Funding you earn now, next payment 07:00 UTC−0.0155%/8h= −17.0% APRpaid last 24h −0.050%
Price spread now: Phoenix against Bybit−0.066%7-day average −0.049% · 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−$31as in the Price arb table
costs, in and out, $10k−$290.291% of the position
Funding, last 7 days+0.218%+$22 on $10k
+Price spread, last 4 days (all we have)+0.051%+$5 · spread now −0.066%, 7d avg −0.049%
=The price spread sits at its 7-day average of −0.049%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.218%, 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 | Bybit SPYUSDT | 773.79 | 0 | get 0.0000% / 8h | 8m 59s | $6.2M | $1.6M | 100x |
| Short | Phoenix SPY | 773.28 | −0.0155 | pay 0.0019% / 1h | 8m 59s | $158K | $254K | 20x |
Bybit SPYUSDT
Phoenix SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Bybit. 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
- −$32.55
- Price spread: −0.066% → −0.049%
- −$1.74
- Slippage, 4 orders
- −$11.09
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$63.38
- Costs to cover
- 0.291%
- Break-even
- never at this rate
Slippage from Bybit: live order book, 4 min ago; Phoenix: live order book, 27 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 Bybit live order book, 4 min ago | 0.06 bp | 6.9 bp −$7 | 9.3 bp −$93 | 30.2 bp −$3,022 | doesn't fit |
| Sell Phoenix live order book, 27 min ago | 0.52 bp | 8.1 bp −$8 | 17.6 bp −$176 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix SPYshort | −0.0155% | 1h | 773.28 | −0.066% | $158K | $254K | 20x | |
| BloFin SPY-USDT | −0.0120% | 8h | 773.93 | +0.018% | $418K | $445K | 50x | as long as short |
| ApeX Omni SPYUSDT | −0.0025% | 1h | 773.36 | −0.056% | $164K | $25K | 50x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 773.89 | +0.012% | $863K | $193K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 773.88 | +0.012% | $28.6M | $75.6M | 50x | as long as short |
| Bybit SPYUSDTlong | 0.0000% | 8h | 773.79 | long leg | $6.2M | $1.6M | 100x | |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 773.85 | +0.008% | $7.9M | $3.1M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.36 | −0.056% | $770K | $2.5M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 773.87 | +0.010% | $29.7M | $11.8M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.05 | +0.034% | $10.9M | $1.6M | 50x | as long as short |
BloFin SPY-USDT
ApeX Omni SPYUSDT
Aster SPYUSDT
Binance 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 | 774.10 | +0.040% | $169K | $341K | 10x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.05 | +0.163% | $2K | $1.3M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.48 | +0.089% | $300K | $38K | 50x | as long as short |
| RISEx SPY/USDC | +0.0014% | 1h | 774.10 | +0.040% | $7.1M | $4.0M | 25x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0024% | 1h | 773.80 | +0.001% | $951K | $509K | 20x | as long as short |
| Lighter RH SPY | +0.0032% | 1h | 774.10 | +0.040% | $56.4M | $121.0M | 50x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0034% | 1h | 773.62 | −0.022% | $23K | $54K | 20x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 773.35 | −0.057% | $923K | $1.3M | 50x | as long as short |
| Nado SPY-PERP | +0.0045% | 1h | 773.49 | −0.039% | $1.6M | $247K | 20x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 772.77 | −0.132% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.10 | −0.089% | $4.8M | $865K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.31 | −0.062% | $2.5M | $997K | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 773.91 | +0.016% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.38 | −0.053% | $87K | — | 10x | as long as short |
| Lighter SPY | +0.0120% | 1h | 773.92 | +0.017% | $7.9M | $18.0M | 50x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 773.92 | +0.017% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0299% | 4h | 773.83 | +0.006% | $639K | $242K | 20x | as long as short |
GRVT SPY_USDT_Perp
SunX SPY-USDT
HTX SPY-USDT
RISEx SPY/USDC
Coinbase International SPY-PERP-INTX
Lighter RH SPY
Deribit SPY_USDC-PERPETUAL
Arcus SPY-USD
Nado SPY-PERP
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
KuCoin SPYUSDTM
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
Lighter SPY
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC