Funding arb · Price arb / RWA

SPY

RWAAll SPY markets →

LONGReya▾Reya −0.1117%Backpack −0.0296%Phoenix −0.0085%Aevo −0.0064%BloFin 0.0000%Aster 0.0000%Binance 0.0000%Bybit 0.0000%OKX 0.0000%RISEx 0.0000%Gate 0.0000%MEXC 0.0000%KuCoin 0.0000%Bitget 0.0000%GRVT 0.0000%SunX 0.0000%HTX 0.0000%Phemex 0.0000%Lighter +0.0032%Lighter RH +0.0032%Arcus +0.0038%BingX +0.0050%Ondo Perps +0.0050%AZverse +0.0060%ApeX Omni +0.0100%Orderly +0.0100%TxFlow +0.0100%Kraken Futures +0.0100%Nado +0.0159%GMX +0.0173%edgeX +0.0931%Deribit +0.2283%

⇄⇅

SHORTVest Markets▾Deribit +0.2283%edgeX +0.0931%GMX −0.0286%Nado +0.0159%Kraken Futures +0.0100%ApeX Omni +0.0100%Orderly +0.0100%TxFlow +0.0100%AZverse +0.0060%Ondo Perps +0.0050%BingX +0.0050%Vest Markets +0.0046%Arcus +0.0038%Lighter +0.0032%Lighter RH +0.0032%Aster 0.0000%Binance 0.0000%Bybit 0.0000%OKX 0.0000%RISEx 0.0000%Gate 0.0000%MEXC 0.0000%KuCoin 0.0000%Bitget 0.0000%GRVT 0.0000%SunX 0.0000%HTX 0.0000%Phemex 0.0000%BloFin 0.0000%Aevo −0.0064%Phoenix −0.0085%Backpack −0.0296%

Backtest 30d☆

Leg	Exchange	Price	Fund. /8h	Each payment	Next in	OI	Vol 24h	Lev
LONG	ReyaSPYRUSDPERP	755.46	−0.1117	get 0.0140% / 1h	29m 19s	$75K	$11K	25x	Long Reya
SHORT	Vest MarketsSPY-USD-PERP	757.24	+0.0046	get 0.0006% / 1h	29m 19s	$354K	$250K	50x	Short Vest Markets+5% pts

Price gap+0.236%

Funding gap+0.1162% /8h

Both sides work: funding pays +$35 a day on $10k, and the gap is 0.236% above zero (no 7-day history yet): +$24 more if it goes back.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid +0.738% in total, about +0.0352%/8h on average.

Price and funding

Price spreadPricesFundingLeg ratesP&L

1m5m15m1h

1h · history

24H3D7D14D30D90D

Price spread?

Prices?

Funding?per 8h

PRICE SPREAD · 7D

Now+0.236%

Average—

Range—

Wider than now—

FUNDING SPREAD · 7D

Average /8h—

Highest—

Lowest—

Paid you—

Where the spread has been, last 7D▾

share of time at each level

Funding on every exchange

/8h

24H3D7D14D30D90D

ReyaVest Markets

SPY on 33 exchanges

lowest funding first

Before you open

3 ok · 1 to watch

• i
  Note: Order book unknown—

  No order-book sample for Reya and Vest Markets: its slippage is not counted.
• i
  Note: Margin at max leverage$400 + $200

  Reya 25x, Vest Markets 50x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
• ✓
  OK: Same payment interval1h / 1h

  Both legs pay at the same time.

  Long Reya · 1h+$33.50

  Short Vest Markets · 1h+$1.37

  now+6h+12h+18h+24h

  Next 24h at the current rates, on $10k a leg: +$34.87Long Reya: 24 payments, +$33.50; short Vest Markets: 24 payments, +$1.37.
• i
  Note: No 7-day spread history+0.236%

  The gap cannot be compared with its average yet.
• !
  Watch: Long leg is thinner$75K vs $354K OI

  Reya sets your exit cost. Check its book before closing.
• ✓
  OK: Points on a legReya points · Vest Markets points

  Volume here counts toward the points program.
• ✓
  OK: No KYC on either legReya No · Vest Markets No

  Both exchanges let you trade without ID.

Profit calculator

both legs, in and out

Position, each leg

$10k$100k$1M

Hold for

1 day7 days30 days

Orders

takermaker

Price spread

to 7d avgclosesnot counted

Funding rate

range avgcurrent

Funding earned+0.0352%/8h × 21 periods+$73.82

Price spread+0.236% → 0+$23.60

Slippage, 4 ordersno data for Reya and Vest Markets—

Fee Reya bp × 2 orders−$6.00

Fee Vest Markets bp × 2 orders−$2.00

Net, fees only · 7 days · $10k+$89.43

Costs to cover0.080%Break-evenfrom the start

Slippage: Reya: no order-book sample; Vest Markets: no order-book sample

Cost to enter

taker + slippage from mid, one side

Leg½ spr$10k$100k$1M$5M

BUY · LONGReya—————

SELL · SHORTVest Markets—————

Closing costs about the same again.
Reya and Vest Markets: no data.

Alert

FundingSpread

Tell me when it goes above%/8hNot more often than everymin

Create alert

FundingPrice spread

I'm in

SPY news

posts that mention SPY or SPDR S&P 500 ETF, from every exchangeSearch all news →

10-28 15:00	MEXC	Other	Everyone’s watching December. @MEXC_Research is watching 2027, and what it means for QQQ vs SPY. 👀 Read it before the Fed speaks. 👇 @MEXC on X ↗
10-20 15:24	Orderly	Other	Perp Anything go brrrrrrrr 🖨️ The $SPY Perp Anything market on Orderly just did $48M trading volume in 24 hours. Its creator earned $2,425.79 in fees. At that pace, that's $72,774 in 30 days. From ONE market. See an opportunity? Perp it. @OrderlyNetwork on X ↗
10-14 13:01	Reya	Listing	SPY and QQQ perps are live on Reya. First we launched the Mag7. Now the bigger picture. Up to 25x leverage on both index perps. @reya_xyz on X ↗
10-12 13:49	Reya	Listing	new market SPYRUSDPERP ($SPY) seen by our collector
10-05 12:38	RISEx	Listing	September has been an extra special month - all because of you. On Sep 25, we hit $10B in cumulative volume, and one week later, we pushed open interest to a new all-time high of $ 77.3M. Product Highlight • Custom referral code slugs are now open to everyone • We launched Impact Pool for our power traders to reward size • Paid dividends on SPY and QQQ • Shipped TWAP and one-click trading, plus more UX upgrades • Improved mobile experience with QR login 9 new listings: 7 RWA and 2 Crypto $MSTR, $NVDA, $KORU, $HOOD, $TSLA, $CRCL, $SKHYNIX, $ARB, $ONDO - together a total of $126M in volume within their first month By the numbers • Total volume: $10.65B • Peak 24hr volume: $153,594,486 • Total active accounts: 11,669 • Total RWA volume: $2.12B • Peak open interest: $71,685,253 (new ATH $77.3M on 2 Oct) • Total fees: $2,750,797 • Peak daily active users: 3,211 • Total liquidations: $32,858,815 RISE will move as one. And we’re just getting started @risextrade on X ↗
09-28 18:50	Aevo	Other	bitcoin:native is back near $83k after trading above $86k last week. Whether you trade the continuation or pullback, all options and this week’s Perp Majors count toward the volume requirement for our year-end reward. This week’s Perp Majors include: BTC, ETH, SOL, ZEC, NEAR, HYPE, LIT, SPY, QQQ, HOOD, SNDK, MU, NVDA, TSLA, GOOGL. @aevoxyz on X ↗