Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.031%

Price spread now: Aevo against Bybit−0.072%7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days+0.218%+$22 on $10k

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. Aevo is 0.072% cheaper against Bybit than usual: you would sell low and buy high (spread −0.072% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 2.3 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SPYUSDT	774.26	0	get 0.0000% / 8h	1h 23m	$6.2M	$2.1M	100x
Short	Aevo SPY-PERP	773.70	0.0104	get 0.0013% / 1h	23m 40s	$87K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Bybit. 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 BybitbpFee AevobpOrdersPrice spread, now −0.072%Rate

Funding earned: $21.84
Price spread: −0.072% → 0.000%: −$7.2
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$12.36
Costs to cover: 0.270%
Break-even: 11.0 days

Slippage unknown: Bybit: live order book, 4 min ago; Aevo: 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 Bybit live order book, 4 min ago	0.06 bp	7.2 bp −$7	9.8 bp −$98	24.7 bp −$2,470	doesn't fit
Sell Aevo no order-book sample	—	—	—	—	—

Aevo: 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	774.16	−0.013%	$414K	$726K	50x	as long as short
Arcus SPY-USD	−0.0112%	1h	773.15	−0.143%	$945K	$1.4M	50x	as long as short
Phoenix SPY	−0.0041%	1h	773.61	−0.084%	$161K	$296K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	774.11	−0.019%	$862K	$269K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.18	−0.010%	$28.2M	$83.4M	50x	as long as short
Bybit SPYUSDTlong	0.0000%	8h	774.26	long leg	$6.2M	$2.1M	100x
OKX SPY-USDT-SWAP	0.0000%	8h	774.25	−0.001%	$7.9M	$3.4M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.69	−0.074%	$746K	$2.2M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	774.17	−0.012%	$26.7M	$12.3M	100x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.23	−0.004%	$157K	$430K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX SPY-USDT	0.0000%	8h	775.25	+0.128%	$2K	$1.6M	10x	as long as short
HTX SPY-USDT	0.0000%	8h	774.55	+0.037%	$308K	$20K	50x	as long as short
Bitget SPYUSDT	+0.0024%	8h	774.28	+0.003%	$11.0M	$2.7M	50x	as long as short
Lighter SPY	+0.0032%	1h	774.11	−0.019%	$8.6M	$22.4M	50x	as long as short
Lighter RH SPY	+0.0032%	1h	774.52	+0.034%	$56.7M	$121.5M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.11	−0.149%	—	$123K	50x	as long as short
Nado SPY-PERP	+0.0049%	1h	773.89	−0.048%	$1.5M	$306K	20x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.47	−0.102%	$4.8M	$920K	20x	as long as short
Coinbase International SPY-PERP-INTX	+0.0064%	1h	773.56	−0.090%	$955K	$636K	20x	as long as short
Deribit SPY_USDC-PERPETUAL	+0.0099%	1h	774.09	−0.022%	$23K	$75K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.64	−0.080%	$2.5M	$984K	20x	as long as short
ApeX Omni SPYUSDT	+0.0100%	1h	773.91	−0.045%	$154K	$20K	50x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.18	−0.010%	$1K	—	20x	as long as short
Aevo SPY-PERPshort	+0.0104%	1h	773.70	−0.072%	$87K	—	10x
RISEx SPY/USDC	+0.0204%	1h	774.40	+0.019%	$6.9M	$5.3M	25x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0208% / S −0.0429%	1h	774.18	−0.010%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0645%	4h	774.07	−0.024%	$640K	$240K	20x	as long as short