Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0035%/8h= −3.8% APRpaid last 24h −0.057%

Price spread now: Phoenix against BloFin−0.089%106s7-day average −0.072% · you buy dearer than you sell

Net, funding: paid 7d − costs+$15as 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−$270.274% of the position

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.426%+$43 on $10k

Price spread, last 4 days (all we have)+0.011%+$1 · spread now −0.089%, 7d avg −0.072%

Together, before fees+0.437%+$44 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.072%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.426%, so the current rate has only just turned against you. The two prices were read 106 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	BloFin SPY-USDT	773.97	−0.0120	get 0.0120% / 8h	9m 24s	$418K	$445K	50x
Short	Phoenix SPY	773.28	−0.0155	pay 0.0019% / 1h	9m 24s	$158K	$254K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.089%Rate

Funding earned: −$7.35
Price spread: −0.089% → −0.072%: −$1.7
Slippage, 4 orders: −$8.4
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$36.45
Costs to cover: 0.274%
Break-even: never at this rate

Slippage from BloFin: live order book, 6 min ago; Phoenix: live order book, 26 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, 6 min ago	0.06 bp	6.1 bp −$6	6.5 bp −$65	8.9 bp −$893	16.6 bp −$8,325
Sell Phoenix live order book, 26 min ago	0.52 bp	8.1 bp −$8	17.6 bp −$176	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
Phoenix SPYshort	−0.0155%	1h	773.28	−0.089%	$158K	$254K	20x
BloFin SPY-USDTlong	−0.0120%	8h	773.97	long leg	$418K	$445K	50x
ApeX Omni SPYUSDT	−0.0025%	1h	773.36	−0.079%	$164K	$25K	50x	as long as short
Aster SPYUSDT	0.0000%	8h	773.90	−0.009%	$863K	$193K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	773.91	−0.007%	$28.6M	$75.5M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	773.81	−0.021%	$6.2M	$1.6M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	773.85	−0.016%	$7.9M	$3.1M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.39	−0.075%	$770K	$2.5M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	773.92	−0.006%	$29.7M	$11.8M	100x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.13	+0.021%	$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	+0.017%	$169K	$341K	10x	as long as short
SunX SPY-USDT	0.0000%	8h	775.00	+0.133%	$2K	$1.3M	10x	as long as short
HTX SPY-USDT	0.0000%	8h	774.48	+0.066%	$300K	$38K	50x	as long as short
RISEx SPY/USDC	+0.0014%	1h	774.10	+0.017%	$7.1M	$4.0M	25x	as long as short
Deribit SPY_USDC-PERPETUAL	+0.0022%	1h	773.64	−0.043%	$23K	$54K	20x	as long as short
Coinbase International SPY-PERP-INTX	+0.0024%	1h	773.80	−0.022%	$951K	$509K	20x	as long as short
Lighter RH SPY	+0.0032%	1h	774.10	+0.017%	$56.4M	$120.9M	50x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.35	−0.080%	$923K	$1.3M	50x	as long as short
Nado SPY-PERP	+0.0045%	1h	773.49	−0.062%	$1.6M	$247K	20x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	772.77	−0.155%	—	$123K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.10	−0.112%	$4.8M	$865K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.32	−0.084%	$2.5M	$997K	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	773.90	−0.009%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.34	−0.082%	$87K	—	10x	as long as short
Lighter SPY	+0.0120%	1h	773.96	−0.001%	$7.9M	$18.0M	50x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	773.96	−0.002%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0299%	4h	773.83	−0.018%	$639K	$242K	20x	as long as short