Funding you earn now, next payment 04:00 UTC−0.0066%/8h= −7.3% APRnext payment −$0.08 per $10,000 · paid last 24h −0.071%
Price spread now: Phoenix against Coinbase International−0.019%7-day average +0.001% · you buy dearer than you sell
Net, funding: paid 7d − costs−$5as in the Funding arb table
Net, price: spread back to 7d avg − costs−$29as in the Price arb table
costs, in and out, $10k−$270.272% of the position
Funding, last 7 days+0.226%+$23 on $10k
+Price spread, last 4 days (all we have)−0.065%−$7 · spread now −0.019%, 7d avg +0.001%
=The price spread sits at its 7-day average of +0.001%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.226%, 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 | Coinbase International SPY-PERP-INTX | 774.05 | 0.0056 | pay 0.0007% / 1h | 42m 25s | $954K | $552K | 20x |
| Short | Phoenix SPY | 773.90 | −0.0010 | pay 0.0001% / 1h | 42m 25s | $161K | $295K | 20x |
Coinbase International SPY-PERP-INTX
Phoenix SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix 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
- −$13.93
- Price spread: −0.019% → +0.001%
- −$1.99
- Slippage, 4 orders
- −$10.16
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$43.09
- Costs to cover
- 0.272%
- Break-even
- never at this rate
Slippage from Coinbase International: live order book, 11 min ago; Phoenix: live order book, 9 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 Coinbase International live order book, 11 min ago | 0.06 bp | 5.3 bp −$5 | 8.3 bp −$83 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 9 min ago | 0.13 bp | 7.9 bp −$8 | 15.8 bp −$158 | 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 | 774.11 | +0.008% | $416K | $468K | 50x | as long as short |
| Phoenix SPYshort | −0.0010% | 1h | 773.90 | −0.019% | $161K | $295K | 20x | |
| Binance SPYUSDT | 0.0000% | 8h | 774.25 | +0.026% | $28.1M | $79.3M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.28 | +0.030% | $6.3M | $1.9M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.12 | +0.009% | $7.9M | $3.3M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.74 | −0.040% | $775K | $2.4M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.29 | +0.031% | $29.0M | $12.4M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.38 | +0.043% | $10.9M | $1.8M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.34 | +0.038% | $163K | $374K | 10x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.36 | +0.169% | $2K | $1.4M | 10x | as long as short |
BloFin SPY-USDT
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
Bitget SPYUSDT
GRVT SPY_USDT_Perp
SunX SPY-USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX SPY-USDT | 0.0000% | 8h | 774.45 | +0.052% | $308K | $20K | 50x | as long as short |
| Aster SPYUSDT | +0.0023% | 8h | 774.23 | +0.023% | $864K | $194K | 20x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 773.54 | −0.066% | $928K | $1.4M | 50x | as long as short |
| ApeX Omni SPYUSDT | +0.0042% | 1h | 773.48 | −0.074% | $163K | $24K | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.11 | −0.121% | — | $123K | 50x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0047% | 1h | 774.04 | −0.001% | $23K | $56K | 20x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.22 | −0.107% | $4.8M | $827K | 20x | as long as short |
| Nado SPY-PERP | +0.0051% | 1h | 773.90 | −0.019% | $1.5M | $285K | 20x | as long as short |
| Lighter RH SPY | +0.0056% | 1h | 774.52 | +0.061% | $56.3M | $116.1M | 50x | as long as short |
| Coinbase International SPY-PERP-INTXlong | +0.0056% | 1h | 774.05 | long leg | $954K | $552K | 20x | |
| Lighter SPY | +0.0096% | 1h | 774.30 | +0.032% | $8.2M | $19.2M | 50x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.45 | −0.078% | $2.5M | $972K | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.18 | +0.017% | $1K | — | 20x | as long as short |
| RISEx SPY/USDC | +0.0100% | 1h | 774.33 | +0.036% | $7.0M | $5.0M | 25x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.71 | −0.044% | $87K | — | 10x | as long as short |
| edgeX SPYUSDC | +0.0196% | 4h | 774.14 | +0.012% | $640K | $243K | 20x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.29 | +0.032% | $10K | — | 26x | as long as short |
HTX SPY-USDT
Aster SPYUSDT
Arcus SPY-USD
ApeX Omni SPYUSDT
Vest SPY-USD-PERP
Deribit SPY_USDC-PERPETUAL
Ondo Perps SPY-USD.P
Nado SPY-PERP
Lighter RH SPY
Lighter SPY
KuCoin SPYUSDTM
Orderly PERP_SPY_USDC_mythos
RISEx SPY/USDC
Aevo SPY-PERP
edgeX SPYUSDC
GMX SPY/USD [ETH-USDC]