Funding you earn now, next payment 08:00 UTC−0.0077%/8h= −8.4% APRnext payment −$0.10 per $10,000 · paid last 24h −0.060%
Price spread now: Phoenix against Vest+0.074%7-day average +0.035% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 4 days (all we have)−0.107%−$11 on $10k
+Price spread, last 4 days (all we have)−0.027%−$3 · spread now +0.074%, 7d avg +0.035%
=Together, before fees−0.134%+ Points / potential airdropVest: Active · farm board−$13 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Phoenix is 0.039% dearer against Vest than usual: you sell high and buy low (spread +0.074% now, against its 7-day average of +0.035%): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 40 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Vest SPY-USD-PERP | 771.52 | 0.0046 | pay 0.0006% / 1h | 35m 12s | — | $123K | 50x |
| Short | Phoenix SPY | 772.09 | −0.0031 | pay 0.0004% / 1h | 35m 12s | $158K | $151K | 20x |
Vest SPY-USD-PERP
Phoenix SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Vest. 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
- −$16.11
- Price spread: +0.074% → +0.035%
- $3.85
- Slippage, 4 orders
- no order book: not counted
- Fee Vest: 1 bp × 2 orders
- −$2
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$21.26
- Costs to cover
- 0.090%
- Break-even
- never at this rate
Slippage unknown: Vest: no order-book sample; Phoenix: live order book, 60 min ago. Net counts fees only.
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 Vest no order-book sample | — | — | — | — | — |
| Sell Phoenix live order book, 60 min ago | 0.52 bp | 8.1 bp −$8 | 17.6 bp −$176 | doesn't fit | doesn't fit |
Vest: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | 772.64 | +0.145% | $416K | $439K | 50x | as long as short |
| Phoenix SPYshort | −0.0031% | 1h | 772.09 | +0.074% | $158K | $151K | 20x | |
| Aster SPYUSDT | 0.0000% | 8h | 772.53 | +0.131% | $863K | $196K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 772.64 | +0.146% | $28.6M | $75.3M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 772.65 | +0.146% | $6.2M | $1.5M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 772.66 | +0.148% | $7.9M | $3.1M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 772.17 | +0.084% | $793K | $2.5M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 772.63 | +0.144% | $29.6M | $11.6M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 772.70 | +0.153% | $10.9M | $1.5M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 773.08 | +0.202% | $160K | $340K | 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 | 773.76 | +0.290% | $2K | $1.3M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 772.88 | +0.176% | $299K | $38K | 50x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0009% | 1h | 772.35 | +0.108% | $23K | $55K | 20x | as long as short |
| Lighter RH SPY | +0.0032% | 1h | 772.80 | +0.166% | $56.7M | $118.4M | 50x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 771.89 | +0.048% | $921K | $1.3M | 50x | as long as short |
| Vest SPY-USD-PERPlong | +0.0046% | 1h | 771.52 | long leg | — | $123K | 50x | |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 771.89 | +0.048% | $4.8M | $849K | 20x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0056% | 1h | 773.80 | +0.296% | $951K | $508K | 20x | as long as short |
| Nado SPY-PERP | +0.0077% | 1h | 772.22 | +0.091% | $1.5M | $250K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 772.09 | +0.074% | $2.5M | $1.0M | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 772.19 | +0.087% | $164K | $25K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 772.41 | +0.115% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 772.01 | +0.063% | $87K | — | 10x | as long as short |
| Lighter SPY | +0.0120% | 1h | 772.62 | +0.143% | $7.9M | $17.1M | 50x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 772.67 | +0.150% | $10K | — | 26x | as long as short |
| RISEx SPY/USDC | +0.0211% | 1h | 772.65 | +0.147% | $7.2M | $3.5M | 25x | as long as short |
| edgeX SPYUSDC | +0.0424% | 4h | 772.65 | +0.147% | $638K | $242K | 20x | as long as short |
SunX SPY-USDT
HTX SPY-USDT
Deribit SPY_USDC-PERPETUAL
Lighter RH SPY
Arcus SPY-USD
Ondo Perps SPY-USD.P
Coinbase International SPY-PERP-INTX
Nado SPY-PERP
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
Lighter SPY
GMX SPY/USD [ETH-USDC]
RISEx SPY/USDC
edgeX SPYUSDC