Funding you earn now, next payment 00:00 UTC+0.0044%/8h= +4.8% APRpaid last 24h −0.069%
Price spread now: Phoenix against MEXC−0.093%7-day average −0.070% · you buy dearer than you sell
Net, funding: paid 7d − costs−$2as in the Funding arb table
Net, price: spread back to 7d avg − costs−$18as in the Price arb table
costs, in and out, $10k−$160.160% of the position
Funding, last 7 days+0.137%+$14 on $10k
+Price spread, last 3 days (all we have)+0.035%+$4 · spread now −0.093%, 7d avg −0.070%
=Funding pays, the price is against you. Phoenix is 0.023% cheaper against MEXC than usual: you would sell low and buy high (spread −0.093% now, against its 7-day average of −0.070%). If the spread goes back, that is −$2 on $10k: about 41 hours of funding at the current rate (+$1 a day).
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | MEXC SPY_USDT | 774.71 | 0.0018 | pay 0.0018% / 8h | 7h 27m | $30.0M | $11.7M | 100x |
| Short | Phoenix SPY | 773.99 | 0.0062 | get 0.0008% / 1h | 27m 27s | $161K | $296K | 20x |
MEXC SPY_USDT
Phoenix SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against MEXC. 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
- $9.24
- Price spread: −0.093% → −0.070%
- −$2.26
- Slippage, 4 orders
- −$8.96
- Fee MEXC: 0 bp × 2 orders
- $0
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$8.97
- Costs to cover
- 0.160%
- Break-even
- 13.8 days
Slippage from MEXC: live order book, 1 min ago; Phoenix: live order book, 43 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, 1 min ago | 0.06 bp | 0.1 bp $0 | 0.1 bp −$1 | 0.2 bp −$23 | 1.5 bp −$752 |
| Sell Phoenix live order book, 43 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 | |
|---|---|---|---|---|---|---|---|---|
| BloFin SPY-USDT | −0.0102% | 8h | 774.60 | −0.014% | $413K | $571K | 50x | as long as short |
| Arcus SPY-USD | −0.0016% | 1h | 773.72 | −0.128% | $937K | $1.4M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.81 | +0.013% | $6.3M | $2.0M | 100x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 774.27 | −0.057% | $780K | $2.3M | 75x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.80 | +0.141% | $2K | $1.5M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.80 | +0.012% | $308K | $20K | 50x | as long as short |
| Aster SPYUSDT | +0.0006% | 8h | 774.55 | −0.021% | $863K | $204K | 20x | as long as short |
| OKX SPY-USDT-SWAP | +0.0006% | 8h | 774.73 | +0.003% | $7.9M | $3.3M | 50x | as long as short |
| MEXC SPY_USDTlong | +0.0018% | 8h | 774.71 | long leg | $30.0M | $11.7M | 100x | |
| Binance SPYUSDT | +0.0019% | 8h | 774.67 | −0.005% | $28.5M | $81.2M | 50x | as long as short |
BloFin SPY-USDT
Arcus SPY-USD
Bybit SPYUSDT
Gate SPY_USDT
SunX SPY-USDT
HTX SPY-USDT
Aster SPYUSDT
OKX SPY-USDT-SWAP
Binance SPYUSDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget SPYUSDT | +0.0025% | 8h | 774.60 | −0.014% | $11.0M | $2.3M | 50x | as long as short |
| Lighter SPY | +0.0032% | 1h | 774.41 | −0.039% | $8.2M | $21.6M | 50x | as long as short |
| Lighter RH SPY | +0.0032% | 1h | 774.85 | +0.018% | $57.3M | $113.9M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.43 | −0.165% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.56 | −0.148% | $4.8M | $847K | 20x | as long as short |
| GRVT SPY_USDT_Perp | +0.0062% | 8h | 774.68 | −0.004% | $168K | $398K | 10x | as long as short |
| Phoenix SPYshort | +0.0062% | 1h | 773.99 | −0.093% | $161K | $296K | 20x | |
| Coinbase International SPY-PERP-INTX | +0.0064% | 1h | 774.00 | −0.092% | $954K | $554K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 774.00 | −0.092% | $2.5M | $949K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 774.00 | −0.092% | $159K | $23K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.63 | −0.010% | $1K | — | 20x | as long as short |
| Nado SPY-PERP | +0.0101% | 1h | 774.21 | −0.065% | $1.5M | $282K | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 774.07 | −0.083% | $87K | — | 10x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0176% | 1h | 774.45 | −0.034% | $23K | $55K | 20x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0208% / S −0.0429% | 1h | 774.72 | +0.001% | $10K | — | 26x | as long as short |
| RISEx SPY/USDC | +0.0320% | 1h | 774.80 | +0.012% | $6.9M | $5.2M | 25x | as long as short |
| edgeX SPYUSDC | +0.0425% | 4h | 774.49 | −0.028% | $640K | $240K | 20x | as long as short |
Bitget SPYUSDT
Lighter SPY
Lighter RH SPY
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
GRVT SPY_USDT_Perp
Coinbase International SPY-PERP-INTX
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Nado SPY-PERP
Aevo SPY-PERP
Deribit SPY_USDC-PERPETUAL
GMX SPY/USD [ETH-USDC]
RISEx SPY/USDC
edgeX SPYUSDC