Funding arb · Price arb /

SPY

RWAall SPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0043%/8h= −4.7% APRpaid last 24h −0.015%

Price spread now: Binance against RISEx−0.023%7-day average +0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$170.173% of the position

Long on RISEx Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.060%−$6 on $10k

Price spread, last 7 days+0.058%+$6 · spread now −0.023%, 7d avg +0.019%

Together, before fees−0.002%$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Binance is 0.042% cheaper against RISEx than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.019%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx SPY/USDC	774.49	0.0043	pay 0.0005% / 1h	29m 54s	$7.1M	$4.2M	25x
Short	Binance SPYUSDT	774.31	0	get 0.0000% / 8h	1h 29m	$28.6M	$78.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against RISEx. 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 RISExbpFee BinancebpOrdersPrice spread, now −0.023%Rate

Funding earned: −$8.95
Price spread: −0.023% → +0.019%: −$4.2
Slippage, 4 orders: −$1.26
Fee RISEx: 3 bp × 2 orders: −$6
Fee Binance: 5 bp × 2 orders: −$10
Net: −$30.41
Costs to cover: 0.173%
Break-even: never at this rate

Slippage from RISEx: live order book, 4 min ago; Binance: live order book, 13 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 RISEx live order book, 4 min ago	0.45 bp	3.5 bp −$3	3.7 bp −$37	doesn't fit	doesn't fit
Sell Binance live order book, 13 min ago	0.06 bp	5.1 bp −$5	5.3 bp −$53	10.1 bp −$1,011	25.2 bp −$12.6K

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	−0.0225%	1h	773.18	−0.170%	$164K	$25K	50x	as long as short
BloFin SPY-USDT	−0.0120%	8h	774.10	−0.051%	$419K	$472K	50x	as long as short
Phoenix SPY	−0.0114%	1h	773.70	−0.103%	$161K	$294K	20x	as long as short
Ondo Perps SPY-USD.P	−0.0035%	1h	773.22	−0.165%	$4.8M	$871K	20x	as long as short
Nado SPY-PERP	−0.0013%	1h	774.01	−0.063%	$1.6M	$255K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	774.22	−0.036%	$863K	$196K	20x	as long as short
Binance SPYUSDTshort	0.0000%	8h	774.31	−0.023%	$28.6M	$78.6M	50x
Bybit SPYUSDT	0.0000%	8h	774.07	−0.055%	$6.2M	$1.7M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.09	−0.052%	$7.9M	$3.3M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.78	−0.092%	$770K	$2.5M	75x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SPY_USDT	0.0000%	8h	774.28	−0.028%	$29.7M	$11.9M	100x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.44	−0.007%	$10.9M	$1.8M	50x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.44	−0.007%	$158K	$361K	10x	as long as short
SunX SPY-USDT	0.0000%	8h	775.41	+0.118%	$2K	$1.4M	10x	as long as short
Deribit SPY_USDC-PERPETUAL	0.0000%	1h	773.96	−0.069%	$23K	$56K	20x	as long as short
HTX SPY-USDT	0.0000%	8h	774.49	−0.001%	$300K	$38K	50x	as long as short
Lighter SPY	+0.0032%	1h	774.37	−0.016%	$8.2M	$18.6M	50x	as long as short
Lighter RH SPY	+0.0032%	1h	774.61	+0.015%	$56.2M	$118.8M	50x	as long as short
Coinbase International SPY-PERP-INTX	+0.0032%	1h	773.92	−0.074%	$950K	$555K	20x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.49	−0.130%	$926K	$1.4M	50x	as long as short
RISEx SPY/USDClong	+0.0043%	1h	774.49	long leg	$7.1M	$4.2M	25x
Vest SPY-USD-PERP	+0.0046%	1h	773.29	−0.156%	—	$123K	50x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.43	−0.137%	$2.5M	$998K	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.19	−0.039%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.73	−0.099%	$87K	—	10x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.25	−0.031%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0522%	4h	774.12	−0.048%	$640K	$243K	20x	as long as short