Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0099%/8h= +10.8% APRpaid last 24h +0.017%

Price spread now: Deribit against Bitget−0.031%7-day average — · you buy dearer than you sell

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

Long on Bitget 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 0.031% cheaper against Bitget than usual: you would sell low and buy high (spread −0.031% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 25 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget SPYUSDT	774.72	0	get 0.0000% / 8h	2h 02m	$10.9M	$1.7M	50x
Short	Deribit SPY_USDC-PERPETUAL	774.48	0.0099	get 0.0012% / 1h	2m 06s	$23K	$56K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bitget. 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 BitgetbpFee DeribitbpOrdersPrice spread, now −0.031%Rate

Funding earned: $20.74
Price spread: −0.031% → 0.000%: −$3.1
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$1.36
Costs to cover: 0.190%
Break-even: 7.5 days

Slippage unknown: Bitget: live order book, 1 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 Bitget live order book, 1 min ago	0.06 bp	6.4 bp −$6	9.5 bp −$95	15.8 bp −$1,577	doesn't fit
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
BloFin SPY-USDT	−0.0120%	8h	774.09	−0.081%	$416K	$472K	50x	as long as short
Phoenix SPY	−0.0103%	1h	774.17	−0.071%	$161K	$295K	20x	as long as short
ApeX Omni SPYUSDT	−0.0079%	1h	773.48	−0.160%	$164K	$25K	50x	as long as short
Nado SPY-PERP	−0.0056%	1h	774.32	−0.051%	$1.6M	$261K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	774.38	−0.044%	$864K	$195K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.55	−0.022%	$28.6M	$79.6M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.56	−0.021%	$6.2M	$1.9M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.52	−0.026%	$8.0M	$3.3M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	774.06	−0.085%	$770K	$2.4M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	774.52	−0.026%	$29.7M	$12.5M	100x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SPYUSDTlong	0.0000%	8h	774.72	long leg	$10.9M	$1.7M	50x
GRVT SPY_USDT_Perp	0.0000%	8h	774.56	−0.021%	$169K	$350K	10x	as long as short
SunX SPY-USDT	0.0000%	8h	775.68	+0.124%	$2K	$1.4M	10x	as long as short
HTX SPY-USDT	0.0000%	8h	774.72	0.000%	$300K	$38K	50x	as long as short
RISEx SPY/USDC	+0.0007%	1h	774.78	+0.007%	$7.0M	$4.3M	25x	as long as short
Ondo Perps SPY-USD.P	+0.0019%	1h	773.56	−0.150%	$4.7M	$832K	20x	as long as short
Lighter RH SPY	+0.0040%	1h	774.91	+0.025%	$56.2M	$120.4M	50x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.65	−0.138%	$928K	$1.4M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.58	−0.147%	—	$123K	50x	as long as short
Coinbase International SPY-PERP-INTX	+0.0048%	1h	773.77	−0.123%	$950K	$556K	20x	as long as short
Deribit SPY_USDC-PERPETUALshort	+0.0099%	1h	774.48	−0.031%	$23K	$56K	20x
KuCoin SPYUSDTM	+0.0100%	8h	773.75	−0.125%	$2.5M	$983K	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.45	−0.035%	$1K	—	20x	as long as short
Lighter SPY	+0.0104%	1h	774.67	−0.006%	$8.1M	$19.4M	50x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.97	−0.097%	$87K	—	10x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.54	−0.023%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0505%	4h	774.42	−0.039%	$640K	$242K	20x	as long as short