SPY

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0110%/8h= −12.1% APRnext payment −$0.14 per $10,000 · paid last 24h −0.103%

Price spread now: Phoenix against RISEx−0.116%50s7-day average −0.055% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$230.233% of the position

Long on RISEx Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.165%−$16 on $10k

Price spread, last 4 days (all we have)+0.086%+$9 · spread now −0.116%, 7d avg −0.055%

Together, before fees−0.079%−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.061% cheaper against RISEx than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.055%). Swap the legs. The two prices were read 50 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	RISEx SPY/USDC	774.77	0.0007	pay 0.0001% / 1h	9m 54s	$7.0M	$4.5M	25x
Short	Phoenix SPY	773.87	−0.0103	pay 0.0013% / 1h	9m 54s	$161K	$295K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against RISEx. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee RISExbpFee PhoenixbpOrdersPrice spread, now −0.116%Rate

Funding earned: −$23.19
Price spread: −0.116% → −0.055%: −$6.1
Slippage, 4 orders: −$10.35
Fee RISEx: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$52.63
Costs to cover: 0.233%
Break-even: never at this rate

Slippage from RISEx: live order book, 4 min ago; Phoenix: live order book, 36 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 RISEx live order book, 4 min ago	0.06 bp	4.5 bp −$4	5.5 bp −$55	doesn't fit	doesn't fit
Sell Phoenix live order book, 36 min ago	0.13 bp	7.9 bp −$8	15.8 bp −$158	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	−0.088%	$416K	$473K	50x	as long as short
Phoenix SPYshort	−0.0103%	1h	773.87	−0.116%	$161K	$295K	20x
Nado SPY-PERP	−0.0056%	1h	774.38	−0.050%	$1.6M	$262K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	774.41	−0.047%	$864K	$195K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.57	−0.026%	$28.5M	$79.6M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.53	−0.031%	$6.2M	$1.9M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.52	−0.032%	$8.0M	$3.3M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	774.10	−0.087%	$770K	$2.4M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	774.57	−0.026%	$29.7M	$12.5M	100x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.75	−0.003%	$10.9M	$1.8M	50x	as long as short

Show 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	−0.053%	$169K	$350K	10x	as long as short
SunX SPY-USDT	0.0000%	8h	775.73	+0.124%	$2K	$1.4M	10x	as long as short
Deribit SPY_USDC-PERPETUAL	0.0000%	1h	774.44	−0.043%	$23K	$56K	20x	as long as short
HTX SPY-USDT	0.0000%	8h	774.24	−0.069%	$300K	$37K	50x	as long as short
ApeX Omni SPYUSDT	+0.0004%	1h	773.48	−0.167%	$164K	$25K	50x	as long as short
RISEx SPY/USDClong	+0.0007%	1h	774.77	long leg	$7.0M	$4.5M	25x
Ondo Perps SPY-USD.P	+0.0024%	1h	773.49	−0.165%	$4.7M	$832K	20x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.71	−0.137%	$928K	$1.4M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.57	−0.155%	—	$123K	50x	as long as short
Lighter RH SPY	+0.0048%	1h	774.97	+0.026%	$56.3M	$119.8M	50x	as long as short
Coinbase International SPY-PERP-INTX	+0.0048%	1h	773.77	−0.129%	$950K	$558K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.77	−0.129%	$2.5M	$975K	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.45	−0.042%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	774.00	−0.099%	$87K	—	10x	as long as short
Lighter SPY	+0.0112%	1h	774.72	−0.007%	$8.2M	$19.4M	50x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.58	−0.025%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0677%	4h	774.32	−0.059%	$640K	$241K	20x	as long as short