Funding you earn now, next payment 08:00 UTC+0.0123%/8h= +13.5% APRnext payment +$0.15 per $10,000 · paid last 24h +0.063%
Price spread now: Nado against Phoenix+0.023%57s7-day average +0.033% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$310.308% of the position
Funding, last 4 days (all we have)+0.057%+$6 on $10k
+Price spread, last 4 days (all we have)−0.010%−$1 · spread now +0.023%, 7d avg +0.033%
=Together, before fees+0.048%+ Points / potential airdropNado: Active · farm board+$5 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.033%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate. The two prices were read 57 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 | 771.58 | −0.0031 | get 0.0004% / 1h | 25m 28s | $158K | $151K | 20x |
| Short | Nado SPY-PERP | 771.75 | 0.0092 | get 0.0012% / 1h | 25m 28s | $1.5M | $252K | 20x |
Phoenix SPY
Nado SPY-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Nado 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
- $25.85
- Price spread: +0.023% → +0.033%
- −$1.01
- Slippage, 4 orders
- −$16.8
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Nado: 3.5 bp × 2 orders
- −$7
- Net
- −$5.96
- Costs to cover
- 0.308%
- Break-even
- 8.6 days
Slippage from Phoenix: live order book, 4 min ago; Nado: 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, 4 min ago | 0.13 bp | 7.9 bp −$8 | 15.7 bp −$157 | doesn't fit | doesn't fit |
| Sell Nado live order book, 3 min ago | 0.13 bp | 9.7 bp −$10 | 19.1 bp −$191 | 43.9 bp −$4,390 | 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 | 772.15 | +0.074% | $417K | $436K | 50x | as long as short |
| Phoenix SPYlong | −0.0031% | 1h | 771.58 | long leg | $158K | $151K | 20x | |
| Aster SPYUSDT | 0.0000% | 8h | 772.14 | +0.072% | $863K | $199K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 772.10 | +0.068% | $28.6M | $75.6M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 771.95 | +0.048% | $6.2M | $1.5M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 772.09 | +0.066% | $7.8M | $3.2M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 771.89 | +0.040% | $790K | $2.5M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 772.13 | +0.071% | $19.1M | $12.2M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 772.35 | +0.100% | $10.9M | $1.6M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 772.45 | +0.113% | $159K | $330K | 10x | as long as short |
BloFin SPY-USDT
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 | 773.18 | +0.207% | $2K | $1.3M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 771.76 | +0.023% | $299K | $38K | 50x | as long as short |
| Lighter RH SPY | +0.0032% | 1h | 772.29 | +0.092% | $56.7M | $119.3M | 50x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 771.36 | −0.029% | $923K | $1.3M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 771.04 | −0.070% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 771.35 | −0.030% | $4.8M | $849K | 20x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0056% | 1h | 771.85 | +0.035% | $950K | $507K | 20x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0087% | 1h | 771.82 | +0.031% | $23K | $55K | 20x | as long as short |
| Nado SPY-PERPshort | +0.0092% | 1h | 771.75 | +0.023% | $1.5M | $252K | 20x | |
| KuCoin SPYUSDTM | +0.0100% | 8h | 771.60 | +0.003% | $2.5M | $1.0M | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 771.86 | +0.036% | $164K | $25K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 772.09 | +0.066% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 771.49 | −0.012% | $87K | — | 10x | as long as short |
| Lighter SPY | +0.0112% | 1h | 772.10 | +0.067% | $7.9M | $17.1M | 50x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 772.07 | +0.063% | $10K | — | 26x | as long as short |
| RISEx SPY/USDC | +0.0211% | 1h | 772.27 | +0.090% | $7.2M | $3.5M | 25x | as long as short |
| edgeX SPYUSDC | +0.0948% | 4h | 771.98 | +0.052% | $638K | $242K | 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
Deribit SPY_USDC-PERPETUAL
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
Lighter SPY
GMX SPY/USD [ETH-USDC]
RISEx SPY/USDC
edgeX SPYUSDC