Funding you earn now, next payment 04:00 UTC−0.0015%/8h= −1.7% APRpaid last 24h +0.011%
Price spread now: Deribit against Binance−0.036%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 5 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Deribit is 0.036% cheaper against Binance than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Binance SPYUSDT | 774.31 | 0.0015 | pay 0.0015% / 8h | 4h 36m | $28.3M | $80.0M | 50x |
| Short | Deribit SPY_USDC-PERPETUAL | 774.03 | 0 | get 0.0000% / 1h | 36m 45s | $23K | $56K | 20x |
Binance SPYUSDT
Deribit SPY_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit 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
- −$3.2
- Price spread: −0.036% → 0.000%
- −$3.61
- Slippage, 4 orders
- no order book: not counted
- Fee Binance: 5 bp × 2 orders
- −$10
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$23.8
- Costs to cover
- 0.170%
- Break-even
- never at this rate
Slippage unknown: Binance: live order book, 6 min ago; Deribit: no order-book sample. 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 Binance live order book, 6 min ago | 0.06 bp | 5.1 bp −$5 | 5.8 bp −$58 | 10.1 bp −$1,007 | 27.9 bp −$13.9K |
| Sell Deribit no order-book sample | — | — | — | — | — |
Deribit: 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 | |
|---|---|---|---|---|---|---|---|---|
| BloFin SPY-USDT | −0.0104% | 8h | 774.31 | 0.000% | $417K | $468K | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.36 | +0.007% | $6.3M | $2.0M | 100x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.79 | −0.067% | $775K | $2.4M | 75x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.48 | +0.022% | $10.9M | $1.9M | 50x | as long as short |
| Phoenix SPY | 0.0000% | 1h | 773.74 | −0.074% | $161K | $295K | 20x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.38 | +0.138% | $2K | $1.4M | 10x | as long as short |
| Deribit SPY_USDC-PERPETUALshort | 0.0000% | 1h | 774.03 | −0.036% | $23K | $56K | 20x | |
| HTX SPY-USDT | 0.0000% | 8h | 774.56 | +0.032% | $308K | $20K | 50x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.33 | +0.003% | $7.9M | $3.2M | 50x | as long as short |
| GRVT SPY_USDT_Perp | +0.0014% | 8h | 774.43 | +0.016% | $163K | $386K | 10x | as long as short |
BloFin SPY-USDT
Bybit SPYUSDT
Gate SPY_USDT
Bitget SPYUSDT
Phoenix SPY
SunX SPY-USDT
HTX SPY-USDT
OKX SPY-USDT-SWAP
GRVT SPY_USDT_PerpShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| ApeX Omni SPYUSDT | +0.0015% | 1h | 773.48 | −0.107% | $163K | $24K | 50x | as long as short |
| MEXC SPY_USDT | +0.0015% | 8h | 774.30 | −0.001% | $25.4M | $11.8M | 100x | as long as short |
| Binance SPYUSDTlong | +0.0015% | 8h | 774.31 | long leg | $28.3M | $80.0M | 50x | |
| Arcus SPY-USD | +0.0040% | 1h | 773.61 | −0.090% | $934K | $1.4M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.13 | −0.152% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.65 | −0.085% | $4.8M | $840K | 20x | as long as short |
| Aster SPYUSDT | +0.0062% | 8h | 774.74 | +0.056% | $865K | $196K | 20x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0064% | 1h | 774.05 | −0.033% | $954K | $552K | 20x | as long as short |
| Lighter RH SPY | +0.0072% | 1h | 774.67 | +0.047% | $56.5M | $113.7M | 50x | as long as short |
| Lighter SPY | +0.0080% | 1h | 774.36 | +0.007% | $8.3M | $19.5M | 50x | as long as short |
| Nado SPY-PERP | +0.0087% | 1h | 773.95 | −0.046% | $1.5M | $280K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.72 | −0.076% | $2.5M | $977K | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.37 | +0.008% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.74 | −0.073% | $87K | — | 10x | as long as short |
| RISEx SPY/USDC | +0.0173% | 1h | 774.47 | +0.021% | $7.0M | $5.0M | 25x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.32 | +0.001% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0548% | 4h | 774.18 | −0.017% | $640K | $242K | 20x | as long as short |
ApeX Omni SPYUSDT
MEXC SPY_USDT
Arcus SPY-USD
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
Aster SPYUSDT
Coinbase International SPY-PERP-INTX
Lighter RH SPY
Lighter SPY
Nado SPY-PERP
KuCoin SPYUSDTM
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
RISEx SPY/USDC
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC