Funding you earn now, next payment 23:00 UTC−0.0048%/8h= −5.3% APRpaid last 24h −0.015%
Price spread now: Bybit against Coinbase International+0.137%7-day average +0.049% · you sell dearer than you buy
Net, funding: paid 7d − costs−$26as in the Funding arb table
Net, price: spread back to 7d avg − costs−$17as in the Price arb table
costs, in and out, $10k−$260.262% of the position
Funding, last 7 days−0.003%$0 on $10k
+Price spread, last 3 days (all we have)−0.196%−$20 · spread now +0.137%, 7d avg +0.049%
=The price spread pays, funding is against you. Bybit is 0.088% dearer against Coinbase International than usual: you sell high and buy low (spread +0.137% now, against its 7-day average of +0.049%): +$9 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 6.1 days. At the pace of the last 7 days (−0.003% in total) that is about 8 months.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Coinbase International SPY-PERP-INTX | 773.56 | 0.0048 | pay 0.0006% / 1h | 44m 37s | $955K | $584K | 20x |
| Short | Bybit SPYUSDT | 774.62 | 0 | get 0.0000% / 8h | 44m 37s | $6.2M | $2.1M | 100x |
Coinbase International SPY-PERP-INTX
Bybit SPYUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit 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
- −$10.08
- Price spread: +0.137% → +0.049%
- $8.83
- Slippage, 4 orders
- −$5.16
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$27.41
- Costs to cover
- 0.262%
- Break-even
- never at this rate
Slippage from Coinbase International: live order book, 34 min ago; Bybit: live order book, 3 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, 34 min ago | 0.06 bp | 5.3 bp −$5 | 8.0 bp −$80 | 25.8 bp −$2,579 | doesn't fit |
| Sell Bybit live order book, 3 min ago | 0.45 bp | 7.0 bp −$7 | 10.7 bp −$107 | 22.9 bp −$2,286 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Arcus SPY-USD | −0.0266% | 1h | 773.52 | −0.005% | $940K | $1.5M | 50x | as long as short |
| BloFin SPY-USDT | −0.0120% | 8h | 774.54 | +0.127% | $369K | $726K | 50x | as long as short |
| Phoenix SPY | −0.0052% | 1h | 773.88 | +0.041% | $161K | $296K | 20x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 774.30 | +0.096% | $863K | $204K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.52 | +0.124% | $28.6M | $83.0M | 50x | as long as short |
| Bybit SPYUSDTshort | 0.0000% | 8h | 774.62 | +0.137% | $6.2M | $2.1M | 100x | |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.58 | +0.132% | $7.9M | $3.4M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.96 | +0.052% | $747K | $2.2M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.50 | +0.122% | $27.3M | $11.6M | 100x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.64 | +0.140% | $157K | $411K | 10x | as long as short |
Arcus SPY-USD
BloFin SPY-USDT
Phoenix SPY
Aster SPYUSDT
Binance SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
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 | 775.56 | +0.259% | $1K | $1.5M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.78 | +0.158% | $308K | $20K | 50x | as long as short |
| Bitget SPYUSDT | +0.0024% | 8h | 774.64 | +0.140% | $11.0M | $2.6M | 50x | as long as short |
| Lighter SPY | +0.0032% | 1h | 774.28 | +0.093% | $8.4M | $21.9M | 50x | as long as short |
| Lighter RH SPY | +0.0032% | 1h | 774.68 | +0.145% | $57.0M | $117.6M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.30 | −0.034% | — | $123K | 50x | as long as short |
| Coinbase International SPY-PERP-INTXlong | +0.0048% | 1h | 773.56 | long leg | $955K | $584K | 20x | |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.81 | +0.032% | $4.8M | $852K | 20x | as long as short |
| Nado SPY-PERP | +0.0071% | 1h | 774.08 | +0.067% | $1.5M | $301K | 20x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0086% | 1h | 774.22 | +0.085% | $23K | $58K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.91 | +0.045% | $2.5M | $975K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 773.89 | +0.043% | $159K | $23K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.47 | +0.118% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.95 | +0.051% | $87K | — | 10x | as long as short |
| RISEx SPY/USDC | +0.0110% | 1h | 774.65 | +0.141% | $6.9M | $5.2M | 25x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0208% / S −0.0429% | 1h | 774.54 | +0.127% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0409% | 4h | 774.34 | +0.100% | $640K | $241K | 20x | as long as short |
SunX SPY-USDT
HTX SPY-USDT
Bitget SPYUSDT
Lighter SPY
Lighter RH SPY
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
Nado SPY-PERP
Deribit SPY_USDC-PERPETUAL
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
RISEx SPY/USDC
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC