Funding arb · Price arb /

SPY

RWAall SPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0052%/8h= −5.7% APRpaid last 24h −0.025%

Price spread now: Phoenix against HTX−0.101%7-day average −0.103% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$370.368% of the position

Long on HTX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.230%+$23 on $10k

Price spread, last 3 days (all we have)−0.025%−$2 · spread now −0.101%, 7d avg −0.103%

Together, before fees+0.206%+$21 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.103%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.230%, so the current rate has only just turned against you.

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 11s	$308K	$20K	50x
Short	Phoenix SPY	773.84	−0.0052	pay 0.0006% / 1h	47m 11s	$161K	$296K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.101%Rate

Funding earned: −$10.86
Price spread: −0.101% → −0.103%: $0.22
Slippage, 4 orders: −$17.84
Fee HTX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$47.47
Costs to cover: 0.368%
Break-even: never at this rate

Slippage from HTX: live order book, 30 min ago; Phoenix: live order book, 28 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, 30 min ago	2.00 bp	8.0 bp −$8	12.1 bp −$121	doesn't fit	doesn't fit
Sell Phoenix live order book, 28 min ago	0.13 bp	7.9 bp −$8	15.8 bp −$158	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-USD	−0.0266%	1h	773.52	−0.142%	$940K	$1.5M	50x	as long as short
BloFin SPY-USDT	−0.0120%	8h	774.44	−0.023%	$369K	$726K	50x	as long as short
Phoenix SPYshort	−0.0052%	1h	773.84	−0.101%	$161K	$296K	20x
Aster SPYUSDT	0.0000%	8h	774.30	−0.041%	$863K	$204K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.44	−0.023%	$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	774.43	−0.025%	$27.3M	$11.6M	100x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.64	+0.003%	$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	774.27	−0.045%	$8.4M	$21.7M	50x	as long as short
Lighter RH SPY	+0.0032%	1h	774.63	+0.001%	$57.1M	$117.3M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.20	−0.183%	—	$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	+0.0076%	1h	773.97	−0.084%	$1.5M	$302K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.81	−0.105%	$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	−0.094%	$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
Deribit SPY_USDC-PERPETUAL	+0.0202%	1h	774.29	−0.043%	$23K	$58K	20x	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
edgeX SPYUSDC	+0.0409%	4h	774.34	−0.037%	$640K	$241K	20x	as long as short