Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.023%

Price spread now: Aevo against OKX−0.067%7-day average — · you buy dearer than you sell

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

Long on OKX Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days+0.205%+$20 on $10k

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. Aevo is 0.067% cheaper against OKX than usual: you would sell low and buy high (spread −0.067% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 2.2 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX SPY-USDT-SWAP	774.76	0	get 0.0000% / 8h	4h 58m	$7.8M	$3.1M	50x
Short	Aevo SPY-PERP	774.24	0.0104	get 0.0013% / 1h	58m 35s	$87K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against OKX. 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 OKXbpFee AevobpOrdersPrice spread, now −0.067%Rate

Funding earned: $21.84
Price spread: −0.067% → 0.000%: −$6.72
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$10.88
Costs to cover: 0.260%
Break-even: 10.5 days

Slippage unknown: OKX: live order book, 2 min ago; Aevo: 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 OKX live order book, 2 min ago	0.06 bp	5.4 bp −$5	7.0 bp −$70	15.8 bp −$1,584	doesn't fit
Sell Aevo no order-book sample	—	—	—	—	—

Aevo: 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 exchanges

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	774.78	+0.003%	$420K	$371K	50x	as long as short
Arcus SPY-USD	−0.0042%	1h	773.84	−0.119%	$1.0M	$1.4M	50x	as long as short
Aster SPYUSDT	0.0000%	8h	774.72	−0.005%	$863K	$206K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.69	−0.009%	$28.5M	$73.4M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.63	−0.017%	$6.2M	$1.5M	100x	as long as short
OKX SPY-USDT-SWAPlong	0.0000%	8h	774.76	long leg	$7.8M	$3.1M	50x
RISEx SPY/USDC	0.0000%	1h	774.67	−0.012%	$7.1M	$3.2M	25x	as long as short
Gate SPY_USDT	0.0000%	8h	774.27	−0.063%	$789K	$2.4M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	774.68	−0.010%	$29.3M	$13.3M	100x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.77	+0.001%	$11.1M	$1.5M	50x	as long as short

Show all 27 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT SPY_USDT_Perp	0.0000%	8h	775.11	+0.045%	$165K	$335K	10x	as long as short
Phoenix SPY	0.0000%	1h	774.36	−0.052%	$158K	$74K	20x	as long as short
SunX SPY-USDT	0.0000%	8h	775.87	+0.143%	$2K	$1.1M	10x	as long as short
Deribit SPY_USDC-PERPETUAL	0.0000%	1h	774.48	−0.036%	$23K	$38K	20x	as long as short
HTX SPY-USDT	0.0000%	8h	775.18	+0.054%	$300K	$25K	50x	as long as short
Lighter SPY	+0.0032%	1h	774.43	−0.043%	$7.8M	$16.0M	50x	as long as short
Lighter RH SPY	+0.0032%	1h	774.77	+0.001%	$57.1M	$114.2M	50x	as long as short
Coinbase International SPY-PERP-INTX	+0.0040%	1h	774.26	−0.065%	$952K	$172K	20x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.65	−0.143%	—	$85K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.65	−0.143%	$4.8M	$836K	20x	as long as short
Nado SPY-PERP	+0.0060%	1h	774.35	−0.052%	$1.5M	$277K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	774.29	−0.061%	$2.5M	$1.0M	20x	as long as short
ApeX Omni SPYUSDT	+0.0100%	1h	774.57	−0.025%	$226K	$54K	50x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.77	+0.001%	$1K	—	20x	as long as short
Aevo SPY-PERPshort	+0.0104%	1h	774.24	−0.067%	$87K	—	10x
edgeX SPYUSDC	+0.0165%	4h	774.73	−0.004%	$640K	$244K	20x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.83	+0.008%	$10K	—	26x	as long as short