SPY

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0130%/8h= −14.3% APRnext payment −$0.16 per $10,000 · paid last 24h −0.067%

Price spread now: Phoenix against ApeX Omni−0.010%7-day average −0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$430.433% of the position

Long on ApeX Omni Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.021%+$2 on $10k

Price spread, last 4 days (all we have)+0.034%+$3 · spread now −0.010%, 7d avg −0.037%

Together, before fees+0.055%+$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.027% dearer against ApeX Omni than usual: you sell high and buy low (spread −0.010% now, against its 7-day average of −0.037%): +$3 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni SPYUSDT	773.36	−0.0025	get 0.0003% / 1h	9m 20s	$164K	$25K	50x
Short	Phoenix SPY	773.28	−0.0155	pay 0.0019% / 1h	9m 20s	$158K	$254K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against ApeX Omni. 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 ApeX OmnibpFee PhoenixbpOrdersPrice spread, now −0.010%Rate

Funding earned: −$27.38
Price spread: −0.010% → −0.037%: $2.65
Slippage, 4 orders: −$26.31
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$68.03
Costs to cover: 0.433%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 27 min ago; Phoenix: live order book, 26 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 ApeX Omni live order book, 27 min ago	3.36 bp	8.5 bp −$8	58.6 bp −$586	doesn't fit	doesn't fit
Sell Phoenix live order book, 26 min ago	0.52 bp	8.1 bp −$8	17.6 bp −$176	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
Phoenix SPYshort	−0.0155%	1h	773.28	−0.010%	$158K	$254K	20x
BloFin SPY-USDT	−0.0120%	8h	773.93	+0.074%	$418K	$445K	50x	as long as short
ApeX Omni SPYUSDTlong	−0.0025%	1h	773.36	long leg	$164K	$25K	50x
Aster SPYUSDT	0.0000%	8h	773.93	+0.073%	$863K	$193K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	773.92	+0.072%	$28.6M	$75.6M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	773.82	+0.059%	$6.2M	$1.6M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	773.85	+0.063%	$7.9M	$3.1M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.39	+0.004%	$770K	$2.5M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	773.92	+0.072%	$29.7M	$11.8M	100x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.05	+0.089%	$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	+0.096%	$169K	$341K	10x	as long as short
SunX SPY-USDT	0.0000%	8h	775.05	+0.219%	$2K	$1.3M	10x	as long as short
HTX SPY-USDT	0.0000%	8h	774.48	+0.145%	$300K	$38K	50x	as long as short
RISEx SPY/USDC	+0.0014%	1h	774.10	+0.096%	$7.1M	$4.0M	25x	as long as short
Coinbase International SPY-PERP-INTX	+0.0024%	1h	773.80	+0.057%	$951K	$509K	20x	as long as short
Lighter RH SPY	+0.0032%	1h	774.10	+0.096%	$56.4M	$121.0M	50x	as long as short
Deribit SPY_USDC-PERPETUAL	+0.0034%	1h	773.62	+0.034%	$23K	$54K	20x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.35	−0.001%	$923K	$1.3M	50x	as long as short
Nado SPY-PERP	+0.0045%	1h	773.49	+0.016%	$1.6M	$247K	20x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	772.77	−0.076%	—	$123K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.10	−0.034%	$4.8M	$865K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.32	−0.005%	$2.5M	$997K	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	773.91	+0.071%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.38	+0.003%	$87K	—	10x	as long as short
Lighter SPY	+0.0120%	1h	773.92	+0.072%	$7.9M	$18.0M	50x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	773.92	+0.073%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0299%	4h	773.83	+0.061%	$639K	$242K	20x	as long as short