TxFlow Level Up: trade perps and earn up to 300 USDC at $4M volume. Until Nov 2 Join
Settings8H · net · $10k
LanguageThe language of the site
ThemeDark, or a soft blue-grey
FundingPeriod funding rates are shown in
UnitsPercent or basis points
CostsCount taker fees and slippage in Net
SizePosition per leg used for Net and slippage
ExchangesWhich exchanges to include everywhere
My profile →
My profile
Funding arb · Price arb / RWA

SPY

RWAAll SPY markets →
Backtest 30d
LegExchangePriceFund. /8hEach paymentNext inOIVol 24hLev
LONG
PhemexSPYXUSDT
757.4500.0000% / 4h34m 22s$849K$12K10xLong Phemex
SHORT
Ondo PerpsSPY-USD.P
755.60+0.0050get 0.0006% / 1h34m 22s$4.7M$497K20xShort Ondo Perps5% off
Price gap−0.244%
Funding gap+0.0050% /8h

Funding pays +$2 a day on $10k, but the gap is 0.032% under its 7d average: −$3 if it goes back, about 2.1 days of funding.

If you open now and hold

on $10k a leg · figures of the last 7D, not a forecast
Funding+$9+0.0050% /8h now · paid +0.095% over the last 7D
Price−$3spread −0.244% now, avg −0.212% → −0.032% if it goes back
Costs−$790.790% of $10k · taker + slippage, in and out
Result−$73−0.73%+ Points / potential airdropOndo Perps: points · farm boardWhat the last 7D really paid, hour by hour → backtest

Price and funding

1h · history
ENTRY / EXIT · 7D
Entry now—
Entry average—
Best entry—
Exit now—
Exit average—
Best exit—
Exit free—
PRICE SPREAD · 7D
Now−0.244%
Average—
Range—
Wider than now—
FUNDING SPREAD · 7D
Average /8h—
Highest—
Lowest—
Paid you—

Where the spread has been, last 7D

share of time at each level

Funding on every exchange

/8h

SPY on 33 exchanges

lowest funding first

Before you open

1 ok · 5 to watch
  • Watch: Thin at this size30.9 / 8.3 bp
    At $10k entering Phemex costs 30.9 bp, fee and slippage, 3.7× Ondo Perps’s.
  • Note: Margin at max leverage$1,000 + $500
    Phemex 10x, Ondo Perps 20x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
  • Watch: Payment intervals differ4h / 1h
    Payments land at different times. Close right after the slower leg pays.
    Next 24h at the current rates, on $10k a leg: +$1.51Long Phemex: 6 payments, $0.00; short Ondo Perps: 24 payments, +$1.51.
  • Watch: Gap narrower than usual−0.244% vs −0.212%
    Less room for the price leg to pay you. If it goes back to average, the short loses.
  • Watch: Long leg is thinner$849K vs $4.7M OI
    Phemex sets your exit cost. Check its book before closing.
  • OK: Points on a legOndo Perps points
    Volume here counts toward the points program.
  • Watch: KYCPhemex Yes · Ondo Perps No
    KYC unlocks spot and futures trading; an unverified account cannot withdraw at all.

Profit calculator

both legs, in and out
Position, each leg
Hold for
Orders
Price spread
Funding rate
Funding earned+0.0045%/8h × 21 periods+$9.48
Price spread−0.244% → −0.212% (7d avg)−$3.19
Slippage, 4 orderslive order books−$62.05
Fee Phemex bp × 2 orders−$12.00
Fee Ondo Perps bp × 2 orders−$5.00
Net · 7 days · $10k−$72.75
Costs to cover0.790%Break-even60.7 days
Slippage: Phemex: live order book, 10 min ago; Ondo Perps: live order book, 3 min ago

Cost to enter

taker + slippage from mid, one side
BUY · LONGPhemex2.3830.9 bp−$31121.1 bp−$1,211doesn’t fitdoesn’t fit
SELL · SHORTOndo Perps0.538.3 bp−$816.2 bp−$162doesn’t fitdoesn’t fit

Closing costs about the same again.

Alert

SPY news

posts that mention SPY or SPDR S&P 500 ETF, from every exchangeSearch all news →
10-28 15:00MEXCOtherEveryone’s watching December. @MEXC_Research is watching 2027, and what it means for QQQ vs SPY. 👀 Read it before the Fed speaks. 👇 @MEXC on X ↗
10-20 15:24OrderlyOtherPerp Anything go brrrrrrrr 🖨️ The $SPY Perp Anything market on Orderly just did $48M trading volume in 24 hours. Its creator earned $2,425.79 in fees. At that pace, that's $72,774 in 30 days. From ONE market. See an opportunity? Perp it. @OrderlyNetwork on X ↗
10-14 13:01ReyaListingSPY and QQQ perps are live on Reya. First we launched the Mag7. Now the bigger picture. Up to 25x leverage on both index perps. @reya_xyz on X ↗
10-12 13:49ReyaListingnew market SPYRUSDPERP ($SPY) seen by our collector
10-05 12:38RISExListingSeptember has been an extra special month - all because of you. On Sep 25, we hit $10B in cumulative volume, and one week later, we pushed open interest to a new all-time high of $ 77.3M. Product Highlight • Custom referral code slugs are now open to everyone • We launched Impact Pool for our power traders to reward size • Paid dividends on SPY and QQQ • Shipped TWAP and one-click trading, plus more UX upgrades • Improved mobile experience with QR login 9 new listings: 7 RWA and 2 Crypto $MSTR, $NVDA, $KORU, $HOOD, $TSLA, $CRCL, $SKHYNIX, $ARB, $ONDO - together a total of $126M in volume within their first month By the numbers • Total volume: $10.65B • Peak 24hr volume: $153,594,486 • Total active accounts: 11,669 • Total RWA volume: $2.12B • Peak open interest: $71,685,253 (new ATH $77.3M on 2 Oct) • Total fees: $2,750,797 • Peak daily active users: 3,211 • Total liquidations: $32,858,815 RISE will move as one. And we’re just getting started @risextrade on X ↗
09-28 18:50AevoOtherbitcoin:native is back near $83k after trading above $86k last week. Whether you trade the continuation or pullback, all options and this week’s Perp Majors count toward the volume requirement for our year-end reward. This week’s Perp Majors include: BTC, ETH, SOL, ZEC, NEAR, HYPE, LIT, SPY, QQQ, HOOD, SNDK, MU, NVDA, TSLA, GOOGL. @aevoxyz on X ↗