Funding you earn now, next payment 04:00 UTC+0.0439%/8h= +48.1% APRnext payment +$0.55 per $10,000 · paid last 24h +0.388%
Price spread now: GMX against Phoenix+0.051%65s7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and GMX is 0.051% dearer against Phoenix than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 65 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 | 773.90 | −0.0010 | get 0.0001% / 1h | 42m 16s | $161K | $295K | 20x |
| Short | GMX SPY/USD [ETH-USDC] | 774.29 | L +0.0209% / S −0.0429% | get 0.0054% / 1h | 42m 16s | $10K | — | 26x |
Phoenix SPY
GMX SPY/USD [ETH-USDC]Funding history
latest
Range statsloading…
Price spread between the two exchanges
GMX 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
- $92.29
- Price spread: +0.051% → 0.000%
- $5.1
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee GMX: 6 bp × 2 orders
- −$12
- Net
- $78.39
- Costs to cover
- 0.190%
- Break-even
- 1.1 days
Slippage unknown: Phoenix: live order book, 9 min ago; GMX: no order-book sample. 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 Phoenix live order book, 9 min ago | 0.13 bp | 7.9 bp −$8 | 15.8 bp −$158 | doesn't fit | doesn't fit |
| Sell GMX no order-book sample | — | — | — | — | — |
GMX: 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 | −0.0120% | 8h | 774.11 | +0.027% | $416K | $468K | 50x | as long as short |
| Phoenix SPYlong | −0.0010% | 1h | 773.90 | long leg | $161K | $295K | 20x | |
| Binance SPYUSDT | 0.0000% | 8h | 774.26 | +0.046% | $28.1M | $79.3M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.29 | +0.050% | $6.3M | $1.9M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.12 | +0.028% | $7.9M | $3.3M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.74 | −0.021% | $775K | $2.4M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.29 | +0.050% | $29.0M | $12.4M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.38 | +0.062% | $10.9M | $1.8M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.34 | +0.057% | $163K | $374K | 10x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.36 | +0.189% | $2K | $1.4M | 10x | as long as short |
BloFin SPY-USDT
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
Bitget SPYUSDT
GRVT SPY_USDT_Perp
SunX SPY-USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX SPY-USDT | 0.0000% | 8h | 774.29 | +0.050% | $308K | $20K | 50x | as long as short |
| Aster SPYUSDT | +0.0023% | 8h | 774.17 | +0.035% | $864K | $194K | 20x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 773.54 | −0.047% | $928K | $1.4M | 50x | as long as short |
| ApeX Omni SPYUSDT | +0.0042% | 1h | 773.48 | −0.054% | $163K | $24K | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.11 | −0.102% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.22 | −0.088% | $4.8M | $827K | 20x | as long as short |
| Nado SPY-PERP | +0.0051% | 1h | 773.90 | +0.001% | $1.5M | $285K | 20x | as long as short |
| Lighter RH SPY | +0.0056% | 1h | 774.52 | +0.080% | $56.3M | $116.1M | 50x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0056% | 1h | 774.05 | +0.019% | $954K | $552K | 20x | as long as short |
| Lighter SPY | +0.0096% | 1h | 774.30 | +0.052% | $8.2M | $19.2M | 50x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.45 | −0.058% | $2.5M | $972K | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.12 | +0.028% | $1K | — | 20x | as long as short |
| RISEx SPY/USDC | +0.0100% | 1h | 774.33 | +0.056% | $7.0M | $5.0M | 25x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.70 | −0.026% | $87K | — | 10x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0112% | 1h | 774.08 | +0.023% | $23K | $56K | 20x | as long as short |
| edgeX SPYUSDC | +0.0196% | 4h | 774.14 | +0.031% | $640K | $243K | 20x | as long as short |
| GMX SPY/USD [ETH-USDC]short | L +0.0209% / S −0.0429% | 1h | 774.29 | +0.051% | $10K | — | 26x |
HTX SPY-USDT
Aster SPYUSDT
Arcus SPY-USD
ApeX Omni SPYUSDT
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
Nado SPY-PERP
Lighter RH SPY
Coinbase International SPY-PERP-INTX
Lighter SPY
KuCoin SPYUSDTM
Orderly PERP_SPY_USDC_mythos
RISEx SPY/USDC
Aevo SPY-PERP
Deribit SPY_USDC-PERPETUAL
edgeX SPYUSDC