Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0104%/8h= −11.4% APRpaid last 24h −0.031%

Price spread now: HTX against Aevo+0.112%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 HTX

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. HTX is 0.112% dearer against Aevo than usual: you sell high and buy low (spread +0.112% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo SPY-PERP	773.29	0.0104	pay 0.0013% / 1h	6m 42s	$87K	—	10x
Short	HTX SPY-USDT	774.16	0	get 0.0000% / 8h	6m 42s	$300K	$38K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.112%Rate

Funding earned: −$21.84
Price spread: +0.112% → 0.000%: $11.23
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee HTX: 6 bp × 2 orders: −$12
Net: −$38.61
Costs to cover: 0.280%
Break-even: never at this rate

Slippage unknown: Aevo: no order-book sample; HTX: live order book, 30 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 HTX live order book, 30 min ago	2.45 bp	14.6 bp −$15	23.2 bp −$232	doesn't fit	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
Phoenix SPY	−0.0155%	1h	773.28	−0.001%	$158K	$254K	20x	as long as short
BloFin SPY-USDT	−0.0120%	8h	773.83	+0.070%	$418K	$444K	50x	as long as short
ApeX Omni SPYUSDT	−0.0025%	1h	773.36	+0.009%	$164K	$25K	50x	as long as short
Aster SPYUSDT	0.0000%	8h	773.85	+0.072%	$863K	$193K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	773.82	+0.068%	$28.6M	$75.5M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	773.67	+0.049%	$6.2M	$1.6M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	773.74	+0.058%	$7.9M	$3.1M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.29	0.000%	$770K	$2.5M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	773.81	+0.067%	$29.7M	$11.8M	100x	as long as short
Bitget SPYUSDT	0.0000%	8h	773.93	+0.083%	$10.9M	$1.6M	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT SPY_USDT_Perp	0.0000%	8h	774.10	+0.105%	$169K	$341K	10x	as long as short
SunX SPY-USDT	0.0000%	8h	774.91	+0.209%	$2K	$1.3M	10x	as long as short
HTX SPY-USDTshort	0.0000%	8h	774.16	+0.112%	$300K	$38K	50x
RISEx SPY/USDC	+0.0014%	1h	774.00	+0.092%	$7.1M	$4.0M	25x	as long as short
Deribit SPY_USDC-PERPETUAL	+0.0022%	1h	773.53	+0.031%	$23K	$54K	20x	as long as short
Coinbase International SPY-PERP-INTX	+0.0024%	1h	773.80	+0.066%	$951K	$509K	20x	as long as short
Lighter RH SPY	+0.0032%	1h	773.98	+0.089%	$56.5M	$121.2M	50x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.31	+0.002%	$923K	$1.3M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	772.69	−0.078%	—	$123K	50x	as long as short
Nado SPY-PERP	+0.0049%	1h	773.36	+0.009%	$1.6M	$247K	20x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.10	−0.025%	$4.8M	$865K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.24	−0.007%	$2.5M	$997K	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	773.85	+0.072%	$1K	—	20x	as long as short
Aevo SPY-PERPlong	+0.0104%	1h	773.29	long leg	$87K	—	10x
Lighter SPY	+0.0120%	1h	773.86	+0.074%	$7.9M	$18.0M	50x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	773.82	+0.068%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0299%	4h	773.83	+0.070%	$639K	$242K	20x	as long as short