Funding you earn now, next payment 08:00 UTC−0.0176%/8h= −19.3% APRpaid last 24h −0.052%
Price spread now: BloFin against Coinbase International−0.141%58s7-day average +0.072% · you buy dearer than you sell
Net, funding: paid 7d − costs−$45as 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−$240.238% of the position
Funding, last 7 days−0.211%−$21 on $10k
+Price spread, last 4 days (all we have)+0.174%+$17 · spread now −0.141%, 7d avg +0.072%
=Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and BloFin is 0.213% cheaper against Coinbase International than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of +0.072%). Swap the legs. The two prices were read 58 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 | Coinbase International SPY-PERP-INTX | 773.80 | 0.0056 | pay 0.0007% / 1h | 36m 11s | $951K | $508K | 20x |
| Short | BloFin SPY-USDT | 772.71 | −0.0120 | pay 0.0120% / 8h | 7h 36m | $416K | $439K | 50x |
Coinbase International SPY-PERP-INTX
BloFin SPY-USDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
BloFin 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
- −$36.96
- Price spread: −0.141% → +0.072%
- −$21.27
- Slippage, 4 orders
- −$1.78
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee BloFin: 6 bp × 2 orders
- −$12
- Net
- −$82.01
- Costs to cover
- 0.238%
- Break-even
- never at this rate
Slippage from Coinbase International: live order book, 62 min ago; BloFin: live order book, 40 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, 62 min ago | 0.06 bp | 5.2 bp −$5 | 7.3 bp −$73 | 25.4 bp −$2,543 | doesn't fit |
| Sell BloFin live order book, 40 min ago | 0.06 bp | 6.1 bp −$6 | 6.3 bp −$63 | 8.6 bp −$864 | 14.8 bp −$7,418 |
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-USDTshort | −0.0120% | 8h | 772.71 | −0.141% | $416K | $439K | 50x | |
| Phoenix SPY | −0.0031% | 1h | 772.18 | −0.209% | $158K | $151K | 20x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 772.46 | −0.174% | $864K | $196K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 772.61 | −0.154% | $28.6M | $75.3M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 772.46 | −0.173% | $6.2M | $1.5M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 772.56 | −0.160% | $7.9M | $3.1M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 772.17 | −0.211% | $793K | $2.5M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 772.56 | −0.160% | $29.6M | $11.6M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 772.70 | −0.142% | $10.9M | $1.5M | 50x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 773.08 | −0.093% | $160K | $340K | 10x | as long as short |
Phoenix SPY
Aster SPYUSDT
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
Bitget SPYUSDT
GRVT SPY_USDT_PerpShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX SPY-USDT | 0.0000% | 8h | 773.63 | −0.022% | $2K | $1.3M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 772.88 | −0.119% | $299K | $38K | 50x | as long as short |
| Lighter RH SPY | +0.0032% | 1h | 772.82 | −0.127% | $56.7M | $118.3M | 50x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 771.88 | −0.248% | $919K | $1.3M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 771.40 | −0.310% | — | $123K | 50x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0048% | 1h | 772.42 | −0.178% | $23K | $55K | 20x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 771.89 | −0.247% | $4.8M | $849K | 20x | as long as short |
| Coinbase International SPY-PERP-INTXlong | +0.0056% | 1h | 773.80 | long leg | $951K | $508K | 20x | |
| Nado SPY-PERP | +0.0078% | 1h | 772.08 | −0.222% | $1.5M | $250K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 772.11 | −0.218% | $2.5M | $1.0M | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 772.36 | −0.186% | $164K | $25K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 772.33 | −0.190% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 771.89 | −0.246% | $87K | — | 10x | as long as short |
| Lighter SPY | +0.0120% | 1h | 772.62 | −0.152% | $7.9M | $17.1M | 50x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 772.53 | −0.163% | $10K | — | 26x | as long as short |
| RISEx SPY/USDC | +0.0211% | 1h | 772.52 | −0.165% | $7.2M | $3.5M | 25x | as long as short |
| edgeX SPYUSDC | +0.0424% | 4h | 772.65 | −0.149% | $638K | $242K | 20x | as long as short |
SunX SPY-USDT
HTX SPY-USDT
Lighter RH SPY
Arcus SPY-USD
Vest SPY-USD-PERP
Deribit SPY_USDC-PERPETUAL
Ondo Perps SPY-USD.P
Nado SPY-PERP
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
Lighter SPY
GMX SPY/USD [ETH-USDC]
RISEx SPY/USDC
edgeX SPYUSDC