Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0429%/8h= +47.0% APRpaid last 24h +0.323%

Price spread now: GMX against Bitget−0.021%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 GMX

What this pair did over the last

the charts below follow

Funding, last 3 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. GMX is 0.021% cheaper against Bitget than usual: you would sell low and buy high (spread −0.021% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 4 hours of funding at the current rate (+$13 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget SPYUSDT	774.48	0	get 0.0000% / 8h	4h 37m	$10.9M	$1.9M	50x
Short	GMX SPY/USD [ETH-USDC]	774.32	L +0.0209% / S −0.0429%	get 0.0054% / 1h	37m 50s	$10K	—	26x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.021%Rate

Funding earned: $90.12
Price spread: −0.021% → 0.000%: −$2.13
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $63.99
Costs to cover: 0.240%
Break-even: 2.0 days

Slippage unknown: Bitget: live order book, 1 min ago; GMX: 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	7.0 bp −$7	9.6 bp −$96	11.8 bp −$1,176	20.3 bp −$10.2K
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.0104%	8h	774.31	−0.022%	$417K	$468K	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.37	−0.014%	$6.3M	$2.0M	100x	as long as short
Gate SPY_USDT	0.0000%	8h	773.80	−0.088%	$775K	$2.4M	75x	as long as short
Bitget SPYUSDTlong	0.0000%	8h	774.48	long leg	$10.9M	$1.9M	50x
Phoenix SPY	0.0000%	1h	773.97	−0.066%	$161K	$295K	20x	as long as short
SunX SPY-USDT	0.0000%	8h	775.38	+0.116%	$2K	$1.4M	10x	as long as short
HTX SPY-USDT	0.0000%	8h	774.56	+0.010%	$308K	$20K	50x	as long as short
OKX SPY-USDT-SWAP	+0.0001%	8h	774.32	−0.021%	$7.9M	$3.2M	50x	as long as short
GRVT SPY_USDT_Perp	+0.0014%	8h	774.43	−0.006%	$163K	$386K	10x	as long as short
Binance SPYUSDT	+0.0016%	8h	774.31	−0.022%	$28.3M	$80.0M	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SPY_USDT	+0.0016%	8h	774.30	−0.023%	$25.4M	$11.8M	100x	as long as short
Deribit SPY_USDC-PERPETUAL	+0.0021%	1h	774.05	−0.056%	$23K	$56K	20x	as long as short
ApeX Omni SPYUSDT	+0.0023%	1h	773.24	−0.160%	$162K	$24K	50x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.63	−0.110%	$931K	$1.4M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.14	−0.173%	—	$123K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.65	−0.107%	$4.8M	$840K	20x	as long as short
Aster SPYUSDT	+0.0060%	8h	774.74	+0.033%	$865K	$196K	20x	as long as short
Coinbase International SPY-PERP-INTX	+0.0064%	1h	774.05	−0.056%	$954K	$552K	20x	as long as short
Lighter RH SPY	+0.0072%	1h	774.67	+0.025%	$56.5M	$113.6M	50x	as long as short
Lighter SPY	+0.0080%	1h	774.35	−0.017%	$8.3M	$19.5M	50x	as long as short
Nado SPY-PERP	+0.0088%	1h	773.91	−0.074%	$1.5M	$280K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.73	−0.097%	$2.5M	$977K	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.37	−0.014%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.76	−0.093%	$87K	—	10x	as long as short
RISEx SPY/USDC	+0.0173%	1h	774.47	−0.001%	$7.0M	$5.0M	25x	as long as short
GMX SPY/USD [ETH-USDC]short	L +0.0209% / S −0.0429%	1h	774.32	−0.021%	$10K	—	26x
edgeX SPYUSDC	+0.0666%	4h	774.19	−0.038%	$640K	$241K	20x	as long as short