SPY

Alert

Funding spread now, next payment 15:00 UTC−0.0479%/8h

next payment, per $10,000−$0.60paid, last 24h−0.017%paid, last 5 days−0.062%to open and closeno order book

The current rate is far above what this pair has been paying: over the last 5 days it paid -0.062% in total (about -4.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.60 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo SPY-PERP	770.17	0.0104	pay 0.0013% / 1h	31m 56s	$86K	—	10x
Short	Phoenix SPY	769.74	−0.0375	pay 0.0047% / 1h	31m 56s	$157K	$264K	20x

Funding history

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Funding on every exchange

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latest

Profit calculator

Position, each leg$Hold fordaysFee AevobpFee PhoenixbpOrdersRate

Funding earned: −$100.49
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$123.49
Break-even: never at this rate

Slippage unknown: Aevo: no order-book sample; Phoenix: live order book, 47 min ago. Net counts fees only.

Price risk

price view

Price gap now: −0.056%
Avg gap 7d: —

A gap far from its average can cost days of funding.

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

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 Phoenix live order book, 47 min ago	0.13 bp	8.6 bp −$9	15.2 bp −$152	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 26 venues

lowest funding first. Swap a leg.

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Phoenix SPYshort	−0.0375%	1h	$157K	$264K	20x
Bybit SPYUSDT	0.0000%	8h	$6.2M	$1.8M	100x	as long as short
Gate SPY_USDT	0.0000%	8h	$814K	$1.4M	75x	as long as short
SunX SPY-USDT	0.0000%	8h	$2K	$1.4M	10x	as long as short
HTX SPY-USDT	0.0000%	8h	$307K	$23K	50x	as long as short
BloFin SPY-USDT	+0.0025%	8h	$441K	$666K	50x	as long as short
Nado SPY-PERP	+0.0030%	1h	$1.6M	$368K	20x	as long as short
Lighter SPY	+0.0032%	1h	$9.5M	$18.2M	50x	as long as short
Lighter RH SPY	+0.0032%	1h	$57.6M	$116.7M	50x	as long as short
Arcus SPY-USD	+0.0040%	1h	$1.0M	$1.0M	50x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Vest SPY-USD-PERP	+0.0046%	1h	—	$61K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	$4.8M	$414K	20x	as long as short
OKX SPY-USDT-SWAP	+0.0098%	8h	$8.2M	$2.7M	50x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	$2.4M	$1.2M	20x	as long as short
ApeX Omni SPYUSDT	+0.0100%	1h	$154K	$31K	50x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	$1K	—	20x	as long as short
Aevo SPY-PERPlong	+0.0104%	1h	$86K	—	10x
MEXC SPY_USDT	+0.0144%	8h	$23.4M	$10.5M	100x	as long as short
Binance SPYUSDT	+0.0144%	8h	$33.0M	$61.0M	50x	as long as short
Deribit SPY_USDC-PERPETUAL	+0.0153%	1h	$18K	$57K	20x	as long as short
Aster SPYUSDT	+0.0170%	8h	$863K	$163K	20x	as long as short
Coinbase International SPY-PERP-INTX	+0.0192%	1h	$953K	$565K	20x	as long as short
Bitget SPYUSDT	+0.0240%	8h	$11.1M	$2.8M	50x	as long as short
RISEx SPY/USDC	+0.0258%	1h	$6.9M	$5.6M	25x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0462% / S −0.4251%	1h	$24K	—	53x	as long as short
edgeX SPYUSDC	+0.0940%	4h	$642K	$235K	20x	as long as short