Funding you earn now, next payment 23:00 UTC+0.0139%/8h= +15.2% APRnext payment +$0.17 per $10,000 · paid last 24h +0.059%
Price spread now: Nado against Phoenix+0.010%7-day average +0.034% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$31as in the Price arb table
costs, in and out, $10k−$280.283% of the position
Funding, last 3 days (all we have)+0.048%+$5 on $10k
+Price spread, last 3 days (all we have)+0.015%+$1 · spread now +0.010%, 7d avg +0.034%
=Together, before fees+0.063%+ Points / potential airdropNado: Active · farm board+$6 on $10k · with fees, hour by hour
Funding pays, the price is against you. Nado is 0.024% cheaper against Phoenix than usual: you would sell low and buy high (spread +0.010% now, against its 7-day average of +0.034%). If the spread goes back, that is −$2 on $10k: about 14 hours of funding at the current rate (+$4 a day). At the pace of the last 3 days (+0.048% in total) that is about 38 hours.
| 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 | 12m 44s | $161K | $296K | 20x |
| Short | Nado SPY-PERP | 773.96 | 0.0087 | get 0.0011% / 1h | 12m 44s | $1.5M | $293K | 20x |
Phoenix SPY
Nado SPY-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Nado 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
- $29.18
- Price spread: +0.010% → +0.034%
- −$2.35
- Slippage, 4 orders
- −$14.3
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Nado: 3.5 bp × 2 orders
- −$7
- Net
- −$1.47
- Costs to cover
- 0.283%
- Break-even
- 7.4 days
Slippage from Phoenix: live order book, 63 min ago; Nado: live order book, 6 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, 63 min ago | 0.13 bp | 7.9 bp −$8 | 15.7 bp −$157 | doesn't fit | doesn't fit |
| Sell Nado live order book, 6 min ago | 0.06 bp | 5.6 bp −$6 | 15.9 bp −$159 | 42.8 bp −$4,276 | 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 | 773.51 | −0.048% | $941K | $1.4M | 50x | as long as short |
| BloFin SPY-USDT | −0.0120% | 8h | 774.59 | +0.092% | $412K | $571K | 50x | as long as short |
| Phoenix SPYlong | −0.0052% | 1h | 773.88 | long leg | $161K | $296K | 20x | |
| Aster SPYUSDT | 0.0000% | 8h | 774.38 | +0.064% | $863K | $204K | 20x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.44 | +0.072% | $6.2M | $2.1M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.53 | +0.084% | $7.9M | $3.3M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.89 | +0.001% | $758K | $2.3M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.58 | +0.090% | $28.0M | $11.9M | 100x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.65 | +0.229% | $2K | $1.5M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.84 | +0.124% | $308K | $20K | 50x | as long as short |
Arcus SPY-USD
BloFin SPY-USDT
Aster SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
SunX SPY-USDT
HTX SPY-USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance SPYUSDT | +0.0001% | 8h | 774.59 | +0.092% | $28.6M | $82.8M | 50x | as long as short |
| GRVT SPY_USDT_Perp | +0.0012% | 8h | 774.59 | +0.092% | $157K | $411K | 10x | as long as short |
| Lighter SPY | +0.0032% | 1h | 774.35 | +0.061% | $8.2M | $22.3M | 50x | as long as short |
| Lighter RH SPY | +0.0032% | 1h | 774.68 | +0.103% | $56.9M | $120.1M | 50x | as long as short |
| Bitget SPYUSDT | +0.0038% | 8h | 774.68 | +0.103% | $11.0M | $2.5M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.18 | −0.090% | — | $123K | 50x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0047% | 1h | 774.12 | +0.031% | $23K | $58K | 20x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0048% | 1h | 773.56 | −0.041% | $955K | $583K | 20x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.74 | −0.018% | $4.8M | $848K | 20x | as long as short |
| Nado SPY-PERPshort | +0.0087% | 1h | 773.96 | +0.010% | $1.5M | $293K | 20x | |
| KuCoin SPYUSDTM | +0.0100% | 8h | 774.01 | +0.017% | $2.5M | $962K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 773.98 | +0.013% | $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 | 774.02 | +0.018% | $87K | — | 10x | as long as short |
| RISEx SPY/USDC | +0.0110% | 1h | 774.64 | +0.099% | $6.9M | $5.2M | 25x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0208% / S −0.0429% | 1h | 774.59 | +0.091% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0850% | 4h | 774.47 | +0.077% | $640K | $242K | 20x | as long as short |
Binance SPYUSDT
GRVT SPY_USDT_Perp
Lighter SPY
Lighter RH SPY
Bitget SPYUSDT
Vest SPY-USD-PERP
Deribit SPY_USDC-PERPETUAL
Coinbase International SPY-PERP-INTX
Ondo Perps SPY-USD.P
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
RISEx SPY/USDC
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC