Funding you earn now, next payment 02:00 UTC−0.0045%/8h= −4.9% APRpaid last 24h +0.015%
Price spread now: Binance against Coinbase International+0.041%7-day average +0.071% · you sell dearer than you buy
Net, funding: paid 7d − costs−$38as in the Funding arb table
Net, price: spread back to 7d avg − costs−$25as in the Price arb table
costs, in and out, $10k−$220.217% of the position
Funding, last 7 days−0.162%−$16 on $10k
+Price spread, last 4 days (all we have)−0.020%−$2 · spread now +0.041%, 7d avg +0.071%
=Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Binance is 0.030% cheaper against Coinbase International than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.071%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Coinbase International SPY-PERP-INTX | 774.05 | 0.0056 | pay 0.0007% / 1h | 28m 19s | $954K | $552K | 20x |
| Short | Binance SPYUSDT | 774.37 | 0.0011 | get 0.0011% / 8h | 5h 28m | $28.3M | $79.7M | 50x |
Coinbase International SPY-PERP-INTX
Binance SPYUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Binance against Coinbase International. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$9.4
- Price spread: +0.041% → +0.071%
- −$3.01
- Slippage, 4 orders
- −$1.7
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Binance: 5 bp × 2 orders
- −$10
- Net
- −$34.12
- Costs to cover
- 0.217%
- Break-even
- never at this rate
Slippage from Coinbase International: live order book, 35 min ago; Binance: live order book, 14 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 Coinbase International live order book, 35 min ago | 0.06 bp | 5.4 bp −$5 | 7.9 bp −$79 | doesn't fit | doesn't fit |
| Sell Binance live order book, 14 min ago | 0.06 bp | 5.1 bp −$5 | 5.1 bp −$51 | 10.1 bp −$1,010 | 30.1 bp −$15.1K |
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 | −0.0109% | 8h | 774.45 | +0.052% | $418K | $468K | 50x | as long as short |
| ApeX Omni SPYUSDT | −0.0079% | 1h | 773.19 | −0.111% | $162K | $24K | 50x | as long as short |
| Phoenix SPY | −0.0021% | 1h | 774.06 | +0.001% | $161K | $295K | 20x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.37 | +0.041% | $6.3M | $2.0M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.41 | +0.047% | $7.9M | $3.3M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.85 | −0.026% | $780K | $2.4M | 75x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.53 | +0.062% | $10.9M | $1.9M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.52 | +0.061% | $162K | $375K | 10x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.47 | +0.183% | $2K | $1.4M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.81 | +0.098% | $308K | $20K | 50x | as long as short |
BloFin SPY-USDT
ApeX Omni SPYUSDT
Phoenix SPY
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
Bitget SPYUSDT
GRVT SPY_USDT_Perp
SunX SPY-USDT
HTX SPY-USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster SPYUSDT | +0.0005% | 8h | 774.42 | +0.048% | $863K | $203K | 20x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0008% | 1h | 773.96 | −0.012% | $23K | $55K | 20x | as long as short |
| MEXC SPY_USDT | +0.0011% | 8h | 774.38 | +0.043% | $23.3M | $11.9M | 100x | as long as short |
| Binance SPYUSDTshort | +0.0011% | 8h | 774.37 | +0.041% | $28.3M | $79.7M | 50x | |
| Arcus SPY-USD | +0.0040% | 1h | 773.53 | −0.067% | $932K | $1.4M | 50x | as long as short |
| Nado SPY-PERP | +0.0045% | 1h | 773.91 | −0.019% | $1.5M | $292K | 20x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.10 | −0.123% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.58 | −0.061% | $4.8M | $842K | 20x | as long as short |
| Coinbase International SPY-PERP-INTXlong | +0.0056% | 1h | 774.05 | long leg | $954K | $552K | 20x | |
| Lighter SPY | +0.0064% | 1h | 774.28 | +0.030% | $8.3M | $21.0M | 50x | as long as short |
| Lighter RH SPY | +0.0096% | 1h | 774.63 | +0.075% | $56.4M | $114.5M | 50x | as long as short |
| RISEx SPY/USDC | +0.0097% | 1h | 774.50 | +0.059% | $6.9M | $5.0M | 25x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.78 | −0.035% | $2.5M | $977K | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.25 | +0.026% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.76 | −0.038% | $87K | — | 10x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.38 | +0.042% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0382% | 4h | 774.33 | +0.037% | $640K | $242K | 20x | as long as short |
Aster SPYUSDT
Deribit SPY_USDC-PERPETUAL
MEXC SPY_USDT
Arcus SPY-USD
Nado SPY-PERP
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
Lighter SPY
Lighter RH SPY
RISEx SPY/USDC
KuCoin SPYUSDTM
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC