Funding you earn now, next payment 02:00 UTC+0.0133%/8h= +14.6% APRnext payment +$0.17 per $10,000 · paid last 24h +0.032%
Price spread now: Deribit against Coinbase International+0.027%7-day average — · you sell dearer than you buy
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 for this trade now. Funding pays +$4 a day on $10k at the current rate, and Deribit is 0.027% dearer against Coinbase International than usual: you sell high and buy low: +$3 more if the spread goes back to zero (this spread has no 7-day history yet).
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Coinbase International SPY-PERP-INTX | 774.05 | 0.0056 | pay 0.0007% / 1h | 51m 52s | $954K | $552K | 20x |
| Short | Deribit SPY_USDC-PERPETUAL | 774.26 | 0.0189 | get 0.0024% / 1h | 51m 52s | $23K | $55K | 20x |
Coinbase International SPY-PERP-INTX
Deribit SPY_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Coinbase International. 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
- $28
- Price spread: +0.027% → 0.000%
- $2.71
- Slippage, 4 orders
- no order book: not counted
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- $13.71
- Costs to cover
- 0.170%
- Break-even
- 3.6 days
Slippage unknown: Coinbase International: live order book, 11 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 Coinbase International live order book, 11 min ago | 0.06 bp | 5.4 bp −$5 | 7.9 bp −$79 | doesn't fit | doesn't fit |
| 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 26 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 SPY | −0.0021% | 1h | 773.79 | −0.034% | $161K | $295K | 20x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.36 | +0.040% | $6.3M | $2.0M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.58 | +0.068% | $7.9M | $3.3M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.96 | −0.012% | $780K | $2.4M | 75x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.51 | +0.059% | $10.9M | $2.0M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.42 | +0.048% | $161K | $379K | 10x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.62 | +0.203% | $2K | $1.4M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.90 | +0.110% | $308K | $20K | 50x | as long as short |
| Aster SPYUSDT | +0.0001% | 8h | 774.49 | +0.056% | $863K | $203K | 20x | as long as short |
| MEXC SPY_USDT | +0.0007% | 8h | 774.48 | +0.056% | $21.9M | $11.7M | 100x | as long as short |
Phoenix SPY
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
Bitget SPYUSDT
GRVT SPY_USDT_Perp
SunX SPY-USDT
HTX SPY-USDT
Aster SPYUSDT
MEXC SPY_USDTShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance SPYUSDT | +0.0008% | 8h | 774.48 | +0.056% | $28.4M | $79.8M | 50x | as long as short |
| Nado SPY-PERP | +0.0033% | 1h | 774.03 | −0.002% | $1.5M | $288K | 20x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 773.52 | −0.068% | $935K | $1.3M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.27 | −0.101% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.74 | −0.040% | $4.8M | $841K | 20x | as long as short |
| Lighter SPY | +0.0056% | 1h | 774.39 | +0.044% | $8.3M | $21.0M | 50x | as long as short |
| Coinbase International SPY-PERP-INTXlong | +0.0056% | 1h | 774.05 | long leg | $954K | $552K | 20x | |
| RISEx SPY/USDC | +0.0097% | 1h | 774.58 | +0.068% | $7.0M | $5.2M | 25x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.70 | −0.045% | $2.5M | $970K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 773.93 | −0.016% | $160K | $23K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.38 | +0.043% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.90 | −0.019% | $87K | — | 10x | as long as short |
| Lighter RH SPY | +0.0112% | 1h | 774.83 | +0.101% | $56.6M | $112.0M | 50x | as long as short |
| edgeX SPYUSDC | +0.0149% | 4h | 774.34 | +0.037% | $640K | $241K | 20x | as long as short |
| Deribit SPY_USDC-PERPETUALshort | +0.0189% | 1h | 774.26 | +0.027% | $23K | $55K | 20x | |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.49 | +0.056% | $10K | — | 26x | as long as short |
Binance SPYUSDT
Nado SPY-PERP
Arcus SPY-USD
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
Lighter SPY
RISEx SPY/USDC
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
Lighter RH SPY
edgeX SPYUSDC
GMX SPY/USD [ETH-USDC]