Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h −0.008%

Price spread now: Deribit against MEXC−0.039%7-day average — · you buy dearer than you sell

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

Long on MEXC 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 0.039% cheaper against MEXC than usual: you would sell low and buy high (spread −0.039% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 2.1 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC SPY_USDT	773.79	0	get 0.0000% / 8h	6m 01s	$29.7M	$11.8M	100x
Short	Deribit SPY_USDC-PERPETUAL	773.49	0.0060	get 0.0008% / 1h	6m 01s	$23K	$54K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against MEXC. 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 MEXCbpFee DeribitbpOrdersPrice spread, now −0.039%Rate

Funding earned: $12.68
Price spread: −0.039% → 0.000%: −$3.88
Slippage, 4 orders: no order book: not counted
Fee MEXC: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $1.8
Costs to cover: 0.070%
Break-even: 6.0 days

Slippage unknown: MEXC: live order book, 3 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 MEXC live order book, 3 min ago	0.06 bp	0.1 bp $0	0.1 bp −$1	0.1 bp −$6	0.4 bp −$206
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
Phoenix SPY	−0.0155%	1h	773.28	−0.066%	$158K	$254K	20x	as long as short
BloFin SPY-USDT	−0.0120%	8h	773.83	+0.005%	$418K	$444K	50x	as long as short
ApeX Omni SPYUSDT	−0.0025%	1h	773.36	−0.056%	$164K	$25K	50x	as long as short
Aster SPYUSDT	0.0000%	8h	773.82	+0.004%	$863K	$193K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	773.80	+0.001%	$28.6M	$75.5M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	773.67	−0.016%	$6.2M	$1.6M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	773.74	−0.006%	$7.9M	$3.1M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.29	−0.065%	$770K	$2.5M	75x	as long as short
MEXC SPY_USDTlong	0.0000%	8h	773.79	long leg	$29.7M	$11.8M	100x
Bitget SPYUSDT	0.0000%	8h	773.93	+0.018%	$10.9M	$1.6M	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT SPY_USDT_Perp	0.0000%	8h	774.10	+0.040%	$169K	$341K	10x	as long as short
SunX SPY-USDT	0.0000%	8h	774.91	+0.145%	$2K	$1.3M	10x	as long as short
HTX SPY-USDT	0.0000%	8h	774.16	+0.048%	$300K	$38K	50x	as long as short
RISEx SPY/USDC	+0.0014%	1h	774.02	+0.030%	$7.1M	$4.0M	25x	as long as short
Coinbase International SPY-PERP-INTX	+0.0024%	1h	773.80	+0.001%	$951K	$509K	20x	as long as short
Lighter RH SPY	+0.0032%	1h	773.99	+0.026%	$56.5M	$121.3M	50x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.28	−0.066%	$923K	$1.3M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	772.64	−0.149%	—	$123K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.10	−0.089%	$4.8M	$865K	20x	as long as short
Nado SPY-PERP	+0.0050%	1h	773.37	−0.055%	$1.6M	$247K	20x	as long as short
Deribit SPY_USDC-PERPETUALshort	+0.0060%	1h	773.49	−0.039%	$23K	$54K	20x
KuCoin SPYUSDTM	+0.0100%	8h	773.23	−0.072%	$2.5M	$997K	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	773.83	+0.005%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.26	−0.068%	$87K	—	10x	as long as short
Lighter SPY	+0.0120%	1h	773.84	+0.006%	$7.9M	$18.0M	50x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	773.82	+0.003%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0299%	4h	773.83	+0.006%	$639K	$242K	20x	as long as short