Funding you earn now, next payment 07:00 UTC−0.0255%/8h= −27.9% APRpaid last 24h −0.080%
Price spread now: Phoenix against KuCoin0.000%63s7-day average −0.015% · you sell dearer than you buy
Net, funding: paid 7d − costs−$38as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$410.407% of the position
Funding, last 7 days+0.026%+$3 on $10k
+Price spread, last 4 days (all we have)0.000%$0 · spread now 0.000%, 7d avg −0.015%
=The price spread sits at its 7-day average of −0.015%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate. The two prices were read 63 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.026% in total (about 1.3% a year). A funding rate is set anew for every payment. 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 | KuCoin SPYUSDTM | 773.18 | 0.0100 | pay 0.0100% / 8h | 4m 21s | $2.5M | $998K | 20x |
| Short | Phoenix SPY | 773.18 | −0.0155 | pay 0.0019% / 1h | 4m 21s | $158K | $254K | 20x |
KuCoin SPYUSDTM
Phoenix SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against KuCoin. 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
- −$53.55
- Price spread: 0.000% → −0.015%
- $1.48
- Slippage, 4 orders
- −$21.67
- Fee KuCoin: 6 bp × 2 orders
- −$12
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$92.75
- Costs to cover
- 0.407%
- Break-even
- never at this rate
Slippage from KuCoin: live order book, 2 min ago; Phoenix: live order book, 31 min ago.
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 | 2.26 bp | 13.9 bp −$14 | 92.9 bp −$929 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 31 min ago | 0.52 bp | 8.1 bp −$8 | 17.6 bp −$176 | doesn't fit | doesn't fit |
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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix SPYshort | −0.0155% | 1h | 773.18 | 0.000% | $158K | $254K | 20x | |
| BloFin SPY-USDT | −0.0120% | 8h | 773.81 | +0.081% | $418K | $444K | 50x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 773.76 | +0.075% | $863K | $193K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 773.72 | +0.069% | $28.6M | $75.6M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 773.66 | +0.062% | $6.2M | $1.6M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 773.68 | +0.065% | $7.9M | $3.1M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.24 | +0.008% | $770K | $2.5M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 773.72 | +0.070% | $29.7M | $11.8M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 773.93 | +0.097% | $10.9M | $1.6M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 773.99 | +0.105% | $160K | $350K | 10x | as long as short |
BloFin SPY-USDT
Aster SPYUSDT
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
Bitget SPYUSDT
GRVT SPY_USDT_PerpShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX SPY-USDT | 0.0000% | 8h | 774.91 | +0.224% | $2K | $1.3M | 10x | as long as short |
| Deribit SPY_USDC-PERPETUAL | 0.0000% | 1h | 773.49 | +0.040% | $23K | $54K | 20x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.16 | +0.127% | $300K | $38K | 50x | as long as short |
| RISEx SPY/USDC | +0.0014% | 1h | 773.96 | +0.101% | $7.1M | $4.0M | 25x | as long as short |
| ApeX Omni SPYUSDT | +0.0016% | 1h | 773.33 | +0.019% | $164K | $25K | 50x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0024% | 1h | 773.80 | +0.080% | $951K | $509K | 20x | as long as short |
| Lighter RH SPY | +0.0032% | 1h | 773.93 | +0.097% | $56.5M | $121.3M | 50x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 773.22 | +0.005% | $923K | $1.3M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 772.59 | −0.076% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.03 | −0.019% | $4.8M | $865K | 20x | as long as short |
| Nado SPY-PERP | +0.0054% | 1h | 773.32 | +0.018% | $1.5M | $247K | 20x | as long as short |
| KuCoin SPYUSDTMlong | +0.0100% | 8h | 773.18 | long leg | $2.5M | $998K | 20x | |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 773.78 | +0.078% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.21 | +0.004% | $87K | — | 10x | as long as short |
| Lighter SPY | +0.0120% | 1h | 773.79 | +0.079% | $7.9M | $18.0M | 50x | as long as short |
| edgeX SPYUSDC | +0.0147% | 4h | 773.74 | +0.072% | $639K | $242K | 20x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 773.74 | +0.072% | $10K | — | 26x | as long as short |
SunX SPY-USDT
Deribit SPY_USDC-PERPETUAL
HTX SPY-USDT
RISEx SPY/USDC
ApeX Omni SPYUSDT
Coinbase International SPY-PERP-INTX
Lighter RH SPY
Arcus SPY-USD
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
Nado SPY-PERP
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
Lighter SPY
edgeX SPYUSDC
GMX SPY/USD [ETH-USDC]