Funding you earn now, next payment 08:00 UTC−0.0100%/8h= −10.9% APRnext payment −$1.00 per $10,000 · paid last 24h −0.030%
Price spread now: Bybit against KuCoin+0.103%7-day average +0.044% · you sell dearer than you buy
Net, funding: paid 7d − costs−$57as in the Funding arb table
Net, price: spread back to 7d avg − costs−$32as in the Price arb table
costs, in and out, $10k−$380.380% of the position
Funding, last 7 days−0.193%−$19 on $10k
+Price spread, last 7 days−0.082%−$8 · spread now +0.103%, 7d avg +0.044%
=The price spread pays, funding is against you. Bybit is 0.060% dearer against KuCoin than usual: you sell high and buy low (spread +0.103% now, against its 7-day average of +0.044%): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 48 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | KuCoin SPYUSDTM | 773.50 | 0.0100 | pay 0.0100% / 8h | 3h 46m | $2.5M | $972K | 20x |
| Short | Bybit SPYUSDT | 774.30 | 0 | get 0.0000% / 8h | 3h 46m | $6.3M | $1.9M | 100x |
KuCoin SPYUSDTM
Bybit SPYUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against KuCoin. 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
- −$21
- Price spread: +0.103% → +0.044%
- $5.99
- Slippage, 4 orders
- −$14.99
- Fee KuCoin: 6 bp × 2 orders
- −$12
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$52.99
- Costs to cover
- 0.380%
- Break-even
- never at this rate
Slippage from KuCoin: live order book, 5 min ago; Bybit: 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 KuCoin live order book, 5 min ago | 2.97 bp | 13.3 bp −$13 | 104.5 bp −$1,045 | doesn't fit | doesn't fit |
| Sell Bybit live order book, 1 min ago | 0.26 bp | 7.2 bp −$7 | 10.1 bp −$101 | 35.6 bp −$3,556 | 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 | −0.0120% | 8h | 774.13 | +0.081% | $416K | $468K | 50x | as long as short |
| Phoenix SPY | −0.0010% | 1h | 773.59 | +0.012% | $161K | $295K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.29 | +0.102% | $28.1M | $79.4M | 50x | as long as short |
| Bybit SPYUSDTshort | 0.0000% | 8h | 774.30 | +0.103% | $6.3M | $1.9M | 100x | |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.10 | +0.078% | $7.9M | $3.3M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.83 | +0.043% | $775K | $2.4M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.29 | +0.102% | $29.0M | $12.3M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.37 | +0.112% | $10.9M | $1.8M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.32 | +0.106% | $163K | $374K | 10x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.34 | +0.238% | $2K | $1.4M | 10x | as long as short |
BloFin SPY-USDT
Phoenix SPY
Binance SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
Bitget SPYUSDT
GRVT SPY_USDT_Perp
SunX SPY-USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Deribit SPY_USDC-PERPETUAL | 0.0000% | 1h | 774.07 | +0.074% | $23K | $56K | 20x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.47 | +0.125% | $308K | $20K | 50x | as long as short |
| Aster SPYUSDT | +0.0027% | 8h | 774.28 | +0.101% | $865K | $194K | 20x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 773.48 | −0.003% | $935K | $1.4M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.15 | −0.045% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.23 | −0.035% | $4.8M | $828K | 20x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0056% | 1h | 774.05 | +0.071% | $954K | $552K | 20x | as long as short |
| Nado SPY-PERP | +0.0066% | 1h | 773.99 | +0.064% | $1.5M | $282K | 20x | as long as short |
| Lighter RH SPY | +0.0072% | 1h | 774.57 | +0.138% | $56.5M | $115.1M | 50x | as long as short |
| ApeX Omni SPYUSDT | +0.0075% | 1h | 773.48 | −0.003% | $163K | $24K | 50x | as long as short |
| KuCoin SPYUSDTMlong | +0.0100% | 8h | 773.50 | long leg | $2.5M | $972K | 20x | |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.19 | +0.089% | $1K | — | 20x | as long as short |
| RISEx SPY/USDC | +0.0100% | 1h | 774.42 | +0.119% | $7.0M | $5.0M | 25x | as long as short |
| Lighter SPY | +0.0104% | 1h | 774.31 | +0.105% | $8.2M | $19.2M | 50x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.70 | +0.026% | $87K | — | 10x | as long as short |
| edgeX SPYUSDC | +0.0154% | 4h | 774.02 | +0.067% | $640K | $242K | 20x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.29 | +0.103% | $10K | — | 26x | as long as short |
Deribit SPY_USDC-PERPETUAL
HTX SPY-USDT
Aster SPYUSDT
Arcus SPY-USD
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
Coinbase International SPY-PERP-INTX
Nado SPY-PERP
Lighter RH SPY
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
RISEx SPY/USDC
Lighter SPY
Aevo SPY-PERP
edgeX SPYUSDC
GMX SPY/USD [ETH-USDC]