Funding you earn now, next payment 00:00 UTC−0.0146%/8h= −16.0% APRnext payment −$0.18 per $10,000 · paid last 24h −0.112%
Price spread now: Phoenix against GMX−0.036%65s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 3 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 −$4 a day on $10k at the current rate, and Phoenix is 0.036% cheaper against GMX than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | GMX SPY/USD [ETH-USDC] | 774.38 | L +0.0208% / S −0.0429% | pay 0.0026% / 1h | 23m 59s | $10K | — | 26x |
| Short | Phoenix SPY | 774.10 | 0.0062 | get 0.0008% / 1h | 23m 59s | $161K | $296K | 20x |
GMX SPY/USD [ETH-USDC]
Phoenix SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against GMX. 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
- −$30.66
- Price spread: −0.036% → 0.000%
- −$3.55
- Slippage, 4 orders
- no order book: not counted
- Fee GMX: 6 bp × 2 orders
- −$12
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$53.21
- Costs to cover
- 0.190%
- Break-even
- never at this rate
Slippage unknown: GMX: no order-book sample; Phoenix: live order book, 46 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 GMX no order-book sample | — | — | — | — | — |
| Sell Phoenix live order book, 46 min ago | 0.13 bp | 7.9 bp −$8 | 15.8 bp −$158 | doesn't fit | doesn't fit |
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 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 | −0.0101% | 8h | 774.57 | +0.025% | $413K | $571K | 50x | as long as short |
| Arcus SPY-USD | −0.0016% | 1h | 773.67 | −0.091% | $937K | $1.4M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.34 | −0.005% | $6.3M | $2.0M | 100x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 774.07 | −0.039% | $780K | $2.3M | 75x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.50 | +0.145% | $2K | $1.5M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.97 | +0.077% | $308K | $20K | 50x | as long as short |
| OKX SPY-USDT-SWAP | +0.0006% | 8h | 774.44 | +0.008% | $7.9M | $3.3M | 50x | as long as short |
| Aster SPYUSDT | +0.0008% | 8h | 774.32 | −0.008% | $863K | $204K | 20x | as long as short |
| MEXC SPY_USDT | +0.0019% | 8h | 774.32 | −0.007% | $29.9M | $11.7M | 100x | as long as short |
| Binance SPYUSDT | +0.0019% | 8h | 774.29 | −0.011% | $28.5M | $81.2M | 50x | as long as short |
BloFin SPY-USDT
Arcus SPY-USD
Bybit SPYUSDT
Gate SPY_USDT
SunX SPY-USDT
HTX SPY-USDT
OKX SPY-USDT-SWAP
Aster SPYUSDT
MEXC SPY_USDT
Binance SPYUSDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget SPYUSDT | +0.0021% | 8h | 774.48 | +0.014% | $11.0M | $2.3M | 50x | as long as short |
| Lighter SPY | +0.0032% | 1h | 774.07 | −0.039% | $8.2M | $21.6M | 50x | as long as short |
| Lighter RH SPY | +0.0032% | 1h | 774.44 | +0.008% | $57.3M | $114.0M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.13 | −0.161% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.42 | −0.123% | $4.8M | $845K | 20x | as long as short |
| GRVT SPY_USDT_Perp | +0.0055% | 8h | 774.71 | +0.043% | $168K | $398K | 10x | as long as short |
| Phoenix SPYshort | +0.0062% | 1h | 774.10 | −0.036% | $161K | $296K | 20x | |
| Coinbase International SPY-PERP-INTX | +0.0064% | 1h | 774.00 | −0.048% | $954K | $554K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.90 | −0.061% | $2.5M | $949K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 773.61 | −0.099% | $159K | $23K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.39 | +0.002% | $1K | — | 20x | as long as short |
| Nado SPY-PERP | +0.0103% | 1h | 773.90 | −0.062% | $1.5M | $283K | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.87 | −0.065% | $87K | — | 10x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0176% | 1h | 774.10 | −0.036% | $23K | $55K | 20x | as long as short |
| GMX SPY/USD [ETH-USDC]long | L +0.0208% / S −0.0429% | 1h | 774.38 | long leg | $10K | — | 26x | |
| RISEx SPY/USDC | +0.0320% | 1h | 774.57 | +0.025% | $6.9M | $5.2M | 25x | as long as short |
| edgeX SPYUSDC | +0.0789% | 4h | 774.59 | +0.028% | $640K | $240K | 20x | as long as short |
Bitget SPYUSDT
Lighter SPY
Lighter RH SPY
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
GRVT SPY_USDT_Perp
Coinbase International SPY-PERP-INTX
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Nado SPY-PERP
Aevo SPY-PERP
Deribit SPY_USDC-PERPETUAL
RISEx SPY/USDC
edgeX SPYUSDC