Funding you earn now, next payment 06:00 UTC+0.0156%/8h= +17.1% APRnext payment +$0.20 per $10,000 · paid last 24h +0.107%
Price spread now: RISEx against Phoenix+0.104%50s7-day average +0.056% · 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−$230.226% of the position
Funding, last 4 days (all we have)+0.166%+$17 on $10k
+Price spread, last 4 days (all we have)−0.078%−$8 · spread now +0.104%, 7d avg +0.056%
=Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and RISEx is 0.048% dearer against Phoenix than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.056%. The two prices were read 50 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 | 773.76 | −0.0114 | get 0.0014% / 1h | 40m 40s | $161K | $294K | 20x |
| Short | RISEx SPY/USDC | 774.56 | 0.0043 | get 0.0005% / 1h | 40m 40s | $7.0M | $4.1M | 25x |
Phoenix SPY
RISEx SPY/USDCFunding history
latest
Range statsloading…
Price spread between the two exchanges
RISEx 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
- $32.82
- Price spread: +0.104% → +0.056%
- $4.79
- Slippage, 4 orders
- −$9.56
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee RISEx: 3 bp × 2 orders
- −$6
- Net
- $15.05
- Costs to cover
- 0.226%
- Break-even
- 3.8 days
Slippage from Phoenix: live order book, 66 min ago; RISEx: 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, 66 min ago | 0.13 bp | 7.9 bp −$8 | 15.7 bp −$157 | doesn't fit | doesn't fit |
| Sell RISEx live order book, 3 min ago | 0.06 bp | 3.1 bp −$3 | 3.4 bp −$34 | doesn't fit | 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 | |
|---|---|---|---|---|---|---|---|---|
| ApeX Omni SPYUSDT | −0.0254% | 1h | 773.03 | −0.094% | $164K | $25K | 50x | as long as short |
| BloFin SPY-USDT | −0.0120% | 8h | 774.09 | +0.043% | $419K | $472K | 50x | as long as short |
| Phoenix SPYlong | −0.0114% | 1h | 773.76 | long leg | $161K | $294K | 20x | |
| Ondo Perps SPY-USD.P | −0.0068% | 1h | 773.14 | −0.080% | $4.7M | $832K | 20x | as long as short |
| Nado SPY-PERP | −0.0030% | 1h | 774.09 | +0.043% | $1.5M | $255K | 20x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 774.15 | +0.050% | $863K | $196K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.31 | +0.071% | $28.6M | $78.7M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.15 | +0.050% | $6.2M | $1.7M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.20 | +0.057% | $8.0M | $3.3M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 774.15 | +0.050% | $770K | $2.4M | 75x | as long as short |
ApeX Omni SPYUSDT
BloFin SPY-USDT
Ondo Perps SPY-USD.P
Nado SPY-PERP
Aster SPYUSDT
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| MEXC SPY_USDT | 0.0000% | 8h | 774.31 | +0.071% | $29.7M | $11.9M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.48 | +0.093% | $10.9M | $1.8M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.46 | +0.090% | $169K | $351K | 10x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.44 | +0.217% | $1K | $1.4M | 10x | as long as short |
| Deribit SPY_USDC-PERPETUAL | 0.0000% | 1h | 774.04 | +0.036% | $23K | $56K | 20x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.63 | +0.112% | $300K | $38K | 50x | as long as short |
| Lighter SPY | +0.0032% | 1h | 774.42 | +0.085% | $8.2M | $18.6M | 50x | as long as short |
| Lighter RH SPY | +0.0032% | 1h | 774.70 | +0.121% | $56.3M | $118.2M | 50x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0032% | 1h | 773.77 | +0.001% | $950K | $555K | 20x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 773.48 | −0.036% | $927K | $1.4M | 50x | as long as short |
| RISEx SPY/USDCshort | +0.0043% | 1h | 774.56 | +0.104% | $7.0M | $4.1M | 25x | |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.39 | −0.048% | — | $123K | 50x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.63 | −0.017% | $2.5M | $995K | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.28 | +0.067% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.76 | 0.000% | $87K | — | 10x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.33 | +0.073% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0249% | 4h | 774.19 | +0.056% | $640K | $243K | 20x | as long as short |
MEXC SPY_USDT
Bitget SPYUSDT
GRVT SPY_USDT_Perp
SunX SPY-USDT
Deribit SPY_USDC-PERPETUAL
HTX SPY-USDT
Lighter SPY
Lighter RH SPY
Coinbase International SPY-PERP-INTX
Arcus SPY-USD
Vest SPY-USD-PERP
KuCoin SPYUSDTM
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC