Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.043%

Price spread now: Gate against Binance−0.071%7-day average −0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$330.331% of the position

Long on Binance Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.160%+$16 on $10k

Price spread, last 7 days+0.041%+$4 · spread now −0.071%, 7d avg −0.031%

Together, before fees+0.200%+$20 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Gate is 0.040% cheaper against Binance than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance SPYUSDT	774.50	0	get 0.0000% / 8h	1h 10m	$28.7M	$78.5M	50x
Short	Gate SPY_USDT	773.95	0	get 0.0000% / 8h	1h 10m	$770K	$2.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.071%Rate

Funding earned: $0
Price spread: −0.071% → −0.031%: −$3.97
Slippage, 4 orders: −$8.12
Fee Binance: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$37.08
Costs to cover: 0.331%
Break-even: never at this rate

Slippage from Binance: live order book, 2 min ago; Gate: live order book, 2 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 Binance live order book, 2 min ago	0.06 bp	5.1 bp −$5	5.3 bp −$53	9.2 bp −$920	27.2 bp −$13.6K
Sell Gate live order book, 2 min ago	2.78 bp	10.8 bp −$11	14.9 bp −$149	52.4 bp −$5,241	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
ApeX Omni SPYUSDT	−0.0271%	1h	773.48	−0.132%	$164K	$25K	50x	as long as short
BloFin SPY-USDT	−0.0120%	8h	774.10	−0.052%	$418K	$471K	50x	as long as short
Phoenix SPY	−0.0114%	1h	773.99	−0.066%	$161K	$294K	20x	as long as short
Nado SPY-PERP	−0.0022%	1h	774.17	−0.042%	$1.6M	$251K	20x	as long as short
Ondo Perps SPY-USD.P	−0.0019%	1h	773.41	−0.141%	$4.8M	$871K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	774.37	−0.016%	$864K	$198K	20x	as long as short
Binance SPYUSDTlong	0.0000%	8h	774.50	long leg	$28.7M	$78.5M	50x
Bybit SPYUSDT	0.0000%	8h	774.33	−0.022%	$6.2M	$1.7M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.41	−0.012%	$7.9M	$3.3M	50x	as long as short
Gate SPY_USDTshort	0.0000%	8h	773.95	−0.071%	$770K	$2.5M	75x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SPY_USDT	0.0000%	8h	774.49	−0.001%	$29.7M	$11.9M	100x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.62	+0.015%	$10.9M	$1.8M	50x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.48	−0.002%	$158K	$361K	10x	as long as short
SunX SPY-USDT	0.0000%	8h	775.60	+0.142%	$2K	$1.4M	10x	as long as short
Deribit SPY_USDC-PERPETUAL	0.0000%	1h	774.22	−0.036%	$23K	$56K	20x	as long as short
HTX SPY-USDT	0.0000%	8h	774.61	+0.014%	$300K	$38K	50x	as long as short
Lighter SPY	+0.0032%	1h	774.48	−0.003%	$8.2M	$18.6M	50x	as long as short
Lighter RH SPY	+0.0032%	1h	774.71	+0.027%	$56.6M	$120.4M	50x	as long as short
Coinbase International SPY-PERP-INTX	+0.0032%	1h	773.92	−0.075%	$950K	$532K	20x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.57	−0.120%	$927K	$1.4M	50x	as long as short
RISEx SPY/USDC	+0.0043%	1h	774.68	+0.023%	$7.1M	$4.1M	25x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.50	−0.129%	—	$123K	50x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.59	−0.117%	$2.5M	$1.0M	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.42	−0.010%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.94	−0.073%	$87K	—	10x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.50	+0.001%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0573%	4h	774.27	−0.029%	$640K	$241K	20x	as long as short