SPY

Alert

Funding spread now, next payment 13:00 UTC+0.0265%/8h

paid, last 24h+0.008%paid, last 3 days−0.055%to open and close $10k−$29

The current rate is far above what this pair has been paying: over the last 3 days it paid -0.055% in total (about -7.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix SPY	766.17	−0.0084	get 0.0010% / 1h	29m 52s	$191K	$229K	20x
Short	Binance SPYUSDT	767.10	0.0182	get 0.0182% / 8h	2h 29m	$33.8M	$50.8M	50x

Funding history

latest

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Funding on every exchange

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latest

Profit calculator

Position, each leg$Hold fordaysFee PhoenixbpFee BinancebpOrdersRate

Funding earned: $55.7
Slippage, 4 orders: −$12.23
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: $26.47
Break-even: 3.7 days

Slippage from Phoenix: live order book, 60 min ago; Binance: live order book, 14 min ago.

Price risk

price view

Price gap now: +0.121%
Avg gap 7d: +0.083%

A gap far from its average can cost days of funding.

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

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, 60 min ago	0.13 bp	9.5 bp −$10	17.4 bp −$174	doesn't fit	doesn't fit
Sell Binance live order book, 14 min ago	0.06 bp	5.1 bp −$5	5.1 bp −$51	9.5 bp −$947	24.9 bp −$12.5K

SPY on 26 venues

lowest funding first. Swap a leg.

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
edgeX SPYUSDC	−0.0611%	4h	$639K	$217K	20x	as long as short
Phoenix SPYlong	−0.0084%	1h	$191K	$229K	20x
Bybit SPYUSDT	0.0000%	8h	$6.3M	$1.5M	100x	as long as short
Gate SPY_USDT	0.0000%	8h	$880K	$673K	75x	as long as short
SunX SPY-USDT	0.0000%	8h	$2K	$1.2M	10x	as long as short
HTX SPY-USDT	0.0000%	8h	$306K	$23K	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	—	$61K	50x	as long as short
Lighter RH SPY	+0.0048%	1h	$57.2M	$106.8M	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	$4.7M	$247K	20x	as long as short
BloFin SPY-USDT	+0.0061%	8h	$447K	$543K	50x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
RISEx SPY/USDC	+0.0062%	1h	$6.9M	$5.2M	25x	as long as short
Arcus SPY-USD	+0.0083%	1h	$1.1M	$714K	50x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	$2.4M	$1.2M	20x	as long as short
ApeX Omni SPYUSDT	+0.0100%	1h	$154K	$31K	50x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	$86K	—	10x	as long as short
Nado SPY-PERP	+0.0109%	1h	$1.5M	$342K	20x	as long as short
OKX SPY-USDT-SWAP	+0.0125%	8h	$8.4M	$2.1M	50x	as long as short
MEXC SPY_USDT	+0.0181%	8h	$19.7M	$13.2M	100x	as long as short
Binance SPYUSDTshort	+0.0182%	8h	$33.8M	$50.8M	50x
Aster SPYUSDT	+0.0187%	8h	$858K	$143K	20x	as long as short
Coinbase International SPY-PERP-INTX	+0.0208%	1h	$959K	$549K	20x	as long as short
Bitget SPYUSDT	+0.0240%	8h	$11.1M	$2.3M	50x	as long as short
Lighter SPY	+0.0248%	1h	$10.8M	$13.0M	50x	as long as short
Deribit SPY_USDC-PERPETUAL	+0.0259%	1h	$18K	$49K	20x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0307% / S −0.0724%	1h	$5K	—	26x	as long as short