Funding arb · Price arb /

SPY

RWAall SPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0155%/8h= +17.0% APRpaid last 24h +0.050%

Price spread now: SunX against Phoenix+0.209%69s7-day average +0.213% · you sell dearer than you buy

Net, funding: paid 7d − costs−$273as 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−$2512.515% of the position

Long on Phoenix Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.218%−$22 on $10k

Price spread, last 4 days (all we have)+0.001%$0 · spread now +0.209%, 7d avg +0.213%

Together, before fees−0.217%−$22 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.213%, so right now this pair is about funding alone: +$5 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.218%, so the current rate has only just turned in your favour. The two prices were read 69 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	773.53	−0.0155	get 0.0019% / 1h	17m 55s	$158K	$254K	20x
Short	SunX SPY-USDT	775.15	0	get 0.0000% / 8h	17m 55s	$2K	$1.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.209%Rate

Funding earned: $32.55
Price spread: +0.209% → +0.213%: −$0.39
Slippage, 4 orders: −$236.5
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$219.33
Costs to cover: 2.515%
Break-even: 54.2 days

Slippage from Phoenix: live order book, 18 min ago; SunX: live order book, 6 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, 18 min ago	0.52 bp	7.2 bp −$7	15.6 bp −$156	doesn't fit	doesn't fit
Sell SunX live order book, 6 min ago	29.08 bp	128.9 bp −$129	doesn't fit	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
Phoenix SPYlong	−0.0155%	1h	773.53	long leg	$158K	$254K	20x
BloFin SPY-USDT	−0.0120%	8h	774.08	+0.071%	$419K	$445K	50x	as long as short
ApeX Omni SPYUSDT	−0.0114%	1h	773.48	−0.006%	$164K	$25K	50x	as long as short
Aster SPYUSDT	0.0000%	8h	774.15	+0.080%	$863K	$193K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.08	+0.071%	$28.6M	$75.9M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	773.98	+0.058%	$6.2M	$1.6M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.10	+0.074%	$7.9M	$3.3M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.63	+0.013%	$770K	$2.5M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	774.06	+0.069%	$29.7M	$11.8M	100x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.27	+0.096%	$10.9M	$1.6M	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT SPY_USDT_Perp	0.0000%	8h	774.26	+0.094%	$169K	$341K	10x	as long as short
SunX SPY-USDTshort	0.0000%	8h	775.15	+0.209%	$2K	$1.3M	10x
Deribit SPY_USDC-PERPETUAL	0.0000%	1h	773.80	+0.035%	$23K	$54K	20x	as long as short
HTX SPY-USDT	0.0000%	8h	774.44	+0.118%	$300K	$38K	50x	as long as short
RISEx SPY/USDC	+0.0014%	1h	774.32	+0.103%	$7.1M	$4.0M	25x	as long as short
Coinbase International SPY-PERP-INTX	+0.0024%	1h	773.87	+0.044%	$951K	$532K	20x	as long as short
Lighter RH SPY	+0.0032%	1h	774.32	+0.102%	$56.4M	$120.1M	50x	as long as short
Nado SPY-PERP	+0.0033%	1h	773.73	+0.026%	$1.5M	$246K	20x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.43	−0.013%	$923K	$1.3M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.00	−0.069%	—	$123K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.26	−0.035%	$4.8M	$865K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.38	−0.019%	$2.5M	$1.0M	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.06	+0.069%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.51	−0.003%	$87K	—	10x	as long as short
Lighter SPY	+0.0120%	1h	774.20	+0.087%	$7.9M	$18.0M	50x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.08	+0.070%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0855%	4h	773.99	+0.059%	$640K	$242K	20x	as long as short