Funding you earn now, next payment 04:00 UTC−0.0050%/8h= −5.5% APRnext payment −$0.06 per $10,000 · paid last 24h −0.059%
Price spread now: Phoenix against Lighter RH−0.121%7-day average −0.081% · you buy dearer than you sell
Net, funding: paid 7d − costs−$5as in the Funding arb table
Net, price: spread back to 7d avg − costs−$20as in the Price arb table
costs, in and out, $10k−$160.161% of the position
Funding, last 7 days+0.111%+$11 on $10k
+Price spread, last 4 days (all we have)+0.007%+$1 · spread now −0.121%, 7d avg −0.081%
=Together, before fees+0.118%+ Points / potential airdropLighter RH: Points live · farm board+$12 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phoenix is 0.040% cheaper against Lighter RH than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.081%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.111%, so the current rate has only just turned against you.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter RH SPY | 774.56 | 0.0040 | pay 0.0005% / 1h | 3m 34s | $56.3M | $118.7M | 50x |
| Short | Phoenix SPY | 773.62 | −0.0010 | pay 0.0001% / 1h | 3m 34s | $161K | $295K | 20x |
Lighter RH SPY
Phoenix SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Lighter RH. 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
- −$10.57
- Price spread: −0.121% → −0.081%
- −$4.01
- Slippage, 4 orders
- −$9.07
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$30.65
- Costs to cover
- 0.161%
- Break-even
- never at this rate
Slippage from Lighter RH: live order book, 6 min ago; Phoenix: live order book, 47 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 Lighter RH live order book, 6 min ago | 0.06 bp | 0.1 bp $0 | 0.5 bp −$5 | 2.9 bp −$286 | doesn't fit |
| Sell Phoenix live order book, 47 min ago | 0.13 bp | 7.9 bp −$8 | 15.8 bp −$158 | 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 | |
|---|---|---|---|---|---|---|---|---|
| BloFin SPY-USDT | −0.0120% | 8h | 774.14 | −0.054% | $417K | $471K | 50x | as long as short |
| ApeX Omni SPYUSDT | −0.0046% | 1h | 773.16 | −0.181% | $163K | $24K | 50x | as long as short |
| Phoenix SPYshort | −0.0010% | 1h | 773.62 | −0.121% | $161K | $295K | 20x | |
| Nado SPY-PERP | −0.0002% | 1h | 773.89 | −0.086% | $1.6M | $275K | 20x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 774.07 | −0.063% | $864K | $194K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.22 | −0.044% | $28.2M | $79.7M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.22 | −0.044% | $6.3M | $1.9M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.09 | −0.061% | $7.9M | $3.3M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.74 | −0.106% | $776K | $2.4M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.21 | −0.045% | $29.7M | $12.5M | 100x | as long as short |
BloFin SPY-USDT
ApeX Omni SPYUSDT
Nado SPY-PERP
Aster SPYUSDT
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget SPYUSDT | 0.0000% | 8h | 774.35 | −0.027% | $10.9M | $1.8M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.28 | −0.037% | $158K | $359K | 10x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.32 | +0.098% | $2K | $1.4M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.43 | −0.017% | $308K | $20K | 50x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0021% | 1h | 773.98 | −0.075% | $23K | $56K | 20x | as long as short |
| Ondo Perps SPY-USD.P | +0.0037% | 1h | 773.00 | −0.201% | $4.7M | $831K | 20x | as long as short |
| Lighter RH SPYlong | +0.0040% | 1h | 774.56 | long leg | $56.3M | $118.7M | 50x | |
| Arcus SPY-USD | +0.0040% | 1h | 773.46 | −0.142% | $928K | $1.4M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.13 | −0.185% | — | $123K | 50x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0056% | 1h | 773.90 | −0.085% | $951K | $558K | 20x | as long as short |
| Lighter SPY | +0.0088% | 1h | 774.31 | −0.032% | $8.2M | $19.3M | 50x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.45 | −0.143% | $2.5M | $973K | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.16 | −0.052% | $1K | — | 20x | as long as short |
| RISEx SPY/USDC | +0.0100% | 1h | 774.35 | −0.027% | $7.0M | $5.0M | 25x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.60 | −0.123% | $87K | — | 10x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.23 | −0.043% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0984% | 4h | 774.05 | −0.066% | $640K | $242K | 20x | as long as short |
Bitget SPYUSDT
GRVT SPY_USDT_Perp
SunX SPY-USDT
HTX SPY-USDT
Deribit SPY_USDC-PERPETUAL
Ondo Perps SPY-USD.P
Arcus SPY-USD
Vest SPY-USD-PERP
Coinbase International SPY-PERP-INTX
Lighter SPY
KuCoin SPYUSDTM
Orderly PERP_SPY_USDC_mythos
RISEx SPY/USDC
Aevo SPY-PERP
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC