Funding you earn now, next payment 08:00 UTC+0.0131%/8h= +14.3% APRpaid last 24h +0.077%
Price spread now: KuCoin against Phoenix+0.012%93s7-day average +0.015% · you sell dearer than you buy
Net, funding: paid 7d − costs−$46as 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−$440.439% of the position
Funding, last 7 days−0.018%−$2 on $10k
+Price spread, last 4 days (all we have)+0.006%+$1 · spread now +0.012%, 7d avg +0.015%
=The price spread sits at its 7-day average of +0.015%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate. The two prices were read 93 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 | 772.16 | −0.0031 | get 0.0004% / 1h | 19m 54s | $158K | $151K | 20x |
| Short | KuCoin SPYUSDTM | 772.25 | 0.0100 | get 0.0100% / 8h | 7h 19m | $2.5M | $1.0M | 20x |
Phoenix SPY
KuCoin SPYUSDTMFunding history
latest
Range statsloading…
Price spread between the two exchanges
KuCoin 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
- $27.52
- Price spread: +0.012% → +0.015%
- −$0.3
- Slippage, 4 orders
- −$24.93
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee KuCoin: 6 bp × 2 orders
- −$12
- Net
- −$16.71
- Costs to cover
- 0.439%
- Break-even
- 11.3 days
Slippage from Phoenix: live order book, 10 min ago; KuCoin: live order book, 7 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, 10 min ago | 0.13 bp | 7.9 bp −$8 | 15.7 bp −$157 | doesn't fit | doesn't fit |
| Sell KuCoin live order book, 7 min ago | 2.14 bp | 12.6 bp −$13 | 81.1 bp −$811 | 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 | 772.70 | +0.070% | $418K | $408K | 50x | as long as short |
| Phoenix SPYlong | −0.0031% | 1h | 772.16 | long leg | $158K | $151K | 20x | |
| Aster SPYUSDT | 0.0000% | 8h | 772.59 | +0.056% | $861K | $199K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 773.05 | +0.115% | $28.5M | $75.7M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 772.64 | +0.062% | $6.2M | $1.5M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 772.96 | +0.104% | $7.8M | $3.2M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 772.50 | +0.044% | $791K | $2.5M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 773.03 | +0.113% | $19.1M | $12.2M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 773.14 | +0.127% | $11.0M | $1.5M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 772.47 | +0.040% | $159K | $330K | 10x | as long as short |
BloFin SPY-USDT
Aster SPYUSDT
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
Bitget SPYUSDT
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 | 773.97 | +0.234% | $2K | $1.3M | 10x | as long as short |
| Deribit SPY_USDC-PERPETUAL | 0.0000% | 1h | 772.70 | +0.070% | $23K | $55K | 20x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 772.68 | +0.067% | $299K | $38K | 50x | as long as short |
| Lighter RH SPY | +0.0032% | 1h | 773.11 | +0.123% | $56.8M | $119.8M | 50x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 771.83 | −0.043% | $924K | $1.3M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 771.83 | −0.043% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 771.82 | −0.044% | $4.8M | $849K | 20x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0056% | 1h | 772.19 | +0.004% | $951K | $508K | 20x | as long as short |
| edgeX SPYUSDC | +0.0064% | 4h | 772.26 | +0.013% | $638K | $242K | 20x | as long as short |
| Nado SPY-PERP | +0.0072% | 1h | 772.51 | +0.045% | $1.5M | $255K | 20x | as long as short |
| Lighter SPY | +0.0096% | 1h | 772.80 | +0.083% | $7.9M | $17.2M | 50x | as long as short |
| KuCoin SPYUSDTMshort | +0.0100% | 8h | 772.25 | +0.012% | $2.5M | $1.0M | 20x | |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 772.07 | −0.012% | $164K | $25K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 772.73 | +0.074% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 772.20 | +0.006% | $87K | — | 10x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 772.84 | +0.087% | $10K | — | 26x | as long as short |
| RISEx SPY/USDC | +0.0211% | 1h | 772.82 | +0.086% | $7.1M | $3.5M | 25x | as long as short |
SunX SPY-USDT
Deribit SPY_USDC-PERPETUAL
HTX SPY-USDT
Lighter RH SPY
Arcus SPY-USD
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
Coinbase International SPY-PERP-INTX
edgeX SPYUSDC
Nado SPY-PERP
Lighter SPY
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
GMX SPY/USD [ETH-USDC]
RISEx SPY/USDC