Funding arb · Price arb /

SPY

RWAall SPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0034%/8h= +3.7% APRpaid last 24h +0.077%

Price spread now: MEXC against Phoenix+0.076%92s7-day average +0.070% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as 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−$160.160% of the position

Long on Phoenix Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.138%−$14 on $10k

Price spread, last 4 days (all we have)+0.008%+$1 · spread now +0.076%, 7d avg +0.070%

Together, before fees−0.130%−$13 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: +$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.138%, so the current rate has only just turned in your favour. The two prices were read 92 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	773.86	−0.0021	get 0.0003% / 1h	5m 52s	$161K	$295K	20x
Short	MEXC SPY_USDT	774.45	0.0013	get 0.0013% / 8h	5h 05m	$24.0M	$12.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.076%Rate

Funding earned: $7.07
Price spread: +0.076% → +0.070%: $0.59
Slippage, 4 orders: −$8.96
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: −$8.3
Costs to cover: 0.160%
Break-even: 15.2 days

Slippage from Phoenix: live order book, 55 min ago; MEXC: live order book, 3 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, 55 min ago	0.13 bp	7.9 bp −$8	15.7 bp −$157	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	0.06 bp	0.1 bp $0	0.1 bp −$1	0.1 bp −$10	1.4 bp −$711

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	−0.0106%	8h	774.50	+0.083%	$417K	$468K	50x	as long as short
ApeX Omni SPYUSDT	−0.0094%	1h	773.48	−0.049%	$162K	$24K	50x	as long as short
Phoenix SPYlong	−0.0021%	1h	773.86	long leg	$161K	$295K	20x
Bybit SPYUSDT	0.0000%	8h	774.64	+0.101%	$6.3M	$2.0M	100x	as long as short
Gate SPY_USDT	0.0000%	8h	773.93	+0.009%	$775K	$2.4M	75x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.57	+0.092%	$10.9M	$1.9M	50x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.54	+0.088%	$162K	$375K	10x	as long as short
SunX SPY-USDT	0.0000%	8h	775.57	+0.221%	$2K	$1.4M	10x	as long as short
Deribit SPY_USDC-PERPETUAL	0.0000%	1h	773.97	+0.014%	$23K	$55K	20x	as long as short
HTX SPY-USDT	0.0000%	8h	774.71	+0.110%	$308K	$20K	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX SPY-USDT-SWAP	+0.0001%	8h	774.54	+0.088%	$7.9M	$3.3M	50x	as long as short
MEXC SPY_USDTshort	+0.0013%	8h	774.45	+0.076%	$24.0M	$12.1M	100x
Aster SPYUSDT	+0.0014%	8h	774.51	+0.084%	$863K	$194K	20x	as long as short
Binance SPYUSDT	+0.0014%	8h	774.45	+0.076%	$28.3M	$79.6M	50x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.68	−0.023%	$931K	$1.4M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.19	−0.087%	—	$123K	50x	as long as short
Nado SPY-PERP	+0.0049%	1h	774.00	+0.019%	$1.5M	$292K	20x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.55	−0.040%	$4.8M	$842K	20x	as long as short
Coinbase International SPY-PERP-INTX	+0.0056%	1h	774.05	+0.025%	$954K	$552K	20x	as long as short
Lighter SPY	+0.0064%	1h	774.37	+0.066%	$8.3M	$21.1M	50x	as long as short
Lighter RH SPY	+0.0096%	1h	774.70	+0.109%	$56.4M	$115.7M	50x	as long as short
RISEx SPY/USDC	+0.0097%	1h	774.58	+0.093%	$7.0M	$5.0M	25x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.79	−0.009%	$2.5M	$980K	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.31	+0.058%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.84	−0.002%	$87K	—	10x	as long as short
edgeX SPYUSDC	+0.0123%	4h	774.35	+0.064%	$640K	$241K	20x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.46	+0.077%	$10K	—	26x	as long as short