Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0138%/8h= −15.1% APRpaid last 24h −0.061%

Price spread now: Bybit against Deribit+0.045%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Bybit is 0.045% dearer against Deribit than usual: you sell high and buy low (spread +0.045% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 26 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit SPY_USDC-PERPETUAL	774.28	0.0138	pay 0.0017% / 1h	44m 09s	$23K	$58K	20x
Short	Bybit SPYUSDT	774.63	0	get 0.0000% / 8h	44m 09s	$6.2M	$2.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Deribit. 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 DeribitbpFee BybitbpOrdersPrice spread, now +0.045%Rate

Funding earned: −$28.9
Price spread: +0.045% → 0.000%: $4.52
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$42.38
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Bybit: live order book, 4 min ago. 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 Deribit no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	0.45 bp	7.0 bp −$7	10.7 bp −$107	22.9 bp −$2,286	doesn't fit

Deribit: 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
Arcus SPY-USD	−0.0266%	1h	773.52	−0.098%	$940K	$1.5M	50x	as long as short
BloFin SPY-USDT	−0.0120%	8h	774.54	+0.034%	$369K	$726K	50x	as long as short
Phoenix SPY	−0.0052%	1h	773.88	−0.052%	$161K	$296K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	774.30	+0.003%	$863K	$204K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.49	+0.027%	$28.6M	$83.0M	50x	as long as short
Bybit SPYUSDTshort	0.0000%	8h	774.63	+0.045%	$6.2M	$2.1M	100x
OKX SPY-USDT-SWAP	0.0000%	8h	774.58	+0.039%	$7.9M	$3.4M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.96	−0.041%	$747K	$2.3M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	774.50	+0.028%	$27.3M	$11.6M	100x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.64	+0.047%	$157K	$411K	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	775.57	+0.167%	$1K	$1.5M	10x	as long as short
HTX SPY-USDT	0.0000%	8h	774.78	+0.065%	$308K	$20K	50x	as long as short
Bitget SPYUSDT	+0.0024%	8h	774.62	+0.044%	$11.0M	$2.6M	50x	as long as short
Lighter SPY	+0.0032%	1h	774.31	+0.004%	$8.3M	$21.9M	50x	as long as short
Lighter RH SPY	+0.0032%	1h	774.69	+0.053%	$57.0M	$117.6M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.29	−0.128%	—	$123K	50x	as long as short
Coinbase International SPY-PERP-INTX	+0.0048%	1h	773.56	−0.093%	$955K	$584K	20x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.81	−0.061%	$4.8M	$852K	20x	as long as short
Nado SPY-PERP	+0.0070%	1h	774.02	−0.034%	$1.5M	$301K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.92	−0.046%	$2.5M	$975K	20x	as long as short
ApeX Omni SPYUSDT	+0.0100%	1h	773.89	−0.050%	$159K	$23K	50x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.49	+0.027%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.96	−0.041%	$87K	—	10x	as long as short
RISEx SPY/USDC	+0.0110%	1h	774.65	+0.048%	$6.9M	$5.2M	25x	as long as short
Deribit SPY_USDC-PERPETUALlong	+0.0138%	1h	774.28	long leg	$23K	$58K	20x
GMX SPY/USD [ETH-USDC]	L +0.0208% / S −0.0429%	1h	774.51	+0.030%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0409%	4h	774.34	+0.007%	$640K	$241K	20x	as long as short