Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.031%

Price spread now: Aevo against SunX−0.222%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on SunX Short on Aevo

What this pair did over the last

the charts below follow

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

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Aevo is 0.222% cheaper against SunX than usual: you would sell low and buy high (spread −0.222% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$22 on $10k: about 7.1 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX SPY-USDT	775.60	0	get 0.0000% / 8h	2h 12m	$2K	$1.4M	10x
Short	Aevo SPY-PERP	773.88	0.0104	get 0.0013% / 1h	12m 35s	$87K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against SunX. 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 SunXbpFee AevobpOrdersPrice spread, now −0.222%Rate

Funding earned: $21.84
Price spread: −0.222% → 0.000%: −$22.16
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$24.32
Costs to cover: 0.240%
Break-even: 14.8 days

Slippage unknown: SunX: live order book, 12 min ago; Aevo: no order-book sample. Net counts fees only.

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 SunX live order book, 12 min ago	29.08 bp	107.5 bp −$107	doesn't fit	doesn't fit	doesn't fit
Sell Aevo no order-book sample	—	—	—	—	—

Aevo: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
BloFin SPY-USDT	−0.0120%	8h	774.10	−0.193%	$416K	$473K	50x	as long as short
Phoenix SPY	−0.0103%	1h	773.87	−0.223%	$161K	$295K	20x	as long as short
Nado SPY-PERP	−0.0054%	1h	774.33	−0.164%	$1.6M	$263K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	774.33	−0.164%	$864K	$195K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.52	−0.139%	$28.5M	$79.5M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.39	−0.156%	$6.2M	$1.9M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.46	−0.147%	$8.0M	$3.3M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	774.05	−0.200%	$770K	$2.4M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	774.52	−0.139%	$29.7M	$12.5M	100x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.52	−0.139%	$10.9M	$1.8M	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	774.36	−0.160%	$169K	$350K	10x	as long as short
SunX SPY-USDTlong	0.0000%	8h	775.60	long leg	$2K	$1.4M	10x
Deribit SPY_USDC-PERPETUAL	0.0000%	1h	774.34	−0.162%	$23K	$56K	20x	as long as short
HTX SPY-USDT	0.0000%	8h	774.36	−0.160%	$300K	$37K	50x	as long as short
RISEx SPY/USDC	+0.0007%	1h	774.70	−0.116%	$7.0M	$4.5M	25x	as long as short
ApeX Omni SPYUSDT	+0.0021%	1h	773.14	−0.317%	$164K	$25K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0026%	1h	773.42	−0.281%	$4.7M	$832K	20x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.67	−0.249%	$927K	$1.4M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.55	−0.264%	—	$123K	50x	as long as short
Lighter RH SPY	+0.0048%	1h	774.97	−0.081%	$56.3M	$119.6M	50x	as long as short
Coinbase International SPY-PERP-INTX	+0.0048%	1h	773.77	−0.236%	$950K	$558K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.67	−0.249%	$2.5M	$988K	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.37	−0.159%	$1K	—	20x	as long as short
Aevo SPY-PERPshort	+0.0104%	1h	773.88	−0.222%	$87K	—	10x
Lighter SPY	+0.0120%	1h	774.65	−0.122%	$8.2M	$19.4M	50x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.47	−0.146%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0370%	4h	774.25	−0.174%	$640K	$243K	20x	as long as short