Funding you earn now, next payment 08:00 UTC−0.0119%/8h= −13.0% APRnext payment −$0.15 per $10,000 · paid last 24h −0.063%
Price spread now: Phoenix against Nado+0.006%7-day average −0.033% · 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−$26as in the Price arb table
costs, in and out, $10k−$300.295% of the position
Funding, last 4 days (all we have)−0.057%−$6 on $10k
+Price spread, last 4 days (all we have)−0.019%−$2 · spread now +0.006%, 7d avg −0.033%
=Together, before fees−0.077%+ Points / potential airdropNado: Active · farm board−$8 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Phoenix is 0.039% dearer against Nado than usual: you sell high and buy low (spread +0.006% now, against its 7-day average of −0.033%): +$4 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 26 hours. At the pace of the last 4 days (−0.057% in total) that is about 2.4 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Nado SPY-PERP | 771.84 | 0.0088 | pay 0.0011% / 1h | 28m 56s | $1.5M | $252K | 20x |
| Short | Phoenix SPY | 771.89 | −0.0031 | pay 0.0004% / 1h | 28m 56s | $158K | $151K | 20x |
Nado SPY-PERP
Phoenix SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Nado. 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
- −$25.02
- Price spread: +0.006% → −0.033%
- $3.89
- Slippage, 4 orders
- −$15.5
- Fee Nado: 3.5 bp × 2 orders
- −$7
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$50.63
- Costs to cover
- 0.295%
- Break-even
- never at this rate
Slippage from Nado: live order book, 5 min ago; Phoenix: 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 Nado live order book, 5 min ago | 0.06 bp | 5.2 bp −$5 | 12.3 bp −$123 | 38.3 bp −$3,831 | doesn't fit |
| Sell Phoenix live order book, 1 min ago | 0.13 bp | 7.9 bp −$8 | 15.7 bp −$157 | 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 | 772.18 | +0.044% | $417K | $437K | 50x | as long as short |
| Phoenix SPYshort | −0.0031% | 1h | 771.89 | +0.006% | $158K | $151K | 20x | |
| Aster SPYUSDT | 0.0000% | 8h | 772.21 | +0.048% | $863K | $199K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 772.12 | +0.036% | $28.6M | $75.3M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 772.02 | +0.023% | $6.2M | $1.5M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 772.05 | +0.027% | $7.8M | $3.1M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 771.88 | +0.005% | $793K | $2.5M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 772.11 | +0.035% | $29.6M | $11.6M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 772.31 | +0.061% | $10.9M | $1.5M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 772.56 | +0.093% | $159K | $330K | 10x | as long as short |
BloFin SPY-USDT
Aster SPYUSDT
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
Bitget SPYUSDT
GRVT SPY_USDT_PerpShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX SPY-USDT | 0.0000% | 8h | 773.40 | +0.202% | $2K | $1.3M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 772.37 | +0.068% | $299K | $38K | 50x | as long as short |
| Lighter RH SPY | +0.0032% | 1h | 772.27 | +0.055% | $56.7M | $118.9M | 50x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0035% | 1h | 771.85 | +0.001% | $23K | $55K | 20x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 771.49 | −0.046% | $922K | $1.3M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 771.08 | −0.099% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 771.40 | −0.057% | $4.8M | $849K | 20x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0056% | 1h | 772.12 | +0.036% | $950K | $507K | 20x | as long as short |
| Nado SPY-PERPlong | +0.0088% | 1h | 771.84 | long leg | $1.5M | $252K | 20x | |
| KuCoin SPYUSDTM | +0.0100% | 8h | 771.75 | −0.012% | $2.5M | $1.0M | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 771.86 | +0.002% | $164K | $25K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 772.12 | +0.036% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 771.66 | −0.024% | $87K | — | 10x | as long as short |
| Lighter SPY | +0.0112% | 1h | 772.11 | +0.035% | $7.9M | $17.1M | 50x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 772.22 | +0.048% | $10K | — | 26x | as long as short |
| RISEx SPY/USDC | +0.0211% | 1h | 772.32 | +0.062% | $7.2M | $3.5M | 25x | as long as short |
| edgeX SPYUSDC | +0.0861% | 4h | 772.20 | +0.047% | $638K | $243K | 20x | as long as short |
SunX SPY-USDT
HTX SPY-USDT
Lighter RH SPY
Deribit SPY_USDC-PERPETUAL
Arcus SPY-USD
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
Coinbase International SPY-PERP-INTX
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
Lighter SPY
GMX SPY/USD [ETH-USDC]
RISEx SPY/USDC
edgeX SPYUSDC