Funding you earn now, next payment 21:00 UTC+0.0040%/8h= +4.4% APRnext payment +$0.05 per $10,000 · paid last 24h +0.029%
Price spread now: Arcus against Phoenix−0.032%7-day average −0.011% · you buy dearer than you sell
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$25as in the Price arb table
costs, in and out, $10k−$230.230% of the position
Funding, last 3 days (all we have)+0.135%+$13 on $10k
+Price spread, last 3 days (all we have)+0.037%+$4 · spread now −0.032%, 7d avg −0.011%
=Funding pays, the price is against you. Arcus is 0.022% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.032% now, against its 7-day average of −0.011%). If the spread goes back, that is −$2 on $10k: about 43 hours of funding at the current rate (+$1 a day). At the pace of the last 3 days (+0.135% in total) that is about 13 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix SPY | 773.45 | 0 | get 0.0000% / 1h | 9m 23s | $161K | $296K | 20x |
| Short | Arcus SPY-USD | 773.20 | 0.0040 | get 0.0005% / 1h | 9m 23s | $951K | $1.3M | 50x |
Phoenix SPY
Arcus SPY-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Arcus against Phoenix. 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
- $8.46
- Price spread: −0.032% → −0.011%
- −$2.16
- Slippage, 4 orders
- −$11.46
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Arcus: 2.25 bp × 2 orders
- −$4.5
- Net
- −$16.66
- Costs to cover
- 0.230%
- Break-even
- 20.8 days
Slippage from Phoenix: live order book, 11 min ago; Arcus: live order book, 5 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 Phoenix live order book, 11 min ago | 0.13 bp | 7.9 bp −$8 | 15.7 bp −$157 | doesn't fit | doesn't fit |
| Sell Arcus live order book, 5 min ago | 0.06 bp | 3.9 bp −$4 | 6.2 bp −$62 | 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 | −0.0120% | 8h | 774.03 | +0.075% | $414K | $722K | 50x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 773.88 | +0.056% | $862K | $269K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.05 | +0.077% | $28.4M | $87.5M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.12 | +0.087% | $6.2M | $2.2M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.07 | +0.080% | $8.0M | $3.6M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.40 | −0.006% | $746K | $2.2M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.04 | +0.076% | $25.4M | $12.1M | 100x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.08 | +0.082% | $157K | $454K | 10x | as long as short |
| Phoenix SPYlong | 0.0000% | 1h | 773.45 | long leg | $161K | $296K | 20x | |
| SunX SPY-USDT | 0.0000% | 8h | 775.10 | +0.213% | $2K | $1.6M | 10x | as long as short |
BloFin SPY-USDT
Aster SPYUSDT
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
GRVT SPY_USDT_Perp
SunX SPY-USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX SPY-USDT | 0.0000% | 8h | 774.33 | +0.114% | $308K | $20K | 50x | as long as short |
| Nado SPY-PERP | +0.0018% | 1h | 773.47 | +0.003% | $1.5M | $314K | 20x | as long as short |
| Lighter SPY | +0.0032% | 1h | 773.80 | +0.045% | $8.8M | $22.2M | 50x | as long as short |
| Lighter RH SPY | +0.0040% | 1h | 774.28 | +0.107% | $56.5M | $123.6M | 50x | as long as short |
| Arcus SPY-USDshort | +0.0040% | 1h | 773.20 | −0.032% | $951K | $1.3M | 50x | |
| Bitget SPYUSDT | +0.0041% | 8h | 774.27 | +0.106% | $10.8M | $3.1M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 772.80 | −0.084% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.17 | −0.036% | $4.8M | $917K | 20x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0088% | 1h | 773.52 | +0.009% | $955K | $653K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.38 | −0.009% | $2.5M | $985K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 773.56 | +0.014% | $154K | $16K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.06 | +0.079% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.58 | +0.017% | $87K | — | 10x | as long as short |
| edgeX SPYUSDC | +0.0142% | 4h | 774.03 | +0.075% | $640K | $240K | 20x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0151% | 1h | 773.94 | +0.063% | $22K | $75K | 20x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0208% / S −0.0429% | 1h | 774.04 | +0.077% | $10K | — | 26x | as long as short |
| RISEx SPY/USDC | +0.0232% | 1h | 774.17 | +0.092% | $6.9M | $5.5M | 25x | as long as short |
HTX SPY-USDT
Nado SPY-PERP
Lighter SPY
Lighter RH SPY
Bitget SPYUSDT
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
Coinbase International SPY-PERP-INTX
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
edgeX SPYUSDC
Deribit SPY_USDC-PERPETUAL
GMX SPY/USD [ETH-USDC]
RISEx SPY/USDC