Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0114%/8h= −12.4% APRpaid last 24h −0.049%

Price spread now: Phoenix against SunX−0.214%69s7-day average −0.214% · you buy dearer than you sell

Net, funding: paid 7d − costs−$230as 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−$2522.523% of the position

Long on SunX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.224%+$22 on $10k

Price spread, last 4 days (all we have)+0.001%$0 · spread now −0.214%, 7d avg −0.214%

Together, before fees+0.224%+$22 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.214%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.224%, so the current rate has only just turned against you. The two prices were read 69 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	SunX SPY-USDT	775.45	0	get 0.0000% / 8h	1h 26m	$2K	$1.4M	10x
Short	Phoenix SPY	773.79	−0.0114	pay 0.0014% / 1h	26m 04s	$161K	$294K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.214%Rate

Funding earned: −$23.87
Price spread: −0.214% → −0.214%: −$0.05
Slippage, 4 orders: −$237.33
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$276.25
Costs to cover: 2.523%
Break-even: never at this rate

Slippage from SunX: live order book, 8 min ago; Phoenix: live order book, 15 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, 8 min ago	29.08 bp	107.6 bp −$108	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 15 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
ApeX Omni SPYUSDT	−0.0211%	1h	773.24	−0.285%	$164K	$25K	50x	as long as short
BloFin SPY-USDT	−0.0120%	8h	774.10	−0.174%	$419K	$472K	50x	as long as short
Phoenix SPYshort	−0.0114%	1h	773.79	−0.214%	$161K	$294K	20x
Ondo Perps SPY-USD.P	−0.0029%	1h	773.40	−0.264%	$4.8M	$870K	20x	as long as short
Nado SPY-PERP	−0.0010%	1h	774.13	−0.170%	$1.6M	$254K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	774.26	−0.154%	$863K	$198K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.34	−0.143%	$28.7M	$78.7M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.14	−0.169%	$6.2M	$1.7M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.19	−0.162%	$8.0M	$3.3M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.83	−0.209%	$770K	$2.5M	75x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SPY_USDT	0.0000%	8h	774.35	−0.142%	$29.7M	$11.9M	100x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.52	−0.120%	$10.9M	$1.8M	50x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.43	−0.132%	$158K	$361K	10x	as long as short
SunX SPY-USDTlong	0.0000%	8h	775.45	long leg	$2K	$1.4M	10x
Deribit SPY_USDC-PERPETUAL	0.0000%	1h	773.94	−0.195%	$23K	$56K	20x	as long as short
HTX SPY-USDT	0.0000%	8h	774.57	−0.113%	$300K	$38K	50x	as long as short
Lighter SPY	+0.0032%	1h	774.42	−0.133%	$8.2M	$18.6M	50x	as long as short
Lighter RH SPY	+0.0032%	1h	774.66	−0.102%	$56.2M	$119.1M	50x	as long as short
Coinbase International SPY-PERP-INTX	+0.0032%	1h	773.92	−0.197%	$950K	$555K	20x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.54	−0.246%	$927K	$1.4M	50x	as long as short
RISEx SPY/USDC	+0.0043%	1h	774.62	−0.107%	$7.1M	$4.2M	25x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.38	−0.267%	—	$123K	50x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.51	−0.250%	$2.5M	$1.0M	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.24	−0.156%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.80	−0.212%	$87K	—	10x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.36	−0.141%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0854%	4h	774.21	−0.159%	$640K	$241K	20x	as long as short