Funding you earn now, next payment 19:00 UTC−0.0044%/8hnext payment −$0.06 per $10,000 · paid last 24h −0.038%
Price spread now: Coinbase International against Deribit−0.066%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 4 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 −$1 a day on $10k at the current rate, and Coinbase International is 0.066% cheaper against Deribit than usual: you would sell low and buy high (−$7 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 | Deribit SPY_USDC-PERPETUAL | 775.01 | 0.0124 | pay 0.0016% / 1h | 21m 56s | $22K | $74K | 20x |
| Short | Coinbase International SPY-PERP-INTX | 774.50 | 0.0080 | get 0.0010% / 1h | 21m 56s | $935K | $629K | 20x |
Deribit SPY_USDC-PERPETUAL
Coinbase International SPY-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International against Deribit. 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
- −$9.31
- Price spread: −0.066% → 0.000%
- −$6.58
- Slippage, 4 orders
- no order book: not counted
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$32.89
- Costs to cover
- 0.170%
- Break-even
- never at this rate
Slippage unknown: Deribit: no order-book sample; Coinbase International: live order book, 11 min ago. 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 Deribit no order-book sample | — | — | — | — | — |
| Sell Coinbase International live order book, 11 min ago | 0.06 bp | 5.5 bp −$5 | 7.2 bp −$72 | 37.2 bp −$3,723 | doesn't fit |
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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix SPY | −0.0300% | 1h | 774.02 | −0.128% | $161K | $295K | 20x | as long as short |
| BloFin SPY-USDT | −0.0120% | 8h | 774.89 | −0.015% | $422K | $719K | 50x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 774.78 | −0.030% | $865K | $275K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 775.07 | +0.008% | $28.9M | $85.5M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 775.13 | +0.015% | $6.2M | $2.2M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 775.09 | +0.010% | $8.0M | $3.5M | 50x | as long as short |
| RISEx SPY/USDC | 0.0000% | 1h | 775.01 | 0.000% | $6.9M | $5.7M | 25x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 774.61 | −0.052% | $740K | $2.1M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 775.06 | +0.006% | $23.0M | $12.3M | 100x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.93 | −0.010% | $158K | $509K | 10x | as long as short |
Phoenix SPY
BloFin SPY-USDT
Aster SPYUSDT
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
RISEx SPY/USDC
Gate SPY_USDT
MEXC SPY_USDT
GRVT SPY_USDT_PerpShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX SPY-USDT | 0.0000% | 8h | 776.06 | +0.135% | $2K | $1.6M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.99 | −0.003% | $308K | $20K | 50x | as long as short |
| Lighter SPY | +0.0032% | 1h | 775.10 | +0.012% | $8.8M | $21.9M | 50x | as long as short |
| Lighter RH SPY | +0.0032% | 1h | 775.47 | +0.059% | $56.9M | $126.6M | 50x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 774.24 | −0.099% | $951K | $1.3M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.95 | −0.137% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 774.16 | −0.110% | $4.8M | $937K | 20x | as long as short |
| Bitget SPYUSDT | +0.0058% | 8h | 775.12 | +0.014% | $10.8M | $3.1M | 50x | as long as short |
| Nado SPY-PERP | +0.0067% | 1h | 774.58 | −0.055% | $1.5M | $307K | 20x | as long as short |
| Coinbase International SPY-PERP-INTXshort | +0.0080% | 1h | 774.50 | −0.066% | $935K | $629K | 20x | |
| KuCoin SPYUSDTM | +0.0100% | 8h | 774.46 | −0.071% | $2.5M | $1.0M | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 774.58 | −0.055% | $154K | $32K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 775.07 | +0.008% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 774.59 | −0.055% | $87K | — | 10x | as long as short |
| Deribit SPY_USDC-PERPETUALlong | +0.0124% | 1h | 775.01 | long leg | $22K | $74K | 20x | |
| edgeX SPYUSDC | +0.0131% | 4h | 774.86 | −0.020% | $640K | $240K | 20x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0326% / S −0.1264% | 1h | 775.03 | +0.003% | $25K | — | 53x | as long as short |
SunX SPY-USDT
HTX SPY-USDT
Lighter SPY
Lighter RH SPY
Arcus SPY-USD
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
Bitget SPYUSDT
Nado SPY-PERP
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
edgeX SPYUSDC
GMX SPY/USD [ETH-USDC]