Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0081%/8h= −8.9% APRpaid last 24h −0.010%

Price spread now: Bitget against Aevo+0.102%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Aevo Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.169%−$17 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Bitget is 0.102% dearer against Aevo than usual: you sell high and buy low (spread +0.102% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo SPY-PERP	773.91	0.0104	pay 0.0013% / 1h	45m 55s	$87K	—	10x
Short	Bitget SPYUSDT	774.70	0.0023	get 0.0023% / 8h	45m 55s	$11.0M	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Aevo. 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 AevobpFee BitgetbpOrdersPrice spread, now +0.102%Rate

Funding earned: −$17.01
Price spread: +0.102% → 0.000%: $10.23
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$34.78
Costs to cover: 0.280%
Break-even: never at this rate

Slippage unknown: Aevo: no order-book sample; Bitget: live order book, 3 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 Aevo no order-book sample	—	—	—	—	—
Sell Bitget live order book, 3 min ago	0.06 bp	7.1 bp −$7	10.0 bp −$100	17.2 bp −$1,718	doesn't fit

Aevo: 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
Arcus SPY-USD	−0.0266%	1h	773.53	−0.049%	$940K	$1.5M	50x	as long as short
BloFin SPY-USDT	−0.0120%	8h	774.44	+0.069%	$369K	$726K	50x	as long as short
Phoenix SPY	−0.0052%	1h	773.84	−0.009%	$161K	$296K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	774.30	+0.051%	$863K	$204K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.52	+0.079%	$28.6M	$83.1M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.30	+0.051%	$6.2M	$2.1M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.54	+0.082%	$7.9M	$3.4M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	774.17	+0.034%	$747K	$2.2M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	774.53	+0.080%	$27.3M	$11.6M	100x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.64	+0.095%	$157K	$411K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX SPY-USDT	0.0000%	8h	775.48	+0.203%	$1K	$1.5M	10x	as long as short
HTX SPY-USDT	0.0000%	8h	774.62	+0.092%	$308K	$20K	50x	as long as short
Bitget SPYUSDTshort	+0.0023%	8h	774.70	+0.102%	$11.0M	$2.6M	50x
Lighter SPY	+0.0032%	1h	774.32	+0.053%	$8.4M	$21.7M	50x	as long as short
Lighter RH SPY	+0.0032%	1h	774.73	+0.106%	$57.1M	$117.4M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.24	−0.086%	—	$123K	50x	as long as short
Coinbase International SPY-PERP-INTX	+0.0048%	1h	773.56	−0.045%	$955K	$584K	20x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.71	−0.026%	$4.8M	$861K	20x	as long as short
Nado SPY-PERP	+0.0074%	1h	773.98	+0.010%	$1.5M	$301K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.91	0.000%	$2.5M	$976K	20x	as long as short
ApeX Omni SPYUSDT	+0.0100%	1h	773.86	−0.006%	$159K	$23K	50x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.41	+0.065%	$1K	—	20x	as long as short
Aevo SPY-PERPlong	+0.0104%	1h	773.91	long leg	$87K	—	10x
RISEx SPY/USDC	+0.0110%	1h	774.58	+0.087%	$6.9M	$5.2M	25x	as long as short
Deribit SPY_USDC-PERPETUAL	+0.0151%	1h	774.29	+0.049%	$23K	$58K	20x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0208% / S −0.0429%	1h	774.48	+0.073%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0409%	4h	774.34	+0.055%	$640K	$241K	20x	as long as short