Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0048%/8h= −5.3% APRpaid last 24h −0.010%

Price spread now: Bitget against Aevo+0.067%7-day average — · you sell dearer than you buy

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

Long on Aevo Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.169%−$17 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Bitget is 0.067% dearer against Aevo than usual: you sell high and buy low (spread +0.067% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo SPY-PERP	773.21	0.0104	pay 0.0013% / 1h	31m 44s	$87K	—	10x
Short	Bitget SPYUSDT	773.73	0.0056	get 0.0056% / 8h	3h 31m	$10.8M	$3.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Aevo. 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 AevobpFee BitgetbpOrdersPrice spread, now +0.067%Rate

Funding earned: −$10.08
Price spread: +0.067% → 0.000%: $6.74
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$31.34
Costs to cover: 0.280%
Break-even: never at this rate

Slippage unknown: Aevo: no order-book sample; Bitget: live order book, 2 min ago. 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 Aevo no order-book sample	—	—	—	—	—
Sell Bitget live order book, 2 min ago	0.32 bp	7.1 bp −$7	10.5 bp −$105	doesn't fit	doesn't fit

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
Phoenix SPY	−0.0197%	1h	773.07	−0.018%	$161K	$296K	20x	as long as short
BloFin SPY-USDT	−0.0120%	8h	773.79	+0.075%	$418K	$720K	50x	as long as short
Aster SPYUSDT	0.0000%	8h	773.65	+0.057%	$862K	$269K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	773.75	+0.070%	$28.6M	$86.9M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	773.85	+0.083%	$6.2M	$2.3M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	773.82	+0.079%	$8.0M	$3.6M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.28	+0.009%	$745K	$2.2M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	773.77	+0.073%	$23.1M	$12.0M	100x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	773.87	+0.086%	$157K	$489K	10x	as long as short
SunX SPY-USDT	0.0000%	8h	774.92	+0.221%	$2K	$1.6M	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX SPY-USDT	0.0000%	8h	773.80	+0.076%	$308K	$20K	50x	as long as short
RISEx SPY/USDC	+0.0006%	1h	773.78	+0.074%	$6.8M	$5.6M	25x	as long as short
Lighter SPY	+0.0032%	1h	773.65	+0.057%	$8.7M	$21.9M	50x	as long as short
Lighter RH SPY	+0.0032%	1h	774.04	+0.107%	$56.6M	$124.3M	50x	as long as short
Arcus SPY-USD	+0.0040%	1h	772.94	−0.035%	$949K	$1.3M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	772.54	−0.086%	—	$123K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	772.83	−0.049%	$4.8M	$940K	20x	as long as short
Bitget SPYUSDTshort	+0.0056%	8h	773.73	+0.067%	$10.8M	$3.1M	50x
Coinbase International SPY-PERP-INTX	+0.0072%	1h	773.52	+0.040%	$955K	$654K	20x	as long as short
Nado SPY-PERP	+0.0073%	1h	773.27	+0.008%	$1.5M	$312K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.10	−0.014%	$2.5M	$989K	20x	as long as short
ApeX Omni SPYUSDT	+0.0100%	1h	773.17	−0.005%	$154K	$17K	50x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	773.83	+0.080%	$1K	—	20x	as long as short
Aevo SPY-PERPlong	+0.0104%	1h	773.21	long leg	$87K	—	10x
edgeX SPYUSDC	+0.0155%	4h	773.69	+0.062%	$639K	$240K	20x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0207% / S −0.0429%	1h	773.77	+0.073%	$10K	—	26x	as long as short
Deribit SPY_USDC-PERPETUAL	+0.0216%	1h	773.66	+0.058%	$22K	$75K	20x	as long as short