Funding you earn now, next payment 23:00 UTC−0.0162%/8h= −17.7% APRnext payment −$0.20 per $10,000 · paid last 24h −0.107%
Price spread now: Phoenix against RISEx−0.110%110s7-day average −0.053% · 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—prices read too far apart to compare
costs, in and out, $10k−$220.223% of the position
Funding, last 3 days (all we have)−0.153%−$15 on $10k
+Price spread, last 3 days (all we have)+0.080%+$8 · spread now −0.110%, 7d avg −0.053%
=Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Phoenix is 0.058% cheaper against RISEx than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.053%). Swap the legs. The two prices were read 110 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 | RISEx SPY/USDC | 774.64 | 0.0110 | pay 0.0014% / 1h | 17m 30s | $6.9M | $5.2M | 25x |
| Short | Phoenix SPY | 773.79 | −0.0052 | pay 0.0006% / 1h | 17m 30s | $161K | $296K | 20x |
RISEx SPY/USDC
Phoenix SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against RISEx. 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
- −$34
- Price spread: −0.110% → −0.053%
- −$5.77
- Slippage, 4 orders
- −$9.33
- Fee RISEx: 3 bp × 2 orders
- −$6
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$62.09
- Costs to cover
- 0.223%
- Break-even
- never at this rate
Slippage from RISEx: live order book, 2 min ago; Phoenix: live order book, 58 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, 2 min ago | 0.06 bp | 3.4 bp −$3 | 3.9 bp −$39 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 58 min ago | 0.13 bp | 7.9 bp −$8 | 15.8 bp −$158 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Arcus SPY-USD | −0.0266% | 1h | 773.55 | −0.141% | $941K | $1.4M | 50x | as long as short |
| BloFin SPY-USDT | −0.0120% | 8h | 774.49 | −0.020% | $412K | $571K | 50x | as long as short |
| Phoenix SPYshort | −0.0052% | 1h | 773.79 | −0.110% | $161K | $296K | 20x | |
| Aster SPYUSDT | 0.0000% | 8h | 774.30 | −0.045% | $863K | $204K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.58 | −0.008% | $28.6M | $82.9M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.44 | −0.026% | $6.2M | $2.1M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.47 | −0.023% | $7.9M | $3.4M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 774.01 | −0.082% | $758K | $2.3M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.58 | −0.008% | $28.0M | $11.9M | 100x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.64 | +0.128% | $2K | $1.5M | 10x | as long as short |
Arcus SPY-USD
BloFin SPY-USDT
Aster SPYUSDT
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
SunX SPY-USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Deribit SPY_USDC-PERPETUAL | 0.0000% | 1h | 774.16 | −0.063% | $23K | $58K | 20x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.75 | +0.014% | $308K | $20K | 50x | as long as short |
| GRVT SPY_USDT_Perp | +0.0011% | 8h | 774.59 | −0.007% | $157K | $411K | 10x | as long as short |
| Lighter SPY | +0.0032% | 1h | 774.40 | −0.032% | $8.2M | $22.3M | 50x | as long as short |
| Lighter RH SPY | +0.0032% | 1h | 774.71 | +0.008% | $56.9M | $119.7M | 50x | as long as short |
| Bitget SPYUSDT | +0.0036% | 8h | 774.49 | −0.020% | $11.0M | $2.6M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.26 | −0.179% | — | $123K | 50x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0048% | 1h | 773.56 | −0.140% | $955K | $583K | 20x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.88 | −0.099% | $4.8M | $847K | 20x | as long as short |
| Nado SPY-PERP | +0.0085% | 1h | 774.06 | −0.076% | $1.5M | $293K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 774.00 | −0.083% | $2.5M | $967K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 773.96 | −0.088% | $159K | $23K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.52 | −0.016% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 774.05 | −0.077% | $87K | — | 10x | as long as short |
| RISEx SPY/USDClong | +0.0110% | 1h | 774.64 | long leg | $6.9M | $5.2M | 25x | |
| GMX SPY/USD [ETH-USDC] | L +0.0208% / S −0.0429% | 1h | 774.59 | −0.008% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0533% | 4h | 774.37 | −0.035% | $640K | $242K | 20x | as long as short |
Deribit SPY_USDC-PERPETUAL
HTX SPY-USDT
GRVT SPY_USDT_Perp
Lighter SPY
Lighter RH SPY
Bitget SPYUSDT
Vest SPY-USD-PERP
Coinbase International SPY-PERP-INTX
Ondo Perps SPY-USD.P
Nado SPY-PERP
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC