Funding you earn now, next payment 21:00 UTC+0.0429%/8h= +47.0% APRnext payment +$0.54 per $10,000 · paid last 24h +0.357%
Price spread now: GMX against Phoenix+0.077%7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and GMX is 0.077% dearer against Phoenix than usual: you sell high and buy low: +$8 more if the spread goes back to zero (this spread has no 7-day history yet).
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix SPY | 773.45 | 0 | get 0.0000% / 1h | 3m 10s | $161K | $296K | 20x |
| Short | GMX SPY/USD [ETH-USDC] | 774.04 | L +0.0208% / S −0.0429% | get 0.0054% / 1h | 3m 10s | $10K | — | 26x |
Phoenix SPY
GMX SPY/USD [ETH-USDC]Funding history
latest
Range statsloading…
Price spread between the two exchanges
GMX 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
- $90.12
- Price spread: +0.077% → 0.000%
- $7.69
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee GMX: 6 bp × 2 orders
- −$12
- Net
- $78.81
- Costs to cover
- 0.190%
- Break-even
- 0.9 days
Slippage unknown: Phoenix: live order book, 17 min ago; GMX: no order-book sample. Net counts fees only.
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, 17 min ago | 0.13 bp | 7.9 bp −$8 | 15.7 bp −$157 | doesn't fit | doesn't fit |
| Sell GMX no order-book sample | — | — | — | — | — |
GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | 774.04 | +0.076% | $414K | $727K | 50x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 773.86 | +0.054% | $862K | $269K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.03 | +0.075% | $28.4M | $87.1M | 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 | 774.08 | +0.081% | $8.0M | $3.6M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.39 | −0.008% | $746K | $2.2M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.03 | +0.075% | $25.4M | $12.1M | 100x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.09 | +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 | 775.09 | +0.212% | $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 | 774.37 | +0.119% | $308K | $20K | 50x | as long as short |
| Nado SPY-PERP | +0.0023% | 1h | 773.51 | +0.008% | $1.5M | $312K | 20x | as long as short |
| Lighter SPY | +0.0032% | 1h | 773.82 | +0.048% | $8.8M | $22.2M | 50x | as long as short |
| Lighter RH SPY | +0.0040% | 1h | 774.33 | +0.114% | $56.5M | $123.7M | 50x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 773.21 | −0.031% | $951K | $1.3M | 50x | as long as short |
| Bitget SPYUSDT | +0.0042% | 8h | 773.96 | +0.066% | $10.8M | $3.1M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 772.81 | −0.083% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.19 | −0.034% | $4.8M | $917K | 20x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0086% | 1h | 773.91 | +0.059% | $22K | $75K | 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 | 773.44 | −0.001% | $2.5M | $984K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 773.57 | +0.016% | $154K | $16K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.03 | +0.075% | $1K | — | 20x | as long as short |
| edgeX SPYUSDC | +0.0102% | 4h | 774.02 | +0.073% | $640K | $241K | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.56 | +0.014% | $87K | — | 10x | as long as short |
| GMX SPY/USD [ETH-USDC]short | L +0.0208% / S −0.0429% | 1h | 774.04 | +0.077% | $10K | — | 26x | |
| RISEx SPY/USDC | +0.0232% | 1h | 774.23 | +0.101% | $6.9M | $5.5M | 25x | as long as short |
HTX SPY-USDT
Nado SPY-PERP
Lighter SPY
Lighter RH SPY
Arcus SPY-USD
Bitget SPYUSDT
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
Deribit SPY_USDC-PERPETUAL
Coinbase International SPY-PERP-INTX
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
edgeX SPYUSDC
Aevo SPY-PERP
RISEx SPY/USDC