Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0283%/8h= +30.9% APRpaid last 24h +0.004%

Price spread now: edgeX against Ondo Perps+0.066%7-day average +0.124% · you sell dearer than you buy

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

Long on Ondo Perps Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.721%−$72 on $10k

Price spread, last 4 days (all we have)+0.023%+$2 · spread now +0.066%, 7d avg +0.124%

Together, before fees−0.697%+ Points / potential airdropOndo Perps: Active · edgeX: Active · farm board−$70 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.058% cheaper against Ondo Perps than usual: you would sell low and buy high (spread +0.066% now, against its 7-day average of +0.124%). If the spread goes back, that is −$6 on $10k: about 16 hours of funding at the current rate (+$8 a day). Mind the row above: over the last 7 days funding on this pair cost −0.721%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps SPY-USD.P	773.58	0.0050	pay 0.0006% / 1h	9m 33s	$4.8M	$828K	20x
Short	edgeX SPYUSDC	774.09	0.0333	get 0.0167% / 4h	9m 33s	$640K	$241K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Ondo Perps. 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 Ondo PerpsbpFee edgeXbpOrdersPrice spread, now +0.066%Rate

Funding earned: $59.35
Price spread: +0.066% → +0.124%: −$5.81
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $39.54
Costs to cover: 0.140%
Break-even: 2.3 days

Slippage unknown: Ondo Perps: no order-book sample; edgeX: live order book, 49 min ago. 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell edgeX live order book, 49 min ago	5.10 bp	9.7 bp −$10	10.4 bp −$104	doesn't fit	doesn't fit

Ondo Perps: 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	−0.0118%	8h	774.23	+0.084%	$417K	$468K	50x	as long as short
ApeX Omni SPYUSDT	−0.0032%	1h	772.98	−0.078%	$162K	$24K	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.26	+0.088%	$6.3M	$2.0M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.21	+0.081%	$7.9M	$3.2M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.72	+0.018%	$775K	$2.4M	75x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.40	+0.106%	$10.9M	$1.8M	50x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.37	+0.102%	$163K	$374K	10x	as long as short
Phoenix SPY	0.0000%	1h	773.62	+0.005%	$161K	$295K	20x	as long as short
SunX SPY-USDT	0.0000%	8h	775.25	+0.216%	$2K	$1.4M	10x	as long as short
Deribit SPY_USDC-PERPETUAL	0.0000%	1h	773.87	+0.037%	$23K	$56K	20x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX SPY-USDT	0.0000%	8h	774.51	+0.120%	$308K	$20K	50x	as long as short
Binance SPYUSDT	+0.0001%	8h	774.22	+0.083%	$28.2M	$79.9M	50x	as long as short
MEXC SPY_USDT	+0.0001%	8h	774.21	+0.081%	$26.5M	$12.1M	100x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.60	+0.003%	$935K	$1.4M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.07	−0.066%	—	$123K	50x	as long as short
Aster SPYUSDT	+0.0046%	8h	774.30	+0.092%	$865K	$196K	20x	as long as short
Ondo Perps SPY-USD.Plong	+0.0050%	1h	773.58	long leg	$4.8M	$828K	20x
Lighter RH SPY	+0.0064%	1h	774.56	+0.127%	$56.5M	$115.6M	50x	as long as short
Coinbase International SPY-PERP-INTX	+0.0064%	1h	774.05	+0.061%	$954K	$552K	20x	as long as short
Nado SPY-PERP	+0.0074%	1h	773.91	+0.042%	$1.5M	$280K	20x	as long as short
Lighter SPY	+0.0080%	1h	774.19	+0.079%	$8.3M	$19.7M	50x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.88	+0.039%	$2.5M	$974K	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.26	+0.088%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.71	+0.017%	$87K	—	10x	as long as short
RISEx SPY/USDC	+0.0173%	1h	774.35	+0.099%	$7.0M	$5.0M	25x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.24	+0.085%	$10K	—	26x	as long as short
edgeX SPYUSDCshort	+0.0333%	4h	774.09	+0.066%	$640K	$241K	20x