Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0104%/8h= −11.4% APRpaid last 24h −0.031%

Price spread now: Bybit against Aevo+0.050%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 Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.218%−$22 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. Bybit is 0.050% dearer against Aevo than usual: you sell high and buy low (spread +0.050% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 38 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo SPY-PERP	773.86	0.0104	pay 0.0013% / 1h	19m 46s	$87K	—	10x
Short	Bybit SPYUSDT	774.24	0	get 0.0000% / 8h	1h 19m	$6.2M	$1.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.050%Rate

Funding earned: −$21.84
Price spread: +0.050% → 0.000%: $4.96
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$43.88
Costs to cover: 0.270%
Break-even: never at this rate

Slippage unknown: Aevo: no order-book sample; Bybit: 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 Bybit live order book, 3 min ago	0.65 bp	6.7 bp −$7	9.9 bp −$99	40.1 bp −$4,009	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
ApeX Omni SPYUSDT	−0.0227%	1h	773.31	−0.071%	$164K	$25K	50x	as long as short
BloFin SPY-USDT	−0.0120%	8h	774.10	+0.032%	$419K	$471K	50x	as long as short
Phoenix SPY	−0.0114%	1h	774.01	+0.020%	$161K	$294K	20x	as long as short
Ondo Perps SPY-USD.P	−0.0027%	1h	773.67	−0.024%	$4.8M	$871K	20x	as long as short
Nado SPY-PERP	−0.0015%	1h	774.27	+0.053%	$1.6M	$253K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	774.32	+0.060%	$864K	$198K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.36	+0.065%	$28.7M	$78.8M	50x	as long as short
Bybit SPYUSDTshort	0.0000%	8h	774.24	+0.050%	$6.2M	$1.7M	100x
OKX SPY-USDT-SWAP	0.0000%	8h	774.25	+0.051%	$7.9M	$3.3M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.84	−0.002%	$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	774.36	+0.065%	$29.7M	$11.9M	100x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.54	+0.088%	$10.9M	$1.8M	50x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.43	+0.074%	$158K	$361K	10x	as long as short
SunX SPY-USDT	0.0000%	8h	775.51	+0.214%	$2K	$1.4M	10x	as long as short
Deribit SPY_USDC-PERPETUAL	0.0000%	1h	774.10	+0.032%	$23K	$56K	20x	as long as short
HTX SPY-USDT	0.0000%	8h	774.66	+0.104%	$300K	$38K	50x	as long as short
Lighter SPY	+0.0032%	1h	774.48	+0.081%	$8.2M	$18.6M	50x	as long as short
Lighter RH SPY	+0.0032%	1h	774.71	+0.110%	$56.4M	$119.8M	50x	as long as short
Coinbase International SPY-PERP-INTX	+0.0032%	1h	773.92	+0.008%	$950K	$532K	20x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.56	−0.038%	$927K	$1.4M	50x	as long as short
RISEx SPY/USDC	+0.0043%	1h	774.63	+0.100%	$7.1M	$4.2M	25x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.47	−0.050%	—	$123K	50x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.57	−0.037%	$2.5M	$1.0M	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.33	+0.061%	$1K	—	20x	as long as short
Aevo SPY-PERPlong	+0.0104%	1h	773.86	long leg	$87K	—	10x
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.38	+0.068%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0916%	4h	774.22	+0.047%	$640K	$242K	20x	as long as short