Funding you earn now, next payment 23:00 UTC+0.0076%/8h= +8.3% APRpaid last 24h +0.047%
Price spread now: Bitget against Phoenix+0.099%89s7-day average +0.081% · you sell dearer than you buy
Net, funding: paid 7d − costs−$48as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$300.296% of the position
Funding, last 7 days−0.181%−$18 on $10k
+Price spread, last 3 days (all we have)−0.059%−$6 · spread now +0.099%, 7d avg +0.081%
=The price spread sits at its 7-day average of +0.081%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.181%, so the current rate has only just turned in your favour. The two prices were read 89 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix SPY | 773.88 | −0.0052 | get 0.0006% / 1h | 43m 55s | $161K | $296K | 20x |
| Short | Bitget SPYUSDT | 774.65 | 0.0024 | get 0.0024% / 8h | 43m 55s | $11.0M | $2.6M | 50x |
Phoenix SPY
Bitget SPYUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bitget 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
- $15.9
- Price spread: +0.099% → +0.081%
- $1.87
- Slippage, 4 orders
- −$10.59
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Bitget: 6 bp × 2 orders
- −$12
- Net
- −$11.82
- Costs to cover
- 0.296%
- Break-even
- 12.2 days
Slippage from Phoenix: live order book, 32 min ago; Bitget: live order book, 5 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, 32 min ago | 0.13 bp | 7.9 bp −$8 | 15.7 bp −$157 | doesn't fit | doesn't fit |
| Sell Bitget live order book, 5 min ago | 0.06 bp | 7.1 bp −$7 | 10.0 bp −$100 | 17.2 bp −$1,718 | doesn't fit |
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 | |
|---|---|---|---|---|---|---|---|---|
| Arcus SPY-USD | −0.0266% | 1h | 773.52 | −0.047% | $940K | $1.5M | 50x | as long as short |
| BloFin SPY-USDT | −0.0120% | 8h | 774.54 | +0.085% | $369K | $726K | 50x | as long as short |
| Phoenix SPYlong | −0.0052% | 1h | 773.88 | long leg | $161K | $296K | 20x | |
| Aster SPYUSDT | 0.0000% | 8h | 774.30 | +0.054% | $863K | $204K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.52 | +0.083% | $28.6M | $83.0M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.65 | +0.099% | $6.2M | $2.1M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.59 | +0.092% | $7.9M | $3.4M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.97 | +0.012% | $747K | $2.3M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.50 | +0.080% | $27.3M | $11.6M | 100x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.64 | +0.099% | $157K | $411K | 10x | as long as short |
Arcus SPY-USD
BloFin SPY-USDT
Aster SPYUSDT
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
GRVT SPY_USDT_PerpShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX SPY-USDT | 0.0000% | 8h | 775.57 | +0.218% | $1K | $1.5M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.78 | +0.116% | $308K | $20K | 50x | as long as short |
| Bitget SPYUSDTshort | +0.0024% | 8h | 774.65 | +0.099% | $11.0M | $2.6M | 50x | |
| Lighter SPY | +0.0032% | 1h | 774.31 | +0.056% | $8.3M | $21.9M | 50x | as long as short |
| Lighter RH SPY | +0.0032% | 1h | 774.69 | +0.105% | $57.0M | $117.6M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.29 | −0.076% | — | $123K | 50x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0048% | 1h | 773.56 | −0.041% | $955K | $584K | 20x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.81 | −0.009% | $4.8M | $852K | 20x | as long as short |
| Nado SPY-PERP | +0.0070% | 1h | 774.02 | +0.018% | $1.5M | $301K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.88 | 0.000% | $2.5M | $974K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 773.89 | +0.001% | $159K | $23K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.49 | +0.079% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.96 | +0.011% | $87K | — | 10x | as long as short |
| RISEx SPY/USDC | +0.0110% | 1h | 774.65 | +0.100% | $6.9M | $5.2M | 25x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0138% | 1h | 774.28 | +0.052% | $23K | $58K | 20x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0208% / S −0.0429% | 1h | 774.51 | +0.082% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0409% | 4h | 774.34 | +0.059% | $640K | $241K | 20x | as long as short |
SunX SPY-USDT
HTX SPY-USDT
Lighter SPY
Lighter RH SPY
Vest SPY-USD-PERP
Coinbase International SPY-PERP-INTX
Ondo Perps SPY-USD.P
Nado SPY-PERP
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
RISEx SPY/USDC
Deribit SPY_USDC-PERPETUAL
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC