SPY-USDT	−0.0120%	8h	774.09	−0.061%	$413K	$410K	50x	as long as short
Nado SPY-PERP	−0.0082%	1h	773.86	−0.090%	$1.5M	$251K	20x	as long as short
Phoenix SPY	−0.0031%	1h	773.82	−0.096%	$158K	$150K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	774.00	−0.072%	$862K	$199K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.16	−0.051%	$28.6M	$76.2M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.10	−0.059%	$6.2M	$1.5M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.14	−0.054%	$7.8M	$3.2M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.80	−0.098%	$792K	$2.4M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	774.19	−0.048%	$19.1M	$12.1M	100x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.31	−0.032%	$11.0M	$1.5M	50x	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	775.33	+0.099%	$2K	$1.3M	10x	as long as short
Deribit SPY_USDC-PERPETUAL	0.0000%	1h	773.85	−0.092%	$23K	$56K	20x	as long as short
HTX SPY-USDTlong	0.0000%	8h	774.56	long leg	$300K	$38K	50x
Lighter RH SPY	+0.0032%	1h	774.34	−0.028%	$56.8M	$114.9M	50x	as long as short
Lighter SPY	+0.0040%	1h	774.07	−0.063%	$7.9M	$17.1M	50x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.23	−0.172%	$968K	$1.4M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.14	−0.183%	—	$85K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.48	−0.139%	$4.8M	$850K	20x	as long as short
Coinbase International SPY-PERP-INTX	+0.0064%	1h	772.60	−0.253%	$951K	$505K	20x	as long as short
GRVT SPY_USDT_Perp	+0.0097%	8h	774.16	−0.052%	$161K	$341K	10x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.62	−0.121%	$2.5M	$1.0M	20x	as long as short
ApeX Omni SPYUSDT	+0.0100%	1h	773.09	−0.190%	$164K	$24K	50x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.14	−0.054%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.64	−0.119%	$87K	—	10x	as long as short
RISEx SPY/USDC	+0.0114%	1h	774.23	−0.043%	$7.2M	$3.5M	25x	as long as short
GMX SPY/USD [ETH-USDC]short	L +0.0209% / S −0.0429%	1h	774.25	−0.041%	$10K	—	26x
edgeX SPYUSDC	+0.0583%	4h	774.16	−0.051%	$640K	$243K	20x	as long as short