Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0090%/8h= +9.9% APRpaid last 24h +0.018%

Price spread now: Aevo against OKX−0.062%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on OKX Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days+0.204%+$20 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Aevo is 0.062% cheaper against OKX than usual: you would sell low and buy high (spread −0.062% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 2.3 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX SPY-USDT-SWAP	774.19	0.0014	pay 0.0014% / 8h	6h 44m	$7.9M	$3.3M	50x
Short	Aevo SPY-PERP	773.71	0.0104	get 0.0013% / 1h	44m 24s	$87K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against OKX. 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 OKXbpFee AevobpOrdersPrice spread, now −0.062%Rate

Funding earned: $19
Price spread: −0.062% → 0.000%: −$6.2
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$13.19
Costs to cover: 0.260%
Break-even: 11.9 days

Slippage unknown: OKX: live order book, 4 min ago; Aevo: no order-book sample. Net counts fees only.

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 OKX live order book, 4 min ago	0.06 bp	5.3 bp −$5	7.7 bp −$77	19.0 bp −$1,899	doesn't fit
Sell Aevo no order-book sample	—	—	—	—	—

Aevo: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0096%	8h	774.30	+0.014%	$417K	$545K	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.16	−0.004%	$6.3M	$2.0M	100x	as long as short
Gate SPY_USDT	0.0000%	8h	773.77	−0.054%	$780K	$2.3M	75x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.40	+0.027%	$10.9M	$2.2M	50x	as long as short
SunX SPY-USDT	0.0000%	8h	775.40	+0.156%	$2K	$1.5M	10x	as long as short
HTX SPY-USDT	0.0000%	8h	774.30	+0.014%	$308K	$20K	50x	as long as short
OKX SPY-USDT-SWAPlong	+0.0014%	8h	774.19	long leg	$7.9M	$3.3M	50x
Aster SPYUSDT	+0.0016%	8h	774.34	+0.020%	$863K	$204K	20x	as long as short
MEXC SPY_USDT	+0.0023%	8h	774.23	+0.005%	$19.7M	$11.7M	100x	as long as short
Binance SPYUSDT	+0.0023%	8h	774.25	+0.008%	$28.4M	$80.5M	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT SPY_USDT_Perp	+0.0029%	8h	774.37	+0.024%	$163K	$381K	10x	as long as short
Lighter SPY	+0.0032%	1h	774.13	−0.008%	$8.3M	$21.3M	50x	as long as short
Lighter RH SPY	+0.0032%	1h	774.53	+0.044%	$57.3M	$112.2M	50x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.40	−0.102%	$935K	$1.4M	50x	as long as short
Phoenix SPY	+0.0041%	1h	773.86	−0.043%	$161K	$296K	20x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.06	−0.146%	—	$123K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.46	−0.094%	$4.8M	$842K	20x	as long as short
Coinbase International SPY-PERP-INTX	+0.0088%	1h	774.14	−0.006%	$955K	$555K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.88	−0.040%	$2.5M	$942K	20x	as long as short
ApeX Omni SPYUSDT	+0.0100%	1h	773.79	−0.052%	$159K	$23K	50x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.28	+0.012%	$1K	—	20x	as long as short
Nado SPY-PERP	+0.0103%	1h	773.86	−0.042%	$1.5M	$285K	20x	as long as short
Aevo SPY-PERPshort	+0.0104%	1h	773.71	−0.062%	$87K	—	10x
Deribit SPY_USDC-PERPETUAL	+0.0112%	1h	774.01	−0.023%	$23K	$55K	20x	as long as short
RISEx SPY/USDC	+0.0190%	1h	774.38	+0.024%	$7.0M	$5.2M	25x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.25	+0.008%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0802%	4h	774.10	−0.011%	$640K	$242K	20x	as long as short