Funding you earn now, next payment 06:00 UTC−0.0214%/8h= −23.4% APRpaid last 24h −0.079%
Price spread now: Phoenix against Orderly−0.061%66s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 5 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Phoenix is 0.061% cheaper against Orderly than usual: you would sell low and buy high (−$6 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 66 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 | Orderly PERP_SPY_USDC_mythos | 774.39 | 0.0100 | pay 0.0100% / 8h | 1h 06m | $1K | — | 20x |
| Short | Phoenix SPY | 773.92 | −0.0114 | pay 0.0014% / 1h | 6m 01s | $161K | $294K | 20x |
Orderly PERP_SPY_USDC_mythos
Phoenix SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Orderly. 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
- −$44.87
- Price spread: −0.061% → 0.000%
- −$6.07
- Slippage, 4 orders
- no order book: not counted
- Fee Orderly: 3 bp × 2 orders
- −$6
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$63.94
- Costs to cover
- 0.130%
- Break-even
- never at this rate
Slippage unknown: Orderly: no order-book sample; Phoenix: live order book, 35 min ago. 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 Orderly no order-book sample | — | — | — | — | — |
| Sell Phoenix live order book, 35 min ago | 0.13 bp | 7.9 bp −$8 | 15.8 bp −$158 | doesn't fit | doesn't fit |
Orderly: 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 | |
|---|---|---|---|---|---|---|---|---|
| ApeX Omni SPYUSDT | −0.0281% | 1h | 773.48 | −0.118% | $164K | $25K | 50x | as long as short |
| BloFin SPY-USDT | −0.0120% | 8h | 774.10 | −0.037% | $418K | $472K | 50x | as long as short |
| Phoenix SPYshort | −0.0114% | 1h | 773.92 | −0.061% | $161K | $294K | 20x | |
| Nado SPY-PERP | −0.0026% | 1h | 774.20 | −0.025% | $1.6M | $251K | 20x | as long as short |
| Ondo Perps SPY-USD.P | −0.0010% | 1h | 773.70 | −0.089% | $4.8M | $871K | 20x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 774.40 | +0.001% | $864K | $198K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.46 | +0.010% | $28.7M | $78.4M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.26 | −0.017% | $6.2M | $1.7M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.41 | +0.003% | $7.9M | $3.3M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.92 | −0.061% | $770K | $2.5M | 75x | as long as short |
ApeX Omni SPYUSDT
BloFin SPY-USDT
Nado SPY-PERP
Ondo Perps SPY-USD.P
Aster SPYUSDT
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| MEXC SPY_USDT | 0.0000% | 8h | 774.49 | +0.013% | $29.7M | $11.9M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.54 | +0.019% | $10.9M | $1.8M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.51 | +0.015% | $158K | $361K | 10x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.61 | +0.158% | $2K | $1.4M | 10x | as long as short |
| Deribit SPY_USDC-PERPETUAL | 0.0000% | 1h | 774.21 | −0.023% | $23K | $56K | 20x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.74 | +0.045% | $300K | $38K | 50x | as long as short |
| Lighter SPY | +0.0032% | 1h | 774.49 | +0.013% | $8.2M | $18.6M | 50x | as long as short |
| Lighter RH SPY | +0.0032% | 1h | 774.74 | +0.045% | $56.7M | $120.6M | 50x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0032% | 1h | 773.92 | −0.061% | $950K | $531K | 20x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 773.61 | −0.101% | $927K | $1.4M | 50x | as long as short |
| RISEx SPY/USDC | +0.0043% | 1h | 774.65 | +0.034% | $7.1M | $4.1M | 25x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.47 | −0.119% | — | $123K | 50x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.62 | −0.099% | $2.5M | $1.0M | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythoslong | +0.0100% | 8h | 774.39 | long leg | $1K | — | 20x | |
| Aevo SPY-PERP | +0.0104% | 1h | 773.92 | −0.061% | $87K | — | 10x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.50 | +0.015% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0626% | 4h | 774.36 | −0.004% | $640K | $242K | 20x | as long as short |
MEXC SPY_USDT
Bitget SPYUSDT
GRVT SPY_USDT_Perp
SunX SPY-USDT
Deribit SPY_USDC-PERPETUAL
HTX SPY-USDT
Lighter SPY
Lighter RH SPY
Coinbase International SPY-PERP-INTX
Arcus SPY-USD
RISEx SPY/USDC
Vest SPY-USD-PERP
KuCoin SPYUSDTM
Aevo SPY-PERP
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC