Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0209%/8h= −22.9% APRpaid last 24h −0.087%

Price spread now: SunX against GMX+0.131%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on GMX Short on SunX

What this pair did over the last

the charts below follow

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

The price spread pays, funding is against you. SunX is 0.131% dearer against GMX than usual: you sell high and buy low (spread +0.131% now, against zero (this spread has no 7-day history yet)): +$13 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX SPY/USD [ETH-USDC]	774.24	L +0.0209% / S −0.0429%	pay 0.0026% / 1h	9m 41s	$10K	—	26x
Short	SunX SPY-USDT	775.25	0	get 0.0000% / 8h	4h 09m	$2K	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee GMXbpFee SunXbpOrdersPrice spread, now +0.131%Rate

Funding earned: −$43.9
Price spread: +0.131% → 0.000%: $13.11
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: −$50.79
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; SunX: live order book, 5 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 SunX live order book, 5 min ago	29.08 bp	128.8 bp −$129	doesn't fit	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	−0.0118%	8h	774.23	−0.001%	$417K	$468K	50x	as long as short
ApeX Omni SPYUSDT	−0.0039%	1h	773.20	−0.134%	$162K	$24K	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.26	+0.003%	$6.3M	$2.0M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.21	−0.003%	$7.9M	$3.2M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.73	−0.065%	$775K	$2.4M	75x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.40	+0.021%	$10.9M	$1.8M	50x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.36	+0.016%	$163K	$374K	10x	as long as short
Phoenix SPY	0.0000%	1h	773.62	−0.079%	$161K	$295K	20x	as long as short
SunX SPY-USDTshort	0.0000%	8h	775.25	+0.131%	$2K	$1.4M	10x
Deribit SPY_USDC-PERPETUAL	0.0000%	1h	773.87	−0.047%	$23K	$56K	20x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX SPY-USDT	0.0000%	8h	774.51	+0.036%	$308K	$20K	50x	as long as short
Binance SPYUSDT	+0.0001%	8h	774.21	−0.003%	$28.2M	$79.9M	50x	as long as short
MEXC SPY_USDT	+0.0001%	8h	774.21	−0.003%	$26.5M	$12.1M	100x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.60	−0.082%	$935K	$1.4M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.06	−0.152%	—	$123K	50x	as long as short
Aster SPYUSDT	+0.0046%	8h	774.32	+0.011%	$865K	$196K	20x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.58	−0.085%	$4.8M	$828K	20x	as long as short
Lighter RH SPY	+0.0064%	1h	774.56	+0.042%	$56.5M	$115.6M	50x	as long as short
Coinbase International SPY-PERP-INTX	+0.0064%	1h	774.05	−0.024%	$954K	$552K	20x	as long as short
Nado SPY-PERP	+0.0074%	1h	773.86	−0.049%	$1.5M	$280K	20x	as long as short
Lighter SPY	+0.0080%	1h	774.19	−0.006%	$8.3M	$19.7M	50x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.88	−0.046%	$2.5M	$974K	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.26	+0.003%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.71	−0.068%	$87K	—	10x	as long as short
RISEx SPY/USDC	+0.0173%	1h	774.35	+0.014%	$7.0M	$5.0M	25x	as long as short
GMX SPY/USD [ETH-USDC]long	L +0.0209% / S −0.0429%	1h	774.24	long leg	$10K	—	26x
edgeX SPYUSDC	+0.0684%	4h	774.17	−0.008%	$640K	$243K	20x	as long as short