Funding arb · Price arb /

SPY

RWAall SPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +11.0% APRpaid last 24h +0.060%

Price spread now: RISEx against SunX−0.121%7-day average −0.159% · 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−$240as in the Price arb table

costs, in and out, $10k−$2442.437% of the position

Long on SunX Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.111%+$11 on $10k

Price spread, last 4 days (all we have)−0.099%−$10 · spread now −0.121%, 7d avg −0.159%

Together, before fees+0.012%+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and RISEx is 0.038% dearer against SunX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.159%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX SPY-USDT	775.35	0	get 0.0000% / 8h	3h 45m	$2K	$1.4M	10x
Short	RISEx SPY/USDC	774.41	0.0100	get 0.0013% / 1h	45m 37s	$7.0M	$5.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now −0.121%Rate

Funding earned: $21.04
Price spread: −0.121% → −0.159%: $3.81
Slippage, 4 orders: −$229.66
Fee SunX: 4 bp × 2 orders: −$8
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$218.81
Costs to cover: 2.437%
Break-even: 79.8 days

Slippage from SunX: live order book, 9 min ago; RISEx: live order book, 3 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 SunX live order book, 9 min ago	29.08 bp	107.4 bp −$107	doesn't fit	doesn't fit	doesn't fit
Sell RISEx live order book, 3 min ago	0.13 bp	3.5 bp −$4	4.2 bp −$42	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
BloFin SPY-USDT	−0.0120%	8h	774.13	−0.157%	$416K	$468K	50x	as long as short
Phoenix SPY	−0.0010%	1h	773.59	−0.227%	$161K	$295K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.25	−0.141%	$28.1M	$79.4M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.28	−0.138%	$6.3M	$1.9M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.09	−0.163%	$7.9M	$3.3M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.81	−0.199%	$775K	$2.4M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	774.27	−0.139%	$29.0M	$12.3M	100x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.37	−0.126%	$10.9M	$1.8M	50x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.32	−0.133%	$163K	$374K	10x	as long as short
SunX SPY-USDTlong	0.0000%	8h	775.35	long leg	$2K	$1.4M	10x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit SPY_USDC-PERPETUAL	0.0000%	1h	774.04	−0.169%	$23K	$56K	20x	as long as short
HTX SPY-USDT	0.0000%	8h	774.47	−0.113%	$308K	$20K	50x	as long as short
Aster SPYUSDT	+0.0025%	8h	774.32	−0.133%	$865K	$194K	20x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.50	−0.239%	$935K	$1.4M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.17	−0.281%	—	$123K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.41	−0.250%	$4.8M	$827K	20x	as long as short
Coinbase International SPY-PERP-INTX	+0.0056%	1h	774.05	−0.168%	$954K	$552K	20x	as long as short
Nado SPY-PERP	+0.0061%	1h	773.98	−0.176%	$1.5M	$284K	20x	as long as short
Lighter RH SPY	+0.0064%	1h	774.56	−0.102%	$56.4M	$115.3M	50x	as long as short
ApeX Omni SPYUSDT	+0.0075%	1h	773.48	−0.241%	$163K	$24K	50x	as long as short
Lighter SPY	+0.0096%	1h	774.33	−0.132%	$8.2M	$19.2M	50x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.47	−0.242%	$2.5M	$973K	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.19	−0.150%	$1K	—	20x	as long as short
RISEx SPY/USDCshort	+0.0100%	1h	774.41	−0.121%	$7.0M	$5.0M	25x
Aevo SPY-PERP	+0.0104%	1h	773.71	−0.212%	$87K	—	10x	as long as short
edgeX SPYUSDC	+0.0154%	4h	774.02	−0.172%	$640K	$242K	20x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.29	−0.136%	$10K	—	26x	as long as short