Funding you earn now, next payment 04:00 UTC−0.0038%/8h= −4.2% APRpaid last 24h +0.035%
Price spread now: Binance against Arcus+0.081%7-day average +0.119% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$23as in the Price arb table
costs, in and out, $10k−$190.190% of the position
Funding, last 4 days (all we have)−0.027%−$3 on $10k
+Price spread, last 7 days+0.058%+$6 · spread now +0.081%, 7d avg +0.119%
=Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Binance is 0.038% cheaper against Arcus than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.119%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Arcus SPY-USD | 773.62 | 0.0040 | pay 0.0005% / 1h | 13m 40s | $935K | $1.4M | 50x |
| Short | Binance SPYUSDT | 774.25 | 0.0002 | get 0.0002% / 8h | 4h 13m | $28.2M | $79.9M | 50x |
Arcus SPY-USD
Binance SPYUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Binance against Arcus. 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
- −$8.03
- Price spread: +0.081% → +0.119%
- −$3.8
- Slippage, 4 orders
- −$4.45
- Fee Arcus: 2.25 bp × 2 orders
- −$4.5
- Fee Binance: 5 bp × 2 orders
- −$10
- Net
- −$30.79
- Costs to cover
- 0.190%
- Break-even
- never at this rate
Slippage from Arcus: live order book, just now; Binance: live order book, 14 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 Arcus live order book, just now | 0.32 bp | 3.1 bp −$3 | 4.0 bp −$40 | doesn't fit | doesn't fit |
| Sell Binance live order book, 14 min ago | 0.06 bp | 5.1 bp −$5 | 5.5 bp −$55 | 10.1 bp −$1,012 | 27.2 bp −$13.6K |
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 | −0.0117% | 8h | 774.30 | +0.088% | $418K | $468K | 50x | as long as short |
| ApeX Omni SPYUSDT | −0.0034% | 1h | 773.48 | −0.018% | $163K | $24K | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.26 | +0.083% | $6.3M | $2.0M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.38 | +0.098% | $7.9M | $3.2M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.79 | +0.022% | $775K | $2.4M | 75x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.42 | +0.103% | $10.9M | $1.8M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.41 | +0.102% | $163K | $374K | 10x | as long as short |
| Phoenix SPY | 0.0000% | 1h | 773.73 | +0.014% | $161K | $295K | 20x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.32 | +0.220% | $2K | $1.4M | 10x | as long as short |
| Deribit SPY_USDC-PERPETUAL | 0.0000% | 1h | 773.88 | +0.034% | $23K | $56K | 20x | as long as short |
BloFin SPY-USDT
ApeX Omni SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
Bitget SPYUSDT
GRVT SPY_USDT_Perp
Phoenix SPY
SunX SPY-USDT
Deribit SPY_USDC-PERPETUALShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX SPY-USDT | 0.0000% | 8h | 774.66 | +0.134% | $308K | $20K | 50x | as long as short |
| MEXC SPY_USDT | +0.0002% | 8h | 774.27 | +0.084% | $26.8M | $12.1M | 100x | as long as short |
| Binance SPYUSDTshort | +0.0002% | 8h | 774.25 | +0.081% | $28.2M | $79.9M | 50x | |
| Arcus SPY-USDlong | +0.0040% | 1h | 773.62 | long leg | $935K | $1.4M | 50x | |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.10 | −0.067% | — | $123K | 50x | as long as short |
| Aster SPYUSDT | +0.0049% | 8h | 774.28 | +0.086% | $865K | $196K | 20x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.63 | +0.001% | $4.8M | $829K | 20x | as long as short |
| Lighter RH SPY | +0.0064% | 1h | 774.53 | +0.118% | $56.5M | $115.3M | 50x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0064% | 1h | 774.05 | +0.056% | $954K | $552K | 20x | as long as short |
| Nado SPY-PERP | +0.0072% | 1h | 773.90 | +0.036% | $1.5M | $280K | 20x | as long as short |
| Lighter SPY | +0.0080% | 1h | 774.23 | +0.079% | $8.3M | $19.6M | 50x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.76 | +0.018% | $2.5M | $979K | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.20 | +0.075% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.70 | +0.010% | $87K | — | 10x | as long as short |
| RISEx SPY/USDC | +0.0173% | 1h | 774.33 | +0.091% | $7.0M | $5.0M | 25x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.30 | +0.089% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0684% | 4h | 774.17 | +0.072% | $640K | $243K | 20x | as long as short |
HTX SPY-USDT
MEXC SPY_USDT
Vest SPY-USD-PERP
Aster SPYUSDT
Ondo Perps SPY-USD.P
Lighter RH SPY
Coinbase International SPY-PERP-INTX
Nado SPY-PERP
Lighter SPY
KuCoin SPYUSDTM
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
RISEx SPY/USDC
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC