Funding arb · Price arb /

SPY

RWAall SPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0114%/8h= −12.4% APRpaid last 24h −0.049%

Price spread now: Phoenix against Bybit−0.050%7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$290.287% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.224%+$22 on $10k

Price spread, last 4 days (all we have)+0.036%+$4 · spread now −0.050%, 7d avg −0.049%

Together, before fees+0.259%+$26 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.049%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.224%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SPYUSDT	774.22	0	get 0.0000% / 8h	55m 14s	$6.2M	$1.7M	100x
Short	Phoenix SPY	773.83	−0.0114	pay 0.0014% / 1h	55m 14s	$161K	$254K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.050%Rate

Funding earned: −$23.87
Price spread: −0.050% → −0.049%: −$0.14
Slippage, 4 orders: −$10.73
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$52.75
Costs to cover: 0.287%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Phoenix: live order book, 46 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 Bybit live order book, 3 min ago	0.06 bp	6.7 bp −$7	9.4 bp −$94	33.5 bp −$3,355	doesn't fit
Sell Phoenix live order book, 46 min ago	0.13 bp	7.9 bp −$8	15.8 bp −$158	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
ApeX Omni SPYUSDT	−0.0262%	1h	773.13	−0.141%	$164K	$25K	50x	as long as short
BloFin SPY-USDT	−0.0120%	8h	774.09	−0.017%	$418K	$467K	50x	as long as short
Phoenix SPYshort	−0.0114%	1h	773.83	−0.050%	$161K	$254K	20x
Nado SPY-PERP	−0.0009%	1h	774.01	−0.027%	$1.6M	$247K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	774.31	+0.012%	$864K	$197K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.29	+0.009%	$28.7M	$76.7M	50x	as long as short
Bybit SPYUSDTlong	0.0000%	8h	774.22	long leg	$6.2M	$1.7M	100x
OKX SPY-USDT-SWAP	0.0000%	8h	774.29	+0.009%	$7.9M	$3.3M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.79	−0.056%	$770K	$2.4M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	774.31	+0.012%	$29.7M	$11.8M	100x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SPYUSDT	0.0000%	8h	774.44	+0.028%	$10.9M	$1.6M	50x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.43	+0.027%	$158K	$351K	10x	as long as short
SunX SPY-USDT	0.0000%	8h	775.43	+0.156%	$2K	$1.3M	10x	as long as short
Deribit SPY_USDC-PERPETUAL	0.0000%	1h	774.12	−0.013%	$23K	$54K	20x	as long as short
HTX SPY-USDT	0.0000%	8h	774.64	+0.054%	$300K	$38K	50x	as long as short
RISEx SPY/USDC	+0.0014%	1h	774.52	+0.038%	$7.1M	$4.1M	25x	as long as short
Coinbase International SPY-PERP-INTX	+0.0024%	1h	773.92	−0.039%	$950K	$531K	20x	as long as short
Lighter RH SPY	+0.0032%	1h	774.54	+0.041%	$56.6M	$117.2M	50x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.71	−0.066%	$927K	$1.4M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.26	−0.124%	—	$123K	50x	as long as short
Lighter SPY	+0.0048%	1h	774.34	+0.015%	$8.2M	$17.5M	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.37	−0.110%	$4.8M	$868K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.65	−0.074%	$2.5M	$1.0M	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.29	+0.009%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.74	−0.063%	$87K	—	10x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.34	+0.015%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0442%	4h	774.27	+0.007%	$640K	$241K	20x	as long as short