Funding arb · Price arb /

SPY

RWAall SPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0010%/8h= +1.1% APRpaid last 24h +0.085%

Price spread now: Binance against Phoenix+0.069%115s7-day average +0.070% · you sell dearer than you buy

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$260.260% of the position

Long on Phoenix Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.387%−$39 on $10k

Price spread, last 4 days (all we have)+0.048%+$5 · spread now +0.069%, 7d avg +0.070%

Together, before fees−0.339%−$34 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.070%, so right now this pair is about funding alone: $0 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.387%, so the current rate has only just turned in your favour. The two prices were read 115 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	Phoenix SPY	773.61	−0.0010	get 0.0001% / 1h	51m 34s	$161K	$295K	20x
Short	Binance SPYUSDT	774.14	0	get 0.0000% / 8h	3h 51m	$28.1M	$79.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Phoenix. 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 PhoenixbpFee BinancebpOrdersPrice spread, now +0.069%Rate

Funding earned: $2.17
Price spread: +0.069% → +0.070%: −$0.11
Slippage, 4 orders: −$8.96
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$23.9
Costs to cover: 0.260%
Break-even: 84.0 days

Slippage from Phoenix: live order book, 65 min ago; Binance: live order book, 6 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, 65 min ago	0.13 bp	7.9 bp −$8	15.8 bp −$158	doesn't fit	doesn't fit
Sell Binance live order book, 6 min ago	0.06 bp	5.1 bp −$5	5.2 bp −$52	9.4 bp −$935	26.4 bp −$13.2K

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	774.18	+0.074%	$417K	$468K	50x	as long as short
Phoenix SPYlong	−0.0010%	1h	773.61	long leg	$161K	$295K	20x
Binance SPYUSDTshort	0.0000%	8h	774.14	+0.069%	$28.1M	$79.6M	50x
Bybit SPYUSDT	0.0000%	8h	774.24	+0.081%	$6.3M	$2.0M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.12	+0.066%	$7.9M	$3.2M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.69	+0.010%	$775K	$2.4M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	774.13	+0.067%	$28.3M	$12.1M	100x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.31	+0.090%	$10.9M	$1.8M	50x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.34	+0.095%	$163K	$374K	10x	as long as short
SunX SPY-USDT	0.0000%	8h	775.19	+0.204%	$2K	$1.4M	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX SPY-USDT	0.0000%	8h	773.92	+0.040%	$308K	$20K	50x	as long as short
edgeX SPYUSDC	+0.0026%	4h	774.04	+0.055%	$640K	$242K	20x	as long as short
Aster SPYUSDT	+0.0030%	8h	774.15	+0.069%	$865K	$196K	20x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.47	−0.018%	$935K	$1.4M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.01	−0.078%	—	$123K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.33	−0.036%	$4.8M	$826K	20x	as long as short
Coinbase International SPY-PERP-INTX	+0.0056%	1h	774.05	+0.057%	$954K	$552K	20x	as long as short
Deribit SPY_USDC-PERPETUAL	+0.0060%	1h	773.93	+0.041%	$23K	$56K	20x	as long as short
Nado SPY-PERP	+0.0067%	1h	773.83	+0.028%	$1.5M	$282K	20x	as long as short
Lighter RH SPY	+0.0072%	1h	774.50	+0.115%	$56.5M	$114.2M	50x	as long as short
ApeX Omni SPYUSDT	+0.0074%	1h	773.16	−0.058%	$162K	$24K	50x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.42	−0.025%	$2.5M	$971K	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.11	+0.065%	$1K	—	20x	as long as short
RISEx SPY/USDC	+0.0100%	1h	774.25	+0.083%	$7.0M	$5.0M	25x	as long as short
Lighter SPY	+0.0104%	1h	774.22	+0.079%	$8.2M	$19.1M	50x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.57	−0.005%	$87K	—	10x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.15	+0.070%	$10K	—	26x	as long as short