Funding you earn now, next payment 10:00 UTC−0.0311%/8h= −34.1% APRnext payment −$0.39 per $10,000 · paid last 24h +0.056%
Price spread now: ApeX Omni against Phoenix−0.094%7-day average +0.034% · you buy dearer than you sell
Net, funding: paid 7d − costs−$50as in the Funding arb table
Net, price: spread back to 7d avg − costs−$62as in the Price arb table
costs, in and out, $10k−$490.495% of the position
Funding, last 7 days−0.002%$0 on $10k
+Price spread, last 4 days (all we have)+0.093%+$9 · spread now −0.094%, 7d avg +0.034%
=Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and ApeX Omni is 0.129% cheaper against Phoenix than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.034%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.002% in total (about -0.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.39 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix SPY | 774.24 | 0 | get 0.0000% / 1h | 43m 57s | $158K | $74K | 20x |
| Short | ApeX Omni SPYUSDT | 773.51 | −0.0311 | pay 0.0039% / 1h | 43m 57s | $223K | $51K | 50x |
Phoenix SPY
ApeX Omni SPYUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
ApeX Omni against Phoenix. 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
- −$65.39
- Price spread: −0.094% → +0.034%
- −$12.88
- Slippage, 4 orders
- −$32.48
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee ApeX Omni: 5 bp × 2 orders
- −$10
- Net
- −$127.75
- Costs to cover
- 0.495%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 62 min ago; ApeX Omni: live order book, 65 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 Phoenix live order book, 62 min ago | 0.13 bp | 7.9 bp −$8 | 15.8 bp −$158 | doesn't fit | doesn't fit |
| Sell ApeX Omni live order book, 65 min ago | 1.36 bp | 27.2 bp −$27 | 103.8 bp −$1,038 | doesn't fit | doesn't fit |
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 | |
|---|---|---|---|---|---|---|---|---|
| ApeX Omni SPYUSDTshort | −0.0311% | 1h | 773.51 | −0.094% | $223K | $51K | 50x | |
| BloFin SPY-USDT | −0.0120% | 8h | 774.61 | +0.048% | $417K | $422K | 50x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 774.66 | +0.054% | $863K | $200K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.68 | +0.057% | $28.5M | $75.8M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.60 | +0.046% | $6.2M | $1.5M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.53 | +0.037% | $7.8M | $3.1M | 50x | as long as short |
| RISEx SPY/USDC | 0.0000% | 1h | 774.60 | +0.047% | $7.1M | $3.3M | 25x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 774.20 | −0.005% | $788K | $2.5M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.72 | +0.062% | $29.2M | $13.3M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.84 | +0.077% | $11.1M | $1.6M | 50x | as long as short |
BloFin SPY-USDT
Aster SPYUSDT
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
RISEx SPY/USDC
Gate SPY_USDT
MEXC SPY_USDT
Bitget SPYUSDTShow all 27 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.88 | +0.083% | $161K | $336K | 10x | as long as short |
| Phoenix SPYlong | 0.0000% | 1h | 774.24 | long leg | $158K | $74K | 20x | |
| SunX SPY-USDT | 0.0000% | 8h | 775.74 | +0.194% | $2K | $1.2M | 10x | as long as short |
| Deribit SPY_USDC-PERPETUAL | 0.0000% | 1h | 774.38 | +0.018% | $23K | $39K | 20x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 775.04 | +0.103% | $300K | $38K | 50x | as long as short |
| Nado SPY-PERP | +0.0005% | 1h | 774.28 | +0.005% | $1.5M | $283K | 20x | as long as short |
| Arcus SPY-USD | +0.0015% | 1h | 773.73 | −0.066% | $980K | $1.4M | 50x | as long as short |
| Lighter SPY | +0.0032% | 1h | 774.51 | +0.035% | $7.8M | $16.3M | 50x | as long as short |
| Lighter RH SPY | +0.0032% | 1h | 774.86 | +0.080% | $56.9M | $114.9M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.47 | −0.099% | — | $85K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.63 | −0.079% | $4.8M | $844K | 20x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0056% | 1h | 774.22 | −0.003% | $952K | $171K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 774.15 | −0.012% | $2.5M | $1.0M | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.61 | +0.048% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 774.07 | −0.022% | $87K | — | 10x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.55 | +0.041% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0770% | 4h | 774.55 | +0.040% | $640K | $243K | 20x | as long as short |
GRVT SPY_USDT_Perp
SunX SPY-USDT
Deribit SPY_USDC-PERPETUAL
HTX SPY-USDT
Nado SPY-PERP
Arcus SPY-USD
Lighter SPY
Lighter RH SPY
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
Coinbase International SPY-PERP-INTX
KuCoin SPYUSDTM
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC