Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0189%/8h= +20.7% APRpaid last 24h +0.019%

Price spread now: Deribit against Binance−0.028%7-day average — · you buy dearer than you sell

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

Long on Binance Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. Deribit is 0.028% cheaper against Binance than usual: you would sell low and buy high (spread −0.028% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 12 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance SPYUSDT	774.47	0	get 0.0000% / 8h	38m 55s	$28.6M	$83.0M	50x
Short	Deribit SPY_USDC-PERPETUAL	774.25	0.0189	get 0.0024% / 1h	38m 55s	$23K	$58K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Binance. 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 BinancebpFee DeribitbpOrdersPrice spread, now −0.028%Rate

Funding earned: $39.76
Price spread: −0.028% → 0.000%: −$2.84
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $19.92
Costs to cover: 0.170%
Break-even: 3.5 days

Slippage unknown: Binance: live order book, 4 min ago; Deribit: no order-book sample. 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 Binance live order book, 4 min ago	0.06 bp	5.1 bp −$5	5.1 bp −$51	9.3 bp −$926	30.5 bp −$15.3K
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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	773.48	−0.128%	$940K	$1.5M	50x	as long as short
BloFin SPY-USDT	−0.0120%	8h	774.48	+0.001%	$413K	$726K	50x	as long as short
Phoenix SPY	−0.0052%	1h	773.89	−0.075%	$161K	$296K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	774.30	−0.022%	$863K	$204K	20x	as long as short
Binance SPYUSDTlong	0.0000%	8h	774.47	long leg	$28.6M	$83.0M	50x
Bybit SPYUSDT	0.0000%	8h	774.47	0.000%	$6.2M	$2.1M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.43	−0.005%	$7.9M	$3.4M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.89	−0.075%	$747K	$2.3M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	774.45	−0.003%	$28.0M	$11.7M	100x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.64	+0.022%	$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	775.54	+0.138%	$2K	$1.5M	10x	as long as short
HTX SPY-USDT	0.0000%	8h	774.69	+0.028%	$308K	$20K	50x	as long as short
Bitget SPYUSDT	+0.0025%	8h	774.57	+0.013%	$11.0M	$2.6M	50x	as long as short
Lighter SPY	+0.0032%	1h	774.28	−0.025%	$8.2M	$22.3M	50x	as long as short
Lighter RH SPY	+0.0032%	1h	774.61	+0.018%	$56.8M	$118.3M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.20	−0.164%	—	$123K	50x	as long as short
Coinbase International SPY-PERP-INTX	+0.0048%	1h	773.56	−0.117%	$955K	$584K	20x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.75	−0.093%	$4.8M	$847K	20x	as long as short
Nado SPY-PERP	+0.0070%	1h	773.98	−0.064%	$1.5M	$301K	20x	as long as short
edgeX SPYUSDC	+0.0093%	4h	774.35	−0.016%	$640K	$240K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.90	−0.074%	$2.5M	$972K	20x	as long as short
ApeX Omni SPYUSDT	+0.0100%	1h	773.96	−0.066%	$159K	$23K	50x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.54	+0.009%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.95	−0.067%	$87K	—	10x	as long as short
RISEx SPY/USDC	+0.0110%	1h	774.65	+0.023%	$6.9M	$5.2M	25x	as long as short
Deribit SPY_USDC-PERPETUALshort	+0.0189%	1h	774.25	−0.028%	$23K	$58K	20x
GMX SPY/USD [ETH-USDC]	L +0.0208% / S −0.0429%	1h	774.48	+0.001%	$10K	—	26x	as long as short