Funding arb · Price arb /

SPY

RWAall SPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0429%/8h= +47.0% APRpaid last 24h +0.347%

Price spread now: GMX against SunX−0.137%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 GMX

What this pair did over the last

the charts below follow

Funding, last 3 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. GMX is 0.137% cheaper against SunX than usual: you would sell low and buy high (spread −0.137% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$14 on $10k: about 26 hours of funding at the current rate (+$13 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX SPY-USDT	775.49	0	get 0.0000% / 8h	25m 11s	$2K	$1.5M	10x
Short	GMX SPY/USD [ETH-USDC]	774.42	L +0.0208% / S −0.0429%	get 0.0054% / 1h	25m 11s	$10K	—	26x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.137%Rate

Funding earned: $90.12
Price spread: −0.137% → 0.000%: −$13.73
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee GMX: 6 bp × 2 orders: −$12
Net: $56.39
Costs to cover: 0.200%
Break-even: 2.6 days

Slippage unknown: SunX: live order book, 10 min ago; GMX: 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, 10 min ago	29.07 bp	107.4 bp −$107	doesn't fit	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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
Arcus SPY-USD	−0.0266%	1h	773.52	−0.254%	$940K	$1.4M	50x	as long as short
BloFin SPY-USDT	−0.0120%	8h	774.39	−0.142%	$414K	$726K	50x	as long as short
Phoenix SPY	−0.0052%	1h	773.79	−0.219%	$161K	$296K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	774.30	−0.153%	$863K	$204K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.42	−0.138%	$28.6M	$82.9M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.39	−0.142%	$6.2M	$2.1M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.42	−0.138%	$7.9M	$3.4M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.95	−0.199%	$755K	$2.3M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	774.42	−0.138%	$28.0M	$11.8M	100x	as long as short
SunX SPY-USDTlong	0.0000%	8h	775.49	long leg	$2K	$1.5M	10x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX SPY-USDT	0.0000%	8h	774.67	−0.106%	$308K	$20K	50x	as long as short
GRVT SPY_USDT_Perp	+0.0004%	8h	774.60	−0.114%	$157K	$411K	10x	as long as short
Bitget SPYUSDT	+0.0031%	8h	774.49	−0.129%	$11.0M	$2.6M	50x	as long as short
Lighter SPY	+0.0032%	1h	774.29	−0.155%	$8.2M	$22.3M	50x	as long as short
Lighter RH SPY	+0.0032%	1h	774.60	−0.115%	$56.9M	$119.0M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.17	−0.299%	—	$123K	50x	as long as short
Coinbase International SPY-PERP-INTX	+0.0048%	1h	773.56	−0.249%	$955K	$584K	20x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.76	−0.223%	$4.8M	$847K	20x	as long as short
Nado SPY-PERP	+0.0081%	1h	773.93	−0.202%	$1.5M	$293K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.82	−0.215%	$2.5M	$969K	20x	as long as short
ApeX Omni SPYUSDT	+0.0100%	1h	773.86	−0.210%	$159K	$23K	50x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.39	−0.142%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.89	−0.207%	$87K	—	10x	as long as short
RISEx SPY/USDC	+0.0110%	1h	774.59	−0.116%	$6.9M	$5.2M	25x	as long as short
Deribit SPY_USDC-PERPETUAL	+0.0112%	1h	774.15	−0.173%	$23K	$58K	20x	as long as short
GMX SPY/USD [ETH-USDC]short	L +0.0208% / S −0.0429%	1h	774.42	−0.137%	$10K	—	26x
edgeX SPYUSDC	+0.0527%	4h	774.29	−0.155%	$640K	$240K	20x	as long as short