Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Gate against SunX−0.217%7-day average −0.175% · you buy dearer than you sell

Net, funding: paid 7d − costs−$260as in the Funding arb table

Net, price: spread back to 7d avg − costs−$264as in the Price arb table

costs, in and out, $10k−$2602.600% of the position

Long on SunX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)+0.034%+$3 · spread now −0.217%, 7d avg −0.175%

Together, before fees+0.034%+$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Gate is 0.042% cheaper against SunX than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.175%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX SPY-USDT	775.52	0	get 0.0000% / 8h	1h 15m	$2K	$1.4M	10x
Short	Gate SPY_USDT	773.84	0	get 0.0000% / 8h	1h 15m	$770K	$2.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against SunX. 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 SunXbpFee GatebpOrdersPrice spread, now −0.217%Rate

Funding earned: $0
Price spread: −0.217% → −0.175%: −$4.2
Slippage, 4 orders: −$236.99
Fee SunX: 4 bp × 2 orders: −$8
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$264.19
Costs to cover: 2.600%
Break-even: never at this rate

Slippage from SunX: live order book, 9 min ago; Gate: live order book, 2 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 SunX live order book, 9 min ago	29.08 bp	107.7 bp −$108	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	3.04 bp	11.4 bp −$11	14.8 bp −$148	52.5 bp −$5,249	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
ApeX Omni SPYUSDT	−0.0262%	1h	773.48	−0.263%	$164K	$25K	50x	as long as short
BloFin SPY-USDT	−0.0120%	8h	774.09	−0.184%	$418K	$471K	50x	as long as short
Phoenix SPY	−0.0114%	1h	774.01	−0.195%	$161K	$294K	20x	as long as short
Ondo Perps SPY-USD.P	−0.0026%	1h	773.40	−0.273%	$4.8M	$870K	20x	as long as short
Nado SPY-PERP	−0.0022%	1h	774.11	−0.182%	$1.6M	$252K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	774.31	−0.156%	$864K	$198K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.31	−0.155%	$28.7M	$78.9M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.27	−0.161%	$6.2M	$1.7M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.40	−0.144%	$7.9M	$3.3M	50x	as long as short
Gate SPY_USDTshort	0.0000%	8h	773.84	−0.217%	$770K	$2.5M	75x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SPY_USDT	0.0000%	8h	774.38	−0.147%	$29.7M	$11.9M	100x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.53	−0.128%	$10.9M	$1.8M	50x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.43	−0.141%	$158K	$361K	10x	as long as short
SunX SPY-USDTlong	0.0000%	8h	775.52	long leg	$2K	$1.4M	10x
Deribit SPY_USDC-PERPETUAL	0.0000%	1h	774.11	−0.182%	$23K	$56K	20x	as long as short
HTX SPY-USDT	0.0000%	8h	774.68	−0.108%	$300K	$38K	50x	as long as short
Lighter SPY	+0.0032%	1h	774.34	−0.152%	$8.2M	$18.6M	50x	as long as short
Lighter RH SPY	+0.0032%	1h	774.58	−0.121%	$56.5M	$120.1M	50x	as long as short
Coinbase International SPY-PERP-INTX	+0.0032%	1h	773.92	−0.206%	$950K	$532K	20x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.54	−0.255%	$927K	$1.4M	50x	as long as short
RISEx SPY/USDC	+0.0043%	1h	774.61	−0.117%	$7.1M	$4.1M	25x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.44	−0.268%	—	$123K	50x	as long as short
edgeX SPYUSDC	+0.0057%	4h	774.28	−0.160%	$640K	$243K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.50	−0.260%	$2.5M	$1.0M	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.30	−0.157%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.84	−0.216%	$87K	—	10x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.42	−0.141%	$10K	—	26x	as long as short