Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0103%/8h= +11.3% APRpaid last 24h +0.045%

Price spread now: Gate against Phoenix+0.022%47s7-day average +0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs−$61as 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−$380.379% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.226%−$23 on $10k

Price spread, last 4 days (all we have)+0.011%+$1 · spread now +0.022%, 7d avg +0.039%

Together, before fees−0.215%−$21 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.039%, 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 47 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	36m 32s	$161K	$295K	20x
Short	Gate SPY_USDT	773.67	0	get 0.0000% / 8h	2h 36m	$770K	$2.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.022%Rate

Funding earned: $21.71
Price spread: +0.022% → +0.039%: −$1.72
Slippage, 4 orders: −$15.9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$17.91
Costs to cover: 0.379%
Break-even: 12.8 days

Slippage from Phoenix: live order book, 10 min ago; Gate: live order book, 1 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 Gate live order book, 1 min ago	1.16 bp	9.2 bp −$9	13.3 bp −$133	49.9 bp −$4,986	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	774.20	+0.090%	$28.3M	$79.7M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.00	+0.065%	$6.3M	$1.9M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	773.96	+0.059%	$7.9M	$3.3M	50x	as long as short
Gate SPY_USDTshort	0.0000%	8h	773.67	+0.022%	$770K	$2.4M	75x
MEXC SPY_USDT	0.0000%	8h	774.19	+0.089%	$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

Show 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	775.33	+0.237%	$2K	$1.4M	10x	as long as short
Deribit SPY_USDC-PERPETUAL	0.0000%	1h	773.96	+0.059%	$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	+0.116%	$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	773.41	−0.012%	$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	774.60	+0.142%	$56.2M	$117.1M	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	773.44	−0.008%	$2.5M	$971K	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	773.65	+0.019%	$87K	—	10x	as long as short
Lighter SPY	+0.0152%	1h	774.34	+0.109%	$8.1M	$19.3M	50x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.15	+0.085%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0481%	4h	773.94	+0.057%	$639K	$242K	20x	as long as short