SPY

Alert

Funding spread now, next payment 19:00 UTC−0.0295%/8h

next payment, per $10,000−$0.37paid, last 24h−0.011%paid, last 3 days−0.080%to open and closeno order book

The current rate is far above what this pair has been paying: over the last 3 days it paid -0.080% in total (about -9.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.37 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX SPY/USD [ETH-USDC]	774.84	L +0.0327% / S −0.2140%	pay 0.0041% / 1h	4m 09s	$24K	—	53x
Short	Lighter SPY	774.89	0.0032	get 0.0004% / 1h	4m 09s	$9.0M	$21.6M	50x

Funding history

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Funding on every exchange

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Profit calculator

Position, each leg$Hold fordaysFee GMXbpFee LighterbpOrdersRate

Funding earned: −$61.87
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$73.87
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Lighter: live order book, 6 min ago. Net counts fees only.

Price risk

price view

Price gap now: +0.007%
Avg gap 7d: —

A gap far from its average can cost days of funding.

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

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 GMX no order-book sample	—	—	—	—	—
Sell Lighter live order book, 6 min ago	0.58 bp	0.9 bp −$1	1.5 bp −$15	18.6 bp −$1,863	37.7 bp −$18.9K

GMX: 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.

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Phoenix SPY	−0.0404%	1h	$161K	$295K	20x	as long as short
Ondo Perps SPY-USD.P	−0.0134%	1h	$4.8M	$854K	20x	as long as short
BloFin SPY-USDT	−0.0120%	8h	$430K	$717K	50x	as long as short
Nado SPY-PERP	−0.0027%	1h	$1.6M	$277K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	$865K	$274K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	$29.0M	$83.8M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	$6.2M	$2.2M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	$8.0M	$3.5M	50x	as long as short
RISEx SPY/USDC	0.0000%	1h	$6.9M	$5.7M	25x	as long as short
Gate SPY_USDT	0.0000%	8h	$740K	$2.0M	75x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
MEXC SPY_USDT	0.0000%	8h	$22.6M	$12.3M	100x	as long as short
SunX SPY-USDT	0.0000%	8h	$2K	$1.6M	10x	as long as short
HTX SPY-USDT	0.0000%	8h	$309K	$20K	50x	as long as short
Lighter SPYshort	+0.0032%	1h	$9.0M	$21.6M	50x
Lighter RH SPY	+0.0032%	1h	$57.4M	$125.3M	50x	as long as short
Arcus SPY-USD	+0.0040%	1h	$955K	$1.3M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	—	$100K	50x	as long as short
Bitget SPYUSDT	+0.0079%	8h	$10.8M	$3.1M	50x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	$2.5M	$1.1M	20x	as long as short
ApeX Omni SPYUSDT	+0.0100%	1h	$154K	$32K	50x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	$87K	—	10x	as long as short
Coinbase International SPY-PERP-INTX	+0.0104%	1h	$933K	$617K	20x	as long as short
Deribit SPY_USDC-PERPETUAL	+0.0163%	1h	$22K	$74K	20x	as long as short
GMX SPY/USD [ETH-USDC]long	L +0.0327% / S −0.2140%	1h	$24K	—	53x
edgeX SPYUSDC	+0.0866%	4h	$640K	$240K	20x	as long as short