Funding you earn now, next payment 05:00 UTC+0.0103%/8h= +11.3% APRpaid last 24h +0.045%
Price spread now: Bybit against Phoenix+0.062%105s7-day average +0.049% · you sell dearer than you buy
Net, funding: paid 7d − costs−$53as 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−$300.300% of the position
Funding, last 7 days−0.226%−$23 on $10k
+Price spread, last 4 days (all we have)−0.046%−$5 · spread now +0.062%, 7d avg +0.049%
=The price spread sits at its 7-day average of +0.049%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.226%, so the current rate has only just turned in your favour. The two prices were read 105 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 | 773.50 | −0.0103 | get 0.0013% / 1h | 35m 43s | $161K | $295K | 20x |
| Short | Bybit SPYUSDT | 773.98 | 0 | get 0.0000% / 8h | 2h 35m | $6.3M | $1.9M | 100x |
Phoenix SPY
Bybit SPYUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit 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
- $21.71
- Price spread: +0.062% → +0.049%
- $1.34
- Slippage, 4 orders
- −$12.02
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$6.96
- Costs to cover
- 0.300%
- Break-even
- 9.2 days
Slippage from Phoenix: live order book, 10 min ago; Bybit: live order book, 7 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, 10 min ago | 0.13 bp | 7.9 bp −$8 | 15.7 bp −$157 | doesn't fit | doesn't fit |
| Sell Bybit live order book, 7 min ago | 0.06 bp | 7.2 bp −$7 | 10.1 bp −$101 | 24.2 bp −$2,420 | 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 | 774.10 | +0.078% | $417K | $471K | 50x | as long as short |
| Phoenix SPYlong | −0.0103% | 1h | 773.50 | long leg | $161K | $295K | 20x | |
| Nado SPY-PERP | −0.0033% | 1h | 773.94 | +0.057% | $1.6M | $272K | 20x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 774.07 | +0.074% | $864K | $194K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.19 | +0.089% | $28.3M | $79.7M | 50x | as long as short |
| Bybit SPYUSDTshort | 0.0000% | 8h | 773.98 | +0.062% | $6.3M | $1.9M | 100x | |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.11 | +0.079% | $7.9M | $3.3M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.67 | +0.022% | $770K | $2.4M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.18 | +0.088% | $29.7M | $12.5M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.28 | +0.101% | $10.9M | $1.8M | 50x | as long as short |
BloFin SPY-USDT
Nado SPY-PERP
Aster SPYUSDT
Binance SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
Bitget SPYUSDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.21 | +0.092% | $169K | $350K | 10x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.37 | +0.242% | $2K | $1.4M | 10x | as long as short |
| Deribit SPY_USDC-PERPETUAL | 0.0000% | 1h | 773.98 | +0.062% | $23K | $56K | 20x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.06 | +0.072% | $300K | $37K | 50x | as long as short |
| RISEx SPY/USDC | +0.0007% | 1h | 774.40 | +0.117% | $7.0M | $4.9M | 25x | as long as short |
| Ondo Perps SPY-USD.P | +0.0023% | 1h | 773.12 | −0.049% | $4.7M | $832K | 20x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 773.42 | −0.010% | $927K | $1.4M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.15 | −0.045% | — | $123K | 50x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0048% | 1h | 773.90 | +0.052% | $951K | $558K | 20x | as long as short |
| Lighter RH SPY | +0.0056% | 1h | 774.62 | +0.145% | $56.2M | $117.2M | 50x | as long as short |
| ApeX Omni SPYUSDT | +0.0075% | 1h | 773.10 | −0.052% | $164K | $25K | 50x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.43 | −0.009% | $2.5M | $972K | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.04 | +0.070% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.62 | +0.016% | $87K | — | 10x | as long as short |
| Lighter SPY | +0.0152% | 1h | 774.32 | +0.106% | $8.1M | $19.3M | 50x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.20 | +0.090% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0939% | 4h | 774.02 | +0.068% | $640K | $242K | 20x | as long as short |
GRVT SPY_USDT_Perp
SunX SPY-USDT
Deribit SPY_USDC-PERPETUAL
HTX SPY-USDT
RISEx SPY/USDC
Ondo Perps SPY-USD.P
Arcus SPY-USD
Vest SPY-USD-PERP
Coinbase International SPY-PERP-INTX
Lighter RH SPY
ApeX Omni SPYUSDT
KuCoin SPYUSDTM
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
Lighter SPY
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC