Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0303%/8h= +33.2% APRpaid last 24h −0.111%

Price spread now: edgeX against Nado+0.031%62s7-day average +0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$320.323% of the position

Long on Nado Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.408%−$41 on $10k

Price spread, last 3 days (all we have)−0.004%$0 · spread now +0.031%, 7d avg +0.021%

Together, before fees−0.412%+ Points / potential airdropNado: Active · edgeX: Active · farm board−$41 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.021%, so right now this pair is about funding alone: +$9 a day on $10k at the current rate. Mind the row above: over the last 3 days funding on this pair cost −0.408%, so the current rate has only just turned in your favour. The two prices were read 62 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	Nado SPY-PERP	773.84	0.0045	pay 0.0006% / 1h	5m 54s	$1.5M	$304K	20x
Short	edgeX SPYUSDC	774.08	0.0348	get 0.0174% / 4h	1h 05m	$640K	$240K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Nado. 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 NadobpFee edgeXbpOrdersPrice spread, now +0.031%Rate

Funding earned: $63.58
Price spread: +0.031% → +0.021%: $1.03
Slippage, 4 orders: −$16.26
Fee Nado: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $32.36
Costs to cover: 0.323%
Break-even: 3.4 days

Slippage from Nado: live order book, 3 min ago; edgeX: live order book, 13 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 Nado live order book, 3 min ago	0.19 bp	6.9 bp −$7	15.2 bp −$152	40.1 bp −$4,010	doesn't fit
Sell edgeX live order book, 13 min ago	5.17 bp	9.7 bp −$10	10.4 bp −$104	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	−0.0120%	8h	774.27	+0.055%	$413K	$726K	50x	as long as short
Arcus SPY-USD	−0.0112%	1h	773.22	−0.080%	$939K	$1.4M	50x	as long as short
Phoenix SPY	−0.0041%	1h	773.66	−0.023%	$161K	$296K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	774.30	+0.059%	$863K	$204K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.31	+0.061%	$28.5M	$83.6M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.38	+0.070%	$6.2M	$2.1M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.33	+0.063%	$7.9M	$3.4M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.68	−0.021%	$746K	$2.2M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	774.30	+0.059%	$26.7M	$12.5M	100x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.29	+0.058%	$157K	$419K	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	775.32	+0.191%	$2K	$1.5M	10x	as long as short
Deribit SPY_USDC-PERPETUAL	0.0000%	1h	773.98	+0.018%	$23K	$67K	20x	as long as short
HTX SPY-USDT	0.0000%	8h	774.51	+0.086%	$308K	$20K	50x	as long as short
Bitget SPYUSDT	+0.0014%	8h	774.39	+0.071%	$11.0M	$2.7M	50x	as long as short
Lighter SPY	+0.0032%	1h	774.05	+0.027%	$8.6M	$22.5M	50x	as long as short
Lighter RH SPY	+0.0032%	1h	774.48	+0.082%	$57.0M	$122.5M	50x	as long as short
Nado SPY-PERPlong	+0.0045%	1h	773.84	long leg	$1.5M	$304K	20x
Vest SPY-USD-PERP	+0.0046%	1h	773.09	−0.097%	—	$123K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.49	−0.045%	$4.8M	$910K	20x	as long as short
Coinbase International SPY-PERP-INTX	+0.0064%	1h	773.56	−0.036%	$955K	$630K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.79	−0.007%	$2.5M	$980K	20x	as long as short
ApeX Omni SPYUSDT	+0.0100%	1h	773.89	+0.006%	$158K	$23K	50x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.18	+0.044%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.73	−0.015%	$87K	—	10x	as long as short
RISEx SPY/USDC	+0.0204%	1h	774.39	+0.070%	$6.9M	$5.2M	25x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0208% / S −0.0429%	1h	774.25	+0.053%	$10K	—	26x	as long as short
edgeX SPYUSDCshort	+0.0348%	4h	774.08	+0.031%	$640K	$240K	20x