Funding you earn now, next payment 02:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.077%
Price spread now: Phoenix against Binance−0.040%85s7-day average −0.070% · you buy dearer than you sell
Net, funding: paid 7d − costs+$13as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$260.260% of the position
Funding, last 7 days+0.389%+$39 on $10k
+Price spread, last 4 days (all we have)−0.101%−$10 · spread now −0.040%, 7d avg −0.070%
=The price spread pays, funding is against you. Phoenix is 0.030% dearer against Binance than usual: you sell high and buy low (spread −0.040% now, against its 7-day average of −0.070%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.1 days. Mind the row above: over the last 7 days funding on this pair paid +0.389%, so the current rate has only just turned against you. The two prices were read 85 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Binance SPYUSDT | 774.37 | 0.0012 | pay 0.0012% / 8h | 5h 26m | $28.3M | $79.7M | 50x |
| Short | Phoenix SPY | 774.06 | −0.0021 | pay 0.0003% / 1h | 26m 03s | $161K | $295K | 20x |
Binance SPYUSDT
Phoenix SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Binance. 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
- −$6.79
- Price spread: −0.040% → −0.070%
- $3.04
- Slippage, 4 orders
- −$8.96
- Fee Binance: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$29.71
- Costs to cover
- 0.260%
- Break-even
- never at this rate
Slippage from Binance: live order book, 2 min ago; Phoenix: live order book, 35 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 | 5.1 bp −$51 | 8.6 bp −$863 | 26.4 bp −$13.2K |
| Sell Phoenix live order book, 35 min ago | 0.13 bp | 7.9 bp −$8 | 15.7 bp −$157 | 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 | |
|---|---|---|---|---|---|---|---|---|
| BloFin SPY-USDT | −0.0108% | 8h | 774.38 | +0.002% | $418K | $468K | 50x | as long as short |
| ApeX Omni SPYUSDT | −0.0079% | 1h | 773.19 | −0.152% | $162K | $24K | 50x | as long as short |
| Phoenix SPYshort | −0.0021% | 1h | 774.06 | −0.040% | $161K | $295K | 20x | |
| Bybit SPYUSDT | 0.0000% | 8h | 774.42 | +0.007% | $6.3M | $2.0M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.40 | +0.004% | $7.9M | $3.3M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.85 | −0.067% | $780K | $2.4M | 75x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.53 | +0.021% | $10.9M | $1.9M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.43 | +0.008% | $162K | $375K | 10x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.47 | +0.143% | $1K | $1.4M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.69 | +0.042% | $308K | $20K | 50x | 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
SunX SPY-USDT
HTX SPY-USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster SPYUSDT | +0.0006% | 8h | 774.43 | +0.009% | $863K | $203K | 20x | as long as short |
| MEXC SPY_USDT | +0.0011% | 8h | 774.35 | −0.002% | $23.3M | $12.0M | 100x | as long as short |
| Binance SPYUSDTlong | +0.0012% | 8h | 774.37 | long leg | $28.3M | $79.7M | 50x | |
| Arcus SPY-USD | +0.0040% | 1h | 773.52 | −0.109% | $930K | $1.4M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.12 | −0.161% | — | $123K | 50x | as long as short |
| Nado SPY-PERP | +0.0047% | 1h | 773.88 | −0.063% | $1.5M | $292K | 20x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.58 | −0.102% | $4.8M | $842K | 20x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0056% | 1h | 774.05 | −0.041% | $954K | $552K | 20x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0060% | 1h | 773.99 | −0.049% | $23K | $55K | 20x | as long as short |
| Lighter SPY | +0.0064% | 1h | 774.26 | −0.014% | $8.3M | $21.0M | 50x | as long as short |
| Lighter RH SPY | +0.0096% | 1h | 774.62 | +0.033% | $56.4M | $114.5M | 50x | as long as short |
| RISEx SPY/USDC | +0.0097% | 1h | 774.52 | +0.020% | $6.9M | $5.0M | 25x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.76 | −0.078% | $2.5M | $977K | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.33 | −0.005% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.75 | −0.079% | $87K | — | 10x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.38 | +0.001% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0727% | 4h | 774.31 | −0.007% | $640K | $243K | 20x | as long as short |
Aster SPYUSDT
MEXC SPY_USDT
Arcus SPY-USD
Vest SPY-USD-PERP
Nado SPY-PERP
Ondo Perps SPY-USD.P
Coinbase International SPY-PERP-INTX
Deribit SPY_USDC-PERPETUAL
Lighter SPY
Lighter RH SPY
RISEx SPY/USDC
KuCoin SPYUSDTM
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC