Funding you earn now, next payment 05:00 UTC+0.0103%/8h= +11.3% APRpaid last 24h +0.045%
Price spread now: HTX against Phoenix+0.048%72s7-day average +0.103% · you sell dearer than you buy
Net, funding: paid 7d − costs−$61as 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−$380.380% of the position
Funding, last 7 days−0.226%−$23 on $10k
+Price spread, last 4 days (all we have)+0.077%+$8 · spread now +0.048%, 7d avg +0.103%
=Funding pays, the price is against you. HTX is 0.055% cheaper against Phoenix than usual: you would sell low and buy high (spread +0.048% now, against its 7-day average of +0.103%). If the spread goes back, that is −$5 on $10k: about 43 hours of funding at the current rate (+$3 a day). Mind the row above: over the last 7 days funding on this pair cost −0.226%, so the current rate has only just turned in your favour. The two prices were read 72 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 | 773.87 | −0.0103 | get 0.0013% / 1h | 9m 57s | $161K | $295K | 20x |
| Short | HTX SPY-USDT | 774.24 | 0 | get 0.0000% / 8h | 2h 09m | $300K | $37K | 50x |
Phoenix SPY
HTX SPY-USDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
HTX 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
- $21.71
- Price spread: +0.048% → +0.103%
- −$5.5
- Slippage, 4 orders
- −$19.02
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee HTX: 6 bp × 2 orders
- −$12
- Net
- −$21.81
- Costs to cover
- 0.380%
- Break-even
- 14.0 days
Slippage from Phoenix: live order book, 36 min ago; HTX: live order book, 37 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, 36 min ago | 0.13 bp | 7.9 bp −$8 | 15.7 bp −$157 | doesn't fit | doesn't fit |
| Sell HTX live order book, 37 min ago | 2.45 bp | 13.7 bp −$14 | 14.5 bp −$145 | doesn't fit | 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 | |
|---|---|---|---|---|---|---|---|---|
| BloFin SPY-USDT | −0.0120% | 8h | 774.09 | +0.028% | $416K | $473K | 50x | as long as short |
| Phoenix SPYlong | −0.0103% | 1h | 773.87 | long leg | $161K | $295K | 20x | |
| Nado SPY-PERP | −0.0056% | 1h | 774.38 | +0.066% | $1.6M | $262K | 20x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 774.41 | +0.069% | $864K | $195K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.57 | +0.090% | $28.5M | $79.6M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.53 | +0.085% | $6.2M | $1.9M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.52 | +0.084% | $8.0M | $3.3M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 774.10 | +0.030% | $770K | $2.4M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.57 | +0.090% | $29.7M | $12.5M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.75 | +0.114% | $10.9M | $1.8M | 50x | as long as short |
BloFin SPY-USDT
Nado SPY-PERP
Aster SPYUSDT
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
Bitget SPYUSDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.36 | +0.063% | $169K | $350K | 10x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.73 | +0.240% | $2K | $1.4M | 10x | as long as short |
| Deribit SPY_USDC-PERPETUAL | 0.0000% | 1h | 774.44 | +0.074% | $23K | $56K | 20x | as long as short |
| HTX SPY-USDTshort | 0.0000% | 8h | 774.24 | +0.048% | $300K | $37K | 50x | |
| ApeX Omni SPYUSDT | +0.0004% | 1h | 773.48 | −0.050% | $164K | $25K | 50x | as long as short |
| RISEx SPY/USDC | +0.0007% | 1h | 774.77 | +0.117% | $7.0M | $4.5M | 25x | as long as short |
| Ondo Perps SPY-USD.P | +0.0024% | 1h | 773.49 | −0.049% | $4.7M | $832K | 20x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 773.71 | −0.021% | $928K | $1.4M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.57 | −0.039% | — | $123K | 50x | as long as short |
| Lighter RH SPY | +0.0048% | 1h | 774.97 | +0.142% | $56.3M | $119.8M | 50x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0048% | 1h | 773.77 | −0.013% | $950K | $558K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.77 | −0.013% | $2.5M | $975K | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.45 | +0.075% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 774.00 | +0.017% | $87K | — | 10x | as long as short |
| Lighter SPY | +0.0112% | 1h | 774.72 | +0.110% | $8.2M | $19.4M | 50x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.58 | +0.091% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0677% | 4h | 774.32 | +0.058% | $640K | $241K | 20x | as long as short |
GRVT SPY_USDT_Perp
SunX SPY-USDT
Deribit SPY_USDC-PERPETUAL
ApeX Omni SPYUSDT
RISEx SPY/USDC
Ondo Perps SPY-USD.P
Arcus SPY-USD
Vest SPY-USD-PERP
Lighter RH SPY
Coinbase International SPY-PERP-INTX
KuCoin SPYUSDTM
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
Lighter SPY
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC