Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 16:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.018%

Price spread now: Bitget against OKX+0.039%7-day average +0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$240.245% of the position

Long on OKX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.024%+$2 on $10k

Price spread, last 7 days−0.034%−$3 · spread now +0.039%, 7d avg +0.017%

Together, before fees−0.010%−$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.022% dearer against OKX than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX SPY-USDT-SWAP	774.11	0	get 0.0000% / 8h	4h 50m	$7.8M	$3.1M	50x
Short	Bitget SPYUSDT	774.41	0	get 0.0000% / 8h	4h 50m	$11.1M	$1.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.039%Rate

Funding earned: $0
Price spread: +0.039% → +0.017%: $2.22
Slippage, 4 orders: −$2.46
Fee OKX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$22.25
Costs to cover: 0.245%
Break-even: never at this rate

Slippage from OKX: live order book, 6 min ago; Bitget: 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 OKX live order book, 6 min ago	0.06 bp	5.4 bp −$5	6.9 bp −$69	14.0 bp −$1,403	doesn't fit
Sell Bitget live order book, 1 min ago	0.06 bp	6.9 bp −$7	9.0 bp −$90	19.2 bp −$1,920	31.6 bp −$15.8K

SPY on 27 exchanges

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	774.73	+0.080%	$420K	$399K	50x	as long as short
Arcus SPY-USD	−0.0042%	1h	773.77	−0.044%	$1.0M	$1.4M	50x	as long as short
Aster SPYUSDT	0.0000%	8h	774.51	+0.052%	$862K	$207K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.74	+0.081%	$28.5M	$73.2M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.16	+0.006%	$6.2M	$1.5M	100x	as long as short
OKX SPY-USDT-SWAPlong	0.0000%	8h	774.11	long leg	$7.8M	$3.1M	50x
RISEx SPY/USDC	0.0000%	1h	774.64	+0.069%	$7.1M	$3.1M	25x	as long as short
Gate SPY_USDT	0.0000%	8h	774.32	+0.027%	$793K	$2.4M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	774.75	+0.083%	$29.5M	$13.4M	100x	as long as short
Bitget SPYUSDTshort	0.0000%	8h	774.41	+0.039%	$11.1M	$1.6M	50x

Show all 27 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT SPY_USDT_Perp	0.0000%	8h	774.91	+0.104%	$165K	$335K	10x	as long as short
SunX SPY-USDT	0.0000%	8h	775.84	+0.223%	$2K	$1.1M	10x	as long as short
Deribit SPY_USDC-PERPETUAL	0.0000%	1h	774.35	+0.031%	$23K	$38K	20x	as long as short
HTX SPY-USDT	0.0000%	8h	774.96	+0.110%	$300K	$25K	50x	as long as short
Phoenix SPY	+0.0010%	1h	773.99	−0.016%	$158K	$74K	20x	as long as short
Lighter SPY	+0.0032%	1h	774.51	+0.052%	$7.8M	$16.1M	50x	as long as short
Lighter RH SPY	+0.0032%	1h	774.82	+0.092%	$57.2M	$114.7M	50x	as long as short
Coinbase International SPY-PERP-INTX	+0.0040%	1h	774.26	+0.019%	$952K	$172K	20x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.55	−0.072%	—	$85K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.64	−0.061%	$4.8M	$834K	20x	as long as short
Nado SPY-PERP	+0.0056%	1h	774.32	+0.028%	$1.5M	$276K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	774.02	−0.012%	$2.5M	$1.0M	20x	as long as short
ApeX Omni SPYUSDT	+0.0100%	1h	774.16	+0.006%	$226K	$54K	50x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.13	+0.003%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.63	−0.062%	$87K	—	10x	as long as short
edgeX SPYUSDC	+0.0190%	4h	774.39	+0.036%	$640K	$242K	20x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.75	+0.082%	$10K	—	26x	as long as short