Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0057%/8h= −6.3% APRpaid last 24h +0.028%

Price spread now: RISEx against Orderly+0.043%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 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

The price spread pays, funding is against you. RISEx is 0.043% dearer against Orderly than usual: you sell high and buy low (spread +0.043% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_SPY_USDC_mythos	774.24	0.0100	pay 0.0100% / 8h	1h 44m	$1K	—	20x
Short	RISEx SPY/USDC	774.58	0.0043	get 0.0005% / 1h	44m 18s	$7.0M	$4.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx against Orderly. 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 OrderlybpFee RISExbpOrdersPrice spread, now +0.043%Rate

Funding earned: −$12.05
Price spread: +0.043% → 0.000%: $4.34
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$19.71
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; RISEx: live order book, 5 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 RISEx live order book, 5 min ago	0.06 bp	3.1 bp −$3	3.4 bp −$34	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	−0.0249%	1h	773.48	−0.098%	$164K	$25K	50x	as long as short
BloFin SPY-USDT	−0.0120%	8h	774.09	−0.019%	$419K	$472K	50x	as long as short
Phoenix SPY	−0.0114%	1h	773.79	−0.058%	$161K	$294K	20x	as long as short
Ondo Perps SPY-USD.P	−0.0062%	1h	773.15	−0.141%	$4.7M	$832K	20x	as long as short
Nado SPY-PERP	−0.0032%	1h	774.13	−0.014%	$1.5M	$255K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	774.17	−0.009%	$863K	$196K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.30	+0.008%	$28.6M	$78.8M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.21	−0.004%	$6.2M	$1.7M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.20	−0.005%	$8.0M	$3.3M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.90	−0.044%	$770K	$2.4M	75x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SPY_USDT	0.0000%	8h	774.30	+0.008%	$29.7M	$11.9M	100x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.48	+0.031%	$10.9M	$1.8M	50x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.44	+0.026%	$169K	$351K	10x	as long as short
SunX SPY-USDT	0.0000%	8h	775.50	+0.163%	$2K	$1.4M	10x	as long as short
Deribit SPY_USDC-PERPETUAL	0.0000%	1h	774.08	−0.021%	$23K	$56K	20x	as long as short
HTX SPY-USDT	0.0000%	8h	774.69	+0.058%	$300K	$38K	50x	as long as short
edgeX SPYUSDC	+0.0002%	4h	774.24	0.000%	$640K	$243K	20x	as long as short
Lighter SPY	+0.0032%	1h	774.42	+0.023%	$8.2M	$18.6M	50x	as long as short
Lighter RH SPY	+0.0032%	1h	774.73	+0.063%	$56.3M	$117.9M	50x	as long as short
Coinbase International SPY-PERP-INTX	+0.0032%	1h	773.77	−0.061%	$950K	$555K	20x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.48	−0.098%	$927K	$1.4M	50x	as long as short
RISEx SPY/USDCshort	+0.0043%	1h	774.58	+0.043%	$7.0M	$4.1M	25x
Vest SPY-USD-PERP	+0.0046%	1h	773.37	−0.112%	—	$123K	50x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.61	−0.081%	$2.5M	$990K	20x	as long as short
Orderly PERP_SPY_USDC_mythoslong	+0.0100%	8h	774.24	long leg	$1K	—	20x
Aevo SPY-PERP	+0.0104%	1h	773.78	−0.060%	$87K	—	10x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.30	+0.008%	$10K	—	26x	as long as short