Funding you earn now, next payment 08:00 UTC−0.0012%/8h= −1.3% APRnext payment −$0.12 per $10,000 · paid last 24h −0.043%
Price spread now: Bybit against Binance+0.007%7-day average −0.022% · you sell dearer than you buy
Net, funding: paid 7d − costs−$9as in the Funding arb table
Net, price: spread back to 7d avg − costs−$22as in the Price arb table
costs, in and out, $10k−$250.249% of the position
Funding, last 7 days+0.160%+$16 on $10k
+Price spread, last 7 days−0.048%−$5 · spread now +0.007%, 7d avg −0.022%
=The price spread pays, funding is against you. Bybit is 0.029% dearer against Binance than usual: you sell high and buy low (spread +0.007% now, against its 7-day average of −0.022%): +$3 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 8.3 days. Mind the row above: over the last 7 days funding on this pair paid +0.160%, so the current rate has only just turned against you.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Binance SPYUSDT | 774.35 | 0.0012 | pay 0.0012% / 8h | 5h 25m | $28.3M | $79.7M | 50x |
| Short | Bybit SPYUSDT | 774.40 | 0 | get 0.0000% / 8h | 5h 25m | $6.3M | $2.0M | 100x |
Binance SPYUSDT
Bybit SPYUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against Binance. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$2.45
- Price spread: +0.007% → −0.022%
- $2.9
- Slippage, 4 orders
- −$3.88
- Fee Binance: 5 bp × 2 orders
- −$10
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$24.43
- Costs to cover
- 0.249%
- Break-even
- never at this rate
Slippage from Binance: live order book, 2 min ago; Bybit: live order book, 2 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 Binance live order book, 2 min ago | 0.06 bp | 5.1 bp −$5 | 5.1 bp −$51 | 8.6 bp −$863 | 26.4 bp −$13.2K |
| Sell Bybit live order book, 2 min ago | 0.06 bp | 7.5 bp −$7 | 10.3 bp −$103 | 32.4 bp −$3,241 | 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 | −0.0108% | 8h | 774.38 | +0.004% | $418K | $468K | 50x | as long as short |
| ApeX Omni SPYUSDT | −0.0079% | 1h | 773.19 | −0.150% | $162K | $24K | 50x | as long as short |
| Phoenix SPY | −0.0021% | 1h | 774.06 | −0.037% | $161K | $295K | 20x | as long as short |
| Bybit SPYUSDTshort | 0.0000% | 8h | 774.40 | +0.007% | $6.3M | $2.0M | 100x | |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.40 | +0.007% | $7.9M | $3.3M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.85 | −0.064% | $780K | $2.4M | 75x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.53 | +0.023% | $10.9M | $1.9M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.43 | +0.010% | $162K | $375K | 10x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.47 | +0.145% | $1K | $1.4M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.69 | +0.044% | $308K | $20K | 50x | as long as short |
BloFin SPY-USDT
ApeX Omni SPYUSDT
Phoenix SPY
OKX SPY-USDT-SWAP
Gate SPY_USDT
Bitget SPYUSDT
GRVT SPY_USDT_Perp
SunX SPY-USDT
HTX SPY-USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster SPYUSDT | +0.0006% | 8h | 774.43 | +0.011% | $863K | $203K | 20x | as long as short |
| MEXC SPY_USDT | +0.0011% | 8h | 774.35 | 0.000% | $23.3M | $12.0M | 100x | as long as short |
| Binance SPYUSDTlong | +0.0012% | 8h | 774.35 | long leg | $28.3M | $79.7M | 50x | |
| Arcus SPY-USD | +0.0040% | 1h | 773.52 | −0.107% | $930K | $1.4M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.12 | −0.159% | — | $123K | 50x | as long as short |
| Nado SPY-PERP | +0.0047% | 1h | 773.88 | −0.060% | $1.5M | $292K | 20x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.58 | −0.099% | $4.8M | $842K | 20x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0056% | 1h | 774.05 | −0.039% | $954K | $552K | 20x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0060% | 1h | 773.99 | −0.046% | $23K | $55K | 20x | as long as short |
| Lighter SPY | +0.0064% | 1h | 774.26 | −0.011% | $8.3M | $21.0M | 50x | as long as short |
| Lighter RH SPY | +0.0096% | 1h | 774.62 | +0.035% | $56.4M | $114.5M | 50x | as long as short |
| RISEx SPY/USDC | +0.0097% | 1h | 774.52 | +0.022% | $6.9M | $5.0M | 25x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.76 | −0.076% | $2.5M | $977K | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.33 | −0.002% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.75 | −0.077% | $87K | — | 10x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.38 | +0.003% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0727% | 4h | 774.31 | −0.005% | $640K | $243K | 20x | as long as short |
Aster SPYUSDT
MEXC SPY_USDT
Arcus SPY-USD
Vest SPY-USD-PERP
Nado SPY-PERP
Ondo Perps SPY-USD.P
Coinbase International SPY-PERP-INTX
Deribit SPY_USDC-PERPETUAL
Lighter SPY
Lighter RH SPY
RISEx SPY/USDC
KuCoin SPYUSDTM
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC