Funding you earn now, next payment 01:00 UTC−0.0041%/8h= −4.5% APRpaid last 24h +0.044%
Price spread now: OKX against Phoenix+0.102%7-day average +0.054% · you sell dearer than you buy
Net, funding: paid 7d − costs−$49as in the Funding arb table
Net, price: spread back to 7d avg − costs−$22as in the Price arb table
costs, in and out, $10k−$270.271% of the position
Funding, last 7 days−0.215%−$22 on $10k
+Price spread, last 4 days (all we have)−0.073%−$7 · spread now +0.102%, 7d avg +0.054%
=The price spread pays, funding is against you. OKX is 0.048% dearer against Phoenix than usual: you sell high and buy low (spread +0.102% now, against its 7-day average of +0.054%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.9 days. At the pace of the last 7 days (−0.215% in total) that is about 38 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix SPY | 773.79 | 0.0041 | pay 0.0005% / 1h | 55m 29s | $161K | $295K | 20x |
| Short | OKX SPY-USDT-SWAP | 774.58 | 0 | get 0.0000% / 8h | 5h 55m | $7.9M | $3.3M | 50x |
Phoenix SPY
OKX SPY-USDT-SWAPFunding history
latest
Range statsloading…
Price spread between the two exchanges
OKX 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
- −$8.68
- Price spread: +0.102% → +0.054%
- $4.84
- Slippage, 4 orders
- −$10.1
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee OKX: 5 bp × 2 orders
- −$10
- Net
- −$30.94
- Costs to cover
- 0.271%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 5 min ago; OKX: 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, 5 min ago | 0.13 bp | 7.9 bp −$8 | 15.7 bp −$157 | doesn't fit | doesn't fit |
| Sell OKX live order book, 3 min ago | 0.06 bp | 5.1 bp −$5 | 6.8 bp −$68 | 16.8 bp −$1,677 | doesn't fit |
SPY on 26 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 | |
|---|---|---|---|---|---|---|---|---|
| Aster SPYUSDT | 0.0000% | 8h | 774.50 | +0.092% | $863K | $203K | 20x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.36 | +0.074% | $6.3M | $2.0M | 100x | as long as short |
| OKX SPY-USDT-SWAPshort | 0.0000% | 8h | 774.58 | +0.102% | $7.9M | $3.3M | 50x | |
| Gate SPY_USDT | 0.0000% | 8h | 773.98 | +0.025% | $780K | $2.4M | 75x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.49 | +0.090% | $10.9M | $2.0M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.42 | +0.081% | $161K | $379K | 10x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.60 | +0.234% | $2K | $1.4M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.56 | +0.100% | $308K | $20K | 50x | as long as short |
| MEXC SPY_USDT | +0.0007% | 8h | 774.45 | +0.085% | $21.8M | $11.6M | 100x | as long as short |
| Binance SPYUSDT | +0.0007% | 8h | 774.46 | +0.086% | $28.4M | $80.0M | 50x | as long as short |
Aster SPYUSDT
Bybit SPYUSDT
Gate SPY_USDT
Bitget SPYUSDT
GRVT SPY_USDT_Perp
SunX SPY-USDT
HTX SPY-USDT
MEXC SPY_USDT
Binance SPYUSDTShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Arcus SPY-USD | +0.0040% | 1h | 773.47 | −0.041% | $935K | $1.3M | 50x | as long as short |
| Phoenix SPYlong | +0.0041% | 1h | 773.79 | long leg | $161K | $295K | 20x | |
| Nado SPY-PERP | +0.0045% | 1h | 774.09 | +0.038% | $1.5M | $288K | 20x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.29 | −0.065% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.74 | −0.006% | $4.8M | $841K | 20x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0056% | 1h | 773.74 | −0.006% | $954K | $552K | 20x | as long as short |
| Lighter SPY | +0.0064% | 1h | 774.43 | +0.083% | $8.3M | $21.0M | 50x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0073% | 1h | 774.23 | +0.057% | $23K | $55K | 20x | as long as short |
| RISEx SPY/USDC | +0.0097% | 1h | 774.53 | +0.095% | $7.0M | $5.2M | 25x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.65 | −0.018% | $2.5M | $971K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 773.93 | +0.018% | $160K | $23K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.38 | +0.076% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.84 | +0.007% | $87K | — | 10x | as long as short |
| Lighter RH SPY | +0.0120% | 1h | 774.85 | +0.137% | $56.7M | $111.8M | 50x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.47 | +0.087% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0566% | 4h | 774.28 | +0.063% | $640K | $241K | 20x | as long as short |
Arcus SPY-USD
Nado SPY-PERP
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
Coinbase International SPY-PERP-INTX
Lighter SPY
Deribit SPY_USDC-PERPETUAL
RISEx SPY/USDC
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
Lighter RH SPY
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC