Funding arb · Price arb /

SPY

RWAall SPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0110%/8h= −12.1% APRpaid last 24h −0.082%

Price spread now: SunX against RISEx+0.117%7-day average +0.161% · 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−$248as in the Price arb table

costs, in and out, $10k−$2432.434% of the position

Long on RISEx Short on SunX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.099%−$10 on $10k

Price spread, last 3 days (all we have)+0.094%+$9 · spread now +0.117%, 7d avg +0.161%

Together, before fees−0.005%−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and SunX is 0.044% cheaper against RISEx than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.161%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx SPY/USDC	774.63	0.0110	pay 0.0014% / 1h	37m 52s	$6.9M	$5.2M	25x
Short	SunX SPY-USDT	775.54	0	get 0.0000% / 8h	37m 52s	$2K	$1.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.117%Rate

Funding earned: −$23.14
Price spread: +0.117% → +0.161%: −$4.41
Slippage, 4 orders: −$229.42
Fee RISEx: 3 bp × 2 orders: −$6
Fee SunX: 4 bp × 2 orders: −$8
Net: −$270.98
Costs to cover: 2.434%
Break-even: never at this rate

Slippage from RISEx: live order book, 1 min ago; SunX: live order book, 7 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, 1 min ago	0.06 bp	4.1 bp −$4	4.4 bp −$44	doesn't fit	doesn't fit
Sell SunX live order book, 7 min ago	29.07 bp	128.8 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
Arcus SPY-USD	−0.0266%	1h	773.48	−0.149%	$940K	$1.4M	50x	as long as short
BloFin SPY-USDT	−0.0120%	8h	774.48	−0.020%	$413K	$726K	50x	as long as short
Phoenix SPY	−0.0052%	1h	773.89	−0.096%	$161K	$296K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	774.30	−0.043%	$863K	$204K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.46	−0.023%	$28.6M	$83.0M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.47	−0.021%	$6.2M	$2.1M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.43	−0.026%	$7.9M	$3.4M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.89	−0.096%	$747K	$2.3M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	774.47	−0.021%	$28.0M	$11.7M	100x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.64	+0.001%	$157K	$411K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX SPY-USDTshort	0.0000%	8h	775.54	+0.117%	$2K	$1.5M	10x
HTX SPY-USDT	0.0000%	8h	774.69	+0.007%	$308K	$20K	50x	as long as short
Bitget SPYUSDT	+0.0025%	8h	774.61	−0.003%	$11.0M	$2.6M	50x	as long as short
Lighter SPY	+0.0032%	1h	774.27	−0.047%	$8.2M	$22.3M	50x	as long as short
Lighter RH SPY	+0.0032%	1h	774.61	−0.003%	$56.8M	$118.3M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.18	−0.188%	—	$123K	50x	as long as short
Coinbase International SPY-PERP-INTX	+0.0048%	1h	773.56	−0.139%	$955K	$584K	20x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.76	−0.113%	$4.8M	$847K	20x	as long as short
Nado SPY-PERP	+0.0070%	1h	773.94	−0.089%	$1.5M	$301K	20x	as long as short
edgeX SPYUSDC	+0.0093%	4h	774.35	−0.037%	$640K	$240K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.91	−0.093%	$2.5M	$971K	20x	as long as short
ApeX Omni SPYUSDT	+0.0100%	1h	773.96	−0.087%	$159K	$23K	50x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.54	−0.012%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.94	−0.089%	$87K	—	10x	as long as short
RISEx SPY/USDClong	+0.0110%	1h	774.63	long leg	$6.9M	$5.2M	25x
Deribit SPY_USDC-PERPETUAL	+0.0151%	1h	774.19	−0.057%	$23K	$58K	20x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0208% / S −0.0429%	1h	774.48	−0.020%	$10K	—	26x	as long as short