Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0170%/8h= +18.7% APRpaid last 24h +0.010%

Price spread now: Nado against BloFin−0.060%7-day average −0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$250.250% of the position

Long on BloFin Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.075%+$8 on $10k

Price spread, last 4 days (all we have)+0.017%+$2 · spread now −0.060%, 7d avg −0.039%

Together, before fees+0.092%+ Points / potential airdropNado: Active · farm board+$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.021% cheaper against BloFin than usual: you would sell low and buy high (spread −0.060% now, against its 7-day average of −0.039%). If the spread goes back, that is −$2 on $10k: about 10 hours of funding at the current rate (+$5 a day). At the pace of the last 4 days (+0.075% in total) that is about 24 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin SPY-USDT	773.83	−0.0120	get 0.0120% / 8h	6m 24s	$418K	$444K	50x
Short	Nado SPY-PERP	773.37	0.0050	get 0.0006% / 1h	6m 24s	$1.6M	$247K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against BloFin. 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 BloFinbpFee NadobpOrdersPrice spread, now −0.060%Rate

Funding earned: $35.79
Price spread: −0.060% → −0.039%: −$2.12
Slippage, 4 orders: −$6.02
Fee BloFin: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $8.66
Costs to cover: 0.250%
Break-even: 5.3 days

Slippage from BloFin: live order book, 9 min ago; Nado: 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 BloFin live order book, 9 min ago	0.06 bp	6.1 bp −$6	6.5 bp −$65	8.9 bp −$893	16.6 bp −$8,325
Sell Nado live order book, 2 min ago	0.06 bp	7.6 bp −$8	18.2 bp −$182	58.7 bp −$5,872	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
Phoenix SPY	−0.0155%	1h	773.28	−0.071%	$158K	$254K	20x	as long as short
BloFin SPY-USDTlong	−0.0120%	8h	773.83	long leg	$418K	$444K	50x
ApeX Omni SPYUSDT	−0.0025%	1h	773.36	−0.061%	$164K	$25K	50x	as long as short
Aster SPYUSDT	0.0000%	8h	773.81	−0.002%	$863K	$193K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	773.79	−0.006%	$28.6M	$75.5M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	773.67	−0.021%	$6.2M	$1.6M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	773.74	−0.012%	$7.9M	$3.1M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.29	−0.070%	$770K	$2.5M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	773.80	−0.004%	$29.7M	$11.8M	100x	as long as short
Bitget SPYUSDT	0.0000%	8h	773.93	+0.013%	$10.9M	$1.6M	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT SPY_USDT_Perp	0.0000%	8h	774.10	+0.035%	$169K	$341K	10x	as long as short
SunX SPY-USDT	0.0000%	8h	774.91	+0.140%	$2K	$1.3M	10x	as long as short
HTX SPY-USDT	0.0000%	8h	774.16	+0.043%	$300K	$38K	50x	as long as short
RISEx SPY/USDC	+0.0014%	1h	774.02	+0.025%	$7.1M	$4.0M	25x	as long as short
Coinbase International SPY-PERP-INTX	+0.0024%	1h	773.80	−0.004%	$951K	$509K	20x	as long as short
Lighter RH SPY	+0.0032%	1h	773.98	+0.019%	$56.5M	$121.2M	50x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.28	−0.071%	$923K	$1.3M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	772.64	−0.154%	—	$123K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.10	−0.094%	$4.8M	$865K	20x	as long as short
Nado SPY-PERPshort	+0.0050%	1h	773.37	−0.060%	$1.6M	$247K	20x
Deribit SPY_USDC-PERPETUAL	+0.0060%	1h	773.49	−0.044%	$23K	$54K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.24	−0.076%	$2.5M	$997K	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	773.83	0.000%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.26	−0.073%	$87K	—	10x	as long as short
Lighter SPY	+0.0120%	1h	773.86	+0.004%	$7.9M	$18.0M	50x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	773.82	−0.002%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0299%	4h	773.83	0.000%	$639K	$242K	20x	as long as short