Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h +0.065%

Price spread now: Deribit against SunX−0.166%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 Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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. Deribit is 0.166% cheaper against SunX than usual: you would sell low and buy high (spread −0.166% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$17 on $10k: about 9.2 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX SPY-USDT	775.50	0	get 0.0000% / 8h	6h 20m	$2K	$1.5M	10x
Short	Deribit SPY_USDC-PERPETUAL	774.21	0.0060	get 0.0008% / 1h	20m 57s	$23K	$55K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.166%Rate

Funding earned: $12.62
Price spread: −0.166% → 0.000%: −$16.63
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$19.02
Costs to cover: 0.150%
Break-even: 17.5 days

Slippage unknown: SunX: live order book, 4 min ago; Deribit: 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, 4 min ago	29.08 bp	107.7 bp −$108	doesn't fit	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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 26 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
Bybit SPYUSDT	0.0000%	8h	774.25	−0.161%	$6.3M	$2.0M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.37	−0.146%	$7.9M	$3.3M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.99	−0.195%	$780K	$2.3M	75x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.43	−0.138%	$10.9M	$2.1M	50x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.37	−0.146%	$162K	$379K	10x	as long as short
SunX SPY-USDTlong	0.0000%	8h	775.50	long leg	$2K	$1.5M	10x
HTX SPY-USDT	0.0000%	8h	774.49	−0.130%	$308K	$20K	50x	as long as short
Aster SPYUSDT	+0.0008%	8h	774.49	−0.130%	$863K	$204K	20x	as long as short
MEXC SPY_USDT	+0.0017%	8h	774.36	−0.147%	$20.3M	$12.0M	100x	as long as short
Binance SPYUSDT	+0.0017%	8h	774.37	−0.146%	$28.3M	$80.4M	50x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter SPY	+0.0032%	1h	774.30	−0.155%	$8.3M	$21.4M	50x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.40	−0.271%	$935K	$1.4M	50x	as long as short
Phoenix SPY	+0.0041%	1h	773.67	−0.236%	$161K	$296K	20x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.27	−0.288%	—	$123K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.60	−0.245%	$4.8M	$841K	20x	as long as short
Lighter RH SPY	+0.0056%	1h	774.84	−0.085%	$57.0M	$113.9M	50x	as long as short
Deribit SPY_USDC-PERPETUALshort	+0.0060%	1h	774.21	−0.166%	$23K	$55K	20x
Coinbase International SPY-PERP-INTX	+0.0088%	1h	773.74	−0.227%	$954K	$556K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.67	−0.236%	$2.5M	$939K	20x	as long as short
ApeX Omni SPYUSDT	+0.0100%	1h	773.91	−0.205%	$159K	$23K	50x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.30	−0.155%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.79	−0.220%	$87K	—	10x	as long as short
Nado SPY-PERP	+0.0109%	1h	774.10	−0.181%	$1.5M	$288K	20x	as long as short
RISEx SPY/USDC	+0.0190%	1h	774.50	−0.128%	$7.0M	$5.2M	25x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.38	−0.145%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0833%	4h	774.15	−0.174%	$640K	$241K	20x	as long as short