Funding you earn now, next payment 08:00 UTC−0.0089%/8h= −9.7% APRpaid last 24h +0.024%
Price spread now: BloFin against Phoenix+0.078%106s7-day average +0.072% · you sell dearer than you buy
Net, funding: paid 7d − costs−$70as 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−$270.274% of the position
Funding, last 7 days−0.423%−$42 on $10k
+Price spread, last 4 days (all we have)+0.118%+$12 · spread now +0.078%, 7d avg +0.072%
=The price spread sits at its 7-day average of +0.072%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate. The two prices were read 106 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 | 771.89 | −0.0031 | get 0.0004% / 1h | 31m 31s | $158K | $151K | 20x |
| Short | BloFin SPY-USDT | 772.49 | −0.0120 | pay 0.0120% / 8h | 7h 31m | $417K | $439K | 50x |
Phoenix SPY
BloFin SPY-USDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
BloFin 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
- −$18.68
- Price spread: +0.078% → +0.072%
- $0.55
- Slippage, 4 orders
- −$8.4
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee BloFin: 6 bp × 2 orders
- −$12
- Net
- −$45.53
- Costs to cover
- 0.274%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 64 min ago; BloFin: live order book, 44 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, 64 min ago | 0.52 bp | 7.2 bp −$7 | 15.6 bp −$156 | doesn't fit | doesn't fit |
| Sell BloFin live order book, 44 min ago | 0.06 bp | 6.1 bp −$6 | 6.3 bp −$63 | 8.6 bp −$864 | 14.8 bp −$7,418 |
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-USDTshort | −0.0120% | 8h | 772.49 | +0.078% | $417K | $439K | 50x | |
| Phoenix SPYlong | −0.0031% | 1h | 771.89 | long leg | $158K | $151K | 20x | |
| Aster SPYUSDT | 0.0000% | 8h | 772.29 | +0.052% | $863K | $199K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 772.32 | +0.055% | $28.6M | $75.4M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 772.23 | +0.044% | $6.2M | $1.5M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 772.24 | +0.045% | $7.8M | $3.1M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 772.05 | +0.021% | $793K | $2.5M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 772.30 | +0.053% | $29.6M | $11.6M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 772.49 | +0.078% | $10.9M | $1.5M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 772.84 | +0.123% | $159K | $330K | 10x | as long as short |
Aster SPYUSDT
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
Bitget SPYUSDT
GRVT SPY_USDT_PerpShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX SPY-USDT | 0.0000% | 8h | 773.51 | +0.210% | $2K | $1.3M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 773.15 | +0.163% | $300K | $38K | 50x | as long as short |
| Lighter RH SPY | +0.0032% | 1h | 772.43 | +0.070% | $56.7M | $118.6M | 50x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 771.62 | −0.035% | $922K | $1.3M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 771.18 | −0.092% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 771.77 | −0.016% | $4.8M | $849K | 20x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0056% | 1h | 772.12 | +0.030% | $950K | $507K | 20x | as long as short |
| Nado SPY-PERP | +0.0083% | 1h | 771.86 | −0.003% | $1.5M | $251K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 771.94 | +0.006% | $2.5M | $1.0M | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 771.94 | +0.006% | $164K | $25K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 772.35 | +0.060% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 771.80 | −0.012% | $87K | — | 10x | as long as short |
| Lighter SPY | +0.0112% | 1h | 772.29 | +0.052% | $7.9M | $17.1M | 50x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0113% | 1h | 772.03 | +0.018% | $23K | $55K | 20x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 772.36 | +0.060% | $10K | — | 26x | as long as short |
| RISEx SPY/USDC | +0.0211% | 1h | 772.47 | +0.074% | $7.2M | $3.5M | 25x | as long as short |
| edgeX SPYUSDC | +0.0739% | 4h | 772.42 | +0.068% | $638K | $243K | 20x | as long as short |
SunX SPY-USDT
HTX SPY-USDT
Lighter RH SPY
Arcus SPY-USD
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
Coinbase International SPY-PERP-INTX
Nado SPY-PERP
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
Lighter SPY
Deribit SPY_USDC-PERPETUAL
GMX SPY/USD [ETH-USDC]
RISEx SPY/USDC
edgeX SPYUSDC