Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0138%/8h= +15.1% APRpaid last 24h +0.060%

Price spread now: Deribit against HTX−0.076%7-day average — · you buy dearer than you sell

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

Long on HTX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 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

Funding pays, the price is against you. Deribit is 0.076% cheaper against HTX than usual: you would sell low and buy high (spread −0.076% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 44 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX SPY-USDT	774.73	0	get 0.0000% / 8h	5h 02m	$308K	$20K	50x
Short	Deribit SPY_USDC-PERPETUAL	774.14	0.0138	get 0.0017% / 1h	2m 51s	$23K	$55K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against HTX. 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 HTXbpFee DeribitbpOrdersPrice spread, now −0.076%Rate

Funding earned: $28.91
Price spread: −0.076% → 0.000%: −$7.62
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $2.3
Costs to cover: 0.190%
Break-even: 6.4 days

Slippage unknown: HTX: live order book, 59 min ago; Deribit: no order-book sample. 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 HTX live order book, 59 min ago	2.45 bp	8.5 bp −$8	12.9 bp −$129	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

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
BloFin SPY-USDT	−0.0105%	8h	774.43	−0.039%	$418K	$468K	50x	as long as short
ApeX Omni SPYUSDT	−0.0098%	1h	773.48	−0.161%	$162K	$24K	50x	as long as short
Phoenix SPY	−0.0021%	1h	773.82	−0.117%	$161K	$295K	20x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.58	−0.019%	$6.3M	$2.0M	100x	as long as short
Gate SPY_USDT	0.0000%	8h	773.97	−0.098%	$776K	$2.4M	75x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.56	−0.022%	$10.9M	$1.9M	50x	as long as short
SunX SPY-USDT	0.0000%	8h	775.54	+0.105%	$2K	$1.4M	10x	as long as short
HTX SPY-USDTlong	0.0000%	8h	774.73	long leg	$308K	$20K	50x
OKX SPY-USDT-SWAP	+0.0002%	8h	774.38	−0.045%	$7.9M	$3.3M	50x	as long as short
GRVT SPY_USDT_Perp	+0.0004%	8h	774.54	−0.024%	$162K	$375K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SPY_USDT	+0.0014%	8h	774.42	−0.040%	$24.0M	$12.1M	100x	as long as short
Binance SPYUSDT	+0.0015%	8h	774.44	−0.037%	$28.3M	$79.6M	50x	as long as short
Aster SPYUSDT	+0.0017%	8h	774.56	−0.022%	$865K	$194K	20x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.68	−0.136%	$931K	$1.4M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.14	−0.205%	—	$123K	50x	as long as short
Nado SPY-PERP	+0.0049%	1h	773.92	−0.105%	$1.5M	$292K	20x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.55	−0.152%	$4.8M	$842K	20x	as long as short
Coinbase International SPY-PERP-INTX	+0.0056%	1h	774.05	−0.088%	$954K	$552K	20x	as long as short
Lighter SPY	+0.0064%	1h	774.36	−0.048%	$8.3M	$21.1M	50x	as long as short
Lighter RH SPY	+0.0096%	1h	774.68	−0.006%	$56.4M	$116.0M	50x	as long as short
RISEx SPY/USDC	+0.0097%	1h	774.53	−0.026%	$7.0M	$5.0M	25x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.78	−0.123%	$2.5M	$979K	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.38	−0.045%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.86	−0.112%	$87K	—	10x	as long as short
Deribit SPY_USDC-PERPETUALshort	+0.0138%	1h	774.14	−0.076%	$23K	$55K	20x
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.43	−0.038%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0795%	4h	774.31	−0.055%	$640K	$242K	20x	as long as short