SPY

Alert

Funding spread now, next payment 17:00 UTC+0.0290%/8h

next payment, per $10,000+$0.36paid, last 24h+0.007%paid, last 4 days−0.009%to open and closeno order book

The current rate is far above what this pair has been paying: over the last 4 days it paid -0.009% in total (about -0.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.36 per $10,000. 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	772.32	−0.0290	get 0.0036% / 1h	29m 56s	$160K	$266K	20x
Short	Deribit SPY_USDC-PERPETUAL	773.03	0	get 0.0000% / 1h	29m 56s	$22K	$73K	20x

Funding history

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Funding on every exchange

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Profit calculator

Position, each leg$Hold fordaysFee PhoenixbpFee DeribitbpOrdersRate

Funding earned: $60.94
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $46.94
Break-even: 1.6 days

Slippage unknown: Phoenix: live order book, 39 min ago; Deribit: no order-book sample. Net counts fees only.

Price risk

price view

Price gap now: +0.092%
Avg gap 7d: —

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, 39 min ago	0.13 bp	8.5 bp −$9	14.9 bp −$149	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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 26 venues

lowest funding first. Swap a leg.

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Phoenix SPYlong	−0.0290%	1h	$160K	$266K	20x
BloFin SPY-USDT	−0.0055%	8h	$432K	$704K	50x	as long as short
Ondo Perps SPY-USD.P	−0.0007%	1h	$4.7M	$724K	20x	as long as short
Bybit SPYUSDT	0.0000%	8h	$6.3M	$2.1M	100x	as long as short
Gate SPY_USDT	0.0000%	8h	$737K	$1.9M	75x	as long as short
SunX SPY-USDT	0.0000%	8h	$2K	$1.6M	10x	as long as short
Deribit SPY_USDC-PERPETUALshort	0.0000%	1h	$22K	$73K	20x
HTX SPY-USDT	0.0000%	8h	$308K	$23K	50x	as long as short
edgeX SPYUSDC	+0.0001%	4h	$639K	$241K	20x	as long as short
Nado SPY-PERP	+0.0011%	1h	$1.6M	$255K	20x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Lighter SPY	+0.0032%	1h	$9.0M	$21.4M	50x	as long as short
Lighter RH SPY	+0.0032%	1h	$56.9M	$122.6M	50x	as long as short
Arcus SPY-USD	+0.0040%	1h	$936K	$1.2M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	—	$84K	50x	as long as short
OKX SPY-USDT-SWAP	+0.0046%	8h	$8.1M	$3.1M	50x	as long as short
Binance SPYUSDT	+0.0064%	8h	$29.9M	$77.4M	50x	as long as short
MEXC SPY_USDT	+0.0065%	8h	$20.2M	$9.8M	100x	as long as short
Aster SPYUSDT	+0.0067%	8h	$859K	$221K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	$2.5M	$1.1M	20x	as long as short
ApeX Omni SPYUSDT	+0.0100%	1h	$155K	$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	$87K	—	10x	as long as short
RISEx SPY/USDC	+0.0126%	1h	$7.0M	$5.7M	25x	as long as short
Coinbase International SPY-PERP-INTX	+0.0136%	1h	$932K	$609K	20x	as long as short
Bitget SPYUSDT	+0.0157%	8h	$10.9M	$3.0M	50x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0369% / S −0.2805%	1h	$24K	—	53x	as long as short