Funding you earn now, next payment 05:00 UTC+0.0048%/8h= +5.3% APRpaid last 24h −0.014%
Price spread now: Coinbase International against Binance−0.034%53s7-day average −0.070% · you buy dearer than you sell
Net, funding: paid 7d − costs−$7as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$230.227% of the position
Funding, last 7 days+0.160%+$16 on $10k
+Price spread, last 4 days (all we have)+0.022%+$2 · spread now −0.034%, 7d avg −0.070%
=Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Coinbase International is 0.037% dearer against Binance than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.070%. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Binance SPYUSDT | 774.16 | 0 | get 0.0000% / 8h | 2h 45m | $28.3M | $79.8M | 50x |
| Short | Coinbase International SPY-PERP-INTX | 773.90 | 0.0048 | get 0.0006% / 1h | 45m 26s | $951K | $558K | 20x |
Binance SPYUSDT
Coinbase International SPY-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International 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
- $10.08
- Price spread: −0.034% → −0.070%
- $3.65
- Slippage, 4 orders
- −$2.68
- Fee Binance: 5 bp × 2 orders
- −$10
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$8.95
- Costs to cover
- 0.227%
- Break-even
- 13.2 days
Slippage from Binance: live order book, 12 min ago; Coinbase International: 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 Binance live order book, 12 min ago | 0.06 bp | 5.1 bp −$5 | 5.1 bp −$51 | 10.0 bp −$1,003 | 27.6 bp −$13.8K |
| Sell Coinbase International live order book, 3 min ago | 0.06 bp | 7.1 bp −$7 | 9.0 bp −$90 | 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 | 774.18 | +0.003% | $418K | $471K | 50x | as long as short |
| Phoenix SPY | −0.0103% | 1h | 773.57 | −0.076% | $161K | $295K | 20x | as long as short |
| Nado SPY-PERP | −0.0025% | 1h | 773.87 | −0.038% | $1.6M | $272K | 20x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 774.07 | −0.012% | $864K | $194K | 20x | as long as short |
| Binance SPYUSDTlong | 0.0000% | 8h | 774.16 | long leg | $28.3M | $79.8M | 50x | |
| Bybit SPYUSDT | 0.0000% | 8h | 774.07 | −0.012% | $6.3M | $1.9M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.02 | −0.018% | $7.9M | $3.3M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.67 | −0.063% | $775K | $2.4M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.14 | −0.003% | $29.7M | $12.5M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.29 | +0.017% | $10.9M | $1.8M | 50x | as long as short |
BloFin SPY-USDT
Phoenix SPY
Nado SPY-PERP
Aster SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
Bitget SPYUSDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.25 | +0.012% | $170K | $362K | 10x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.32 | +0.150% | $2K | $1.4M | 10x | as long as short |
| Deribit SPY_USDC-PERPETUAL | 0.0000% | 1h | 773.84 | −0.041% | $23K | $56K | 20x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 773.78 | −0.049% | $306K | $36K | 50x | as long as short |
| RISEx SPY/USDC | +0.0007% | 1h | 774.33 | +0.022% | $7.0M | $4.9M | 25x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 773.44 | −0.093% | $928K | $1.4M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.09 | −0.138% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0048% | 1h | 773.04 | −0.145% | $4.7M | $831K | 20x | as long as short |
| Coinbase International SPY-PERP-INTXshort | +0.0048% | 1h | 773.90 | −0.034% | $951K | $558K | 20x | |
| ApeX Omni SPYUSDT | +0.0061% | 1h | 773.13 | −0.133% | $164K | $25K | 50x | as long as short |
| Lighter RH SPY | +0.0064% | 1h | 774.53 | +0.048% | $56.2M | $116.5M | 50x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.61 | −0.071% | $2.5M | $964K | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.16 | 0.000% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.58 | −0.074% | $87K | — | 10x | as long as short |
| Lighter SPY | +0.0184% | 1h | 774.31 | +0.019% | $8.1M | $19.2M | 50x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.13 | −0.003% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0268% | 4h | 774.00 | −0.021% | $640K | $243K | 20x | as long as short |
GRVT SPY_USDT_Perp
SunX SPY-USDT
Deribit SPY_USDC-PERPETUAL
HTX SPY-USDT
RISEx SPY/USDC
Arcus SPY-USD
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
ApeX Omni SPYUSDT
Lighter RH SPY
KuCoin SPYUSDTM
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
Lighter SPY
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC