Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0053%/8h= −5.8% APRpaid last 24h +0.030%

Price spread now: Deribit against KuCoin+0.032%7-day average — · you sell dearer than you buy

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

Long on KuCoin 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

The price spread pays, funding is against you. Deribit is 0.032% dearer against KuCoin than usual: you sell high and buy low (spread +0.032% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin SPYUSDTM	773.75	0.0100	pay 0.0100% / 8h	5h 25m	$2.5M	$977K	20x
Short	Deribit SPY_USDC-PERPETUAL	774.00	0.0047	get 0.0006% / 1h	25m 06s	$23K	$55K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against KuCoin. 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 KuCoinbpFee DeribitbpOrdersPrice spread, now +0.032%Rate

Funding earned: −$11.08
Price spread: +0.032% → 0.000%: $3.23
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$26.85
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 2 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 KuCoin live order book, 2 min ago	2.13 bp	13.7 bp −$14	102.6 bp −$1,026	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	−0.0108%	8h	774.37	+0.080%	$418K	$468K	50x	as long as short
ApeX Omni SPYUSDT	−0.0082%	1h	773.48	−0.035%	$162K	$24K	50x	as long as short
Phoenix SPY	−0.0021%	1h	773.71	−0.005%	$161K	$295K	20x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.39	+0.083%	$6.3M	$2.0M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.40	+0.084%	$7.9M	$3.3M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.85	+0.013%	$780K	$2.4M	75x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.53	+0.101%	$10.9M	$1.9M	50x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.46	+0.091%	$162K	$375K	10x	as long as short
SunX SPY-USDT	0.0000%	8h	775.47	+0.222%	$1K	$1.4M	10x	as long as short
HTX SPY-USDT	0.0000%	8h	774.69	+0.121%	$308K	$20K	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster SPYUSDT	+0.0006%	8h	774.43	+0.088%	$863K	$203K	20x	as long as short
MEXC SPY_USDT	+0.0011%	8h	774.36	+0.079%	$23.3M	$12.0M	100x	as long as short
Binance SPYUSDT	+0.0012%	8h	774.37	+0.080%	$28.3M	$79.7M	50x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.53	−0.028%	$931K	$1.4M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.10	−0.084%	—	$123K	50x	as long as short
Deribit SPY_USDC-PERPETUALshort	+0.0047%	1h	774.00	+0.032%	$23K	$55K	20x
Nado SPY-PERP	+0.0048%	1h	773.90	+0.019%	$1.5M	$292K	20x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.58	−0.022%	$4.8M	$842K	20x	as long as short
Coinbase International SPY-PERP-INTX	+0.0056%	1h	774.05	+0.039%	$954K	$552K	20x	as long as short
Lighter SPY	+0.0064%	1h	774.25	+0.065%	$8.3M	$21.0M	50x	as long as short
Lighter RH SPY	+0.0096%	1h	774.60	+0.110%	$56.4M	$114.5M	50x	as long as short
RISEx SPY/USDC	+0.0097%	1h	774.51	+0.098%	$6.9M	$5.0M	25x	as long as short
KuCoin SPYUSDTMlong	+0.0100%	8h	773.75	long leg	$2.5M	$977K	20x
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.37	+0.080%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.78	+0.004%	$87K	—	10x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.38	+0.081%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0718%	4h	774.22	+0.060%	$640K	$241K	20x	as long as short