Funding arb · Price arb /

SPY

RWAall SPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0087%/8h= +9.5% APRpaid last 24h −0.013%

Price spread now: ApeX Omni against MEXC−0.103%51s7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$400.398% of the position

Long on MEXC Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.118%+$12 on $10k

Price spread, last 3 days (all we have)+0.054%+$5 · spread now −0.103%, 7d avg −0.027%

Together, before fees+0.172%+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. ApeX Omni is 0.076% cheaper against MEXC than usual: you would sell low and buy high (spread −0.103% now, against its 7-day average of −0.027%). If the spread goes back, that is −$8 on $10k: about 2.9 days of funding at the current rate (+$3 a day). The two prices were read 51 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	MEXC SPY_USDT	774.78	0.0013	pay 0.0013% / 8h	7h 48m	$28.7M	$11.5M	100x
Short	ApeX Omni SPYUSDT	773.98	0.0100	get 0.0013% / 1h	48m 30s	$159K	$23K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against MEXC. 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 MEXCbpFee ApeX OmnibpOrdersPrice spread, now −0.103%Rate

Funding earned: $18.27
Price spread: −0.103% → −0.027%: −$7.62
Slippage, 4 orders: −$29.83
Fee MEXC: 0 bp × 2 orders: $0
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$29.18
Costs to cover: 0.398%
Break-even: 18.2 days

Slippage from MEXC: live order book, 10 min ago; ApeX Omni: live order book, 22 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 MEXC live order book, 10 min ago	0.06 bp	0.1 bp $0	0.1 bp −$1	0.4 bp −$42	1.3 bp −$643
Sell ApeX Omni live order book, 22 min ago	1.62 bp	16.1 bp −$16	80.6 bp −$806	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
BloFin SPY-USDT	−0.0107%	8h	774.71	−0.009%	$412K	$571K	50x	as long as short
Arcus SPY-USD	−0.0016%	1h	773.73	−0.136%	$937K	$1.4M	50x	as long as short
Aster SPYUSDT	0.0000%	8h	774.68	−0.012%	$863K	$204K	20x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.92	+0.018%	$6.3M	$2.0M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.85	+0.009%	$7.9M	$3.3M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	774.40	−0.049%	$763K	$2.3M	75x	as long as short
SunX SPY-USDT	0.0000%	8h	775.88	+0.142%	$2K	$1.5M	10x	as long as short
HTX SPY-USDT	0.0000%	8h	774.42	−0.046%	$308K	$20K	50x	as long as short
MEXC SPY_USDTlong	+0.0013%	8h	774.78	long leg	$28.7M	$11.5M	100x
Binance SPYUSDT	+0.0013%	8h	774.79	+0.002%	$28.5M	$81.6M	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter SPY	+0.0032%	1h	774.46	−0.041%	$8.2M	$21.4M	50x	as long as short
Lighter RH SPY	+0.0032%	1h	775.01	+0.030%	$57.3M	$112.7M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.54	−0.160%	—	$123K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.68	−0.142%	$4.8M	$847K	20x	as long as short
Bitget SPYUSDT	+0.0051%	8h	774.90	+0.015%	$11.0M	$2.4M	50x	as long as short
Phoenix SPY	+0.0062%	1h	773.96	−0.106%	$161K	$296K	20x	as long as short
Coinbase International SPY-PERP-INTX	+0.0064%	1h	774.00	−0.101%	$954K	$559K	20x	as long as short
GRVT SPY_USDT_Perp	+0.0074%	8h	774.69	−0.012%	$157K	$400K	10x	as long as short
Nado SPY-PERP	+0.0086%	1h	774.36	−0.054%	$1.5M	$290K	20x	as long as short
Deribit SPY_USDC-PERPETUAL	+0.0099%	1h	774.54	−0.031%	$23K	$59K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	774.21	−0.074%	$2.5M	$951K	20x	as long as short
ApeX Omni SPYUSDTshort	+0.0100%	1h	773.98	−0.103%	$159K	$23K	50x
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.77	−0.001%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	774.16	−0.080%	$87K	—	10x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0208% / S −0.0429%	1h	774.79	+0.002%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0232%	4h	774.53	−0.032%	$640K	$241K	20x	as long as short
RISEx SPY/USDC	+0.0320%	1h	774.91	+0.017%	$6.9M	$5.2M	25x	as long as short