Funding you earn now, next payment 01:00 UTC+0.0027%/8h= +3.0% APRpaid last 24h −0.044%
Price spread now: Phoenix against OKX−0.044%7-day average −0.054% · you buy dearer than you sell
Net, funding: paid 7d − costs−$6as in the Funding arb table
Net, price: spread back to 7d avg − costs−$26as in the Price arb table
costs, in and out, $10k−$270.271% of the position
Funding, last 7 days+0.215%+$22 on $10k
+Price spread, last 4 days (all we have)+0.015%+$2 · spread now −0.044%, 7d avg −0.054%
=The price spread sits at its 7-day average of −0.054%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | OKX SPY-USDT-SWAP | 774.20 | 0.0014 | pay 0.0014% / 8h | 6h 44m | $7.9M | $3.3M | 50x |
| Short | Phoenix SPY | 773.86 | 0.0041 | get 0.0005% / 1h | 44m 59s | $161K | $296K | 20x |
OKX SPY-USDT-SWAP
Phoenix SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against OKX. 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
- $5.75
- Price spread: −0.044% → −0.054%
- $0.97
- Slippage, 4 orders
- −$10.05
- Fee OKX: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$20.33
- Costs to cover
- 0.271%
- Break-even
- 31.8 days
Slippage from OKX: live order book, 3 min ago; Phoenix: live order book, 20 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, 3 min ago | 0.06 bp | 5.3 bp −$5 | 7.7 bp −$77 | 19.0 bp −$1,899 | doesn't fit |
| Sell Phoenix live order book, 20 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 | −0.0096% | 8h | 774.30 | +0.013% | $417K | $545K | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.16 | −0.005% | $6.3M | $2.0M | 100x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.78 | −0.054% | $780K | $2.3M | 75x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.41 | +0.027% | $10.9M | $2.2M | 50x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.40 | +0.155% | $2K | $1.5M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.30 | +0.013% | $308K | $20K | 50x | as long as short |
| OKX SPY-USDT-SWAPlong | +0.0014% | 8h | 774.20 | long leg | $7.9M | $3.3M | 50x | |
| Aster SPYUSDT | +0.0016% | 8h | 774.33 | +0.017% | $863K | $204K | 20x | as long as short |
| MEXC SPY_USDT | +0.0022% | 8h | 774.25 | +0.006% | $19.7M | $11.7M | 100x | as long as short |
| Binance SPYUSDT | +0.0023% | 8h | 774.26 | +0.007% | $28.4M | $80.6M | 50x | as long as short |
BloFin SPY-USDT
Bybit SPYUSDT
Gate SPY_USDT
Bitget SPYUSDT
SunX SPY-USDT
HTX SPY-USDT
Aster SPYUSDT
MEXC SPY_USDT
Binance SPYUSDTShow 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 | +0.022% | $163K | $381K | 10x | as long as short |
| Lighter SPY | +0.0032% | 1h | 774.14 | −0.008% | $8.3M | $21.3M | 50x | as long as short |
| Lighter RH SPY | +0.0032% | 1h | 774.53 | +0.043% | $57.3M | $112.2M | 50x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 773.40 | −0.103% | $935K | $1.4M | 50x | as long as short |
| Phoenix SPYshort | +0.0041% | 1h | 773.86 | −0.044% | $161K | $296K | 20x | |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.02 | −0.152% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.46 | −0.096% | $4.8M | $842K | 20x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0088% | 1h | 774.14 | −0.008% | $955K | $555K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.90 | −0.039% | $2.5M | $943K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 773.79 | −0.053% | $159K | $23K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.24 | +0.005% | $1K | — | 20x | as long as short |
| Nado SPY-PERP | +0.0101% | 1h | 773.83 | −0.048% | $1.5M | $285K | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.66 | −0.069% | $87K | — | 10x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0125% | 1h | 774.03 | −0.022% | $23K | $55K | 20x | as long as short |
| RISEx SPY/USDC | +0.0190% | 1h | 774.36 | +0.020% | $7.0M | $5.2M | 25x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.25 | +0.007% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0802% | 4h | 774.10 | −0.013% | $640K | $242K | 20x | as long as short |
GRVT SPY_USDT_Perp
Lighter SPY
Lighter RH SPY
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
Nado SPY-PERP
Aevo SPY-PERP
Deribit SPY_USDC-PERPETUAL
RISEx SPY/USDC
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC