Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0215%/8h= −23.5% APRpaid last 24h −0.070%

Price spread now: HTX against Deribit+0.068%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 HTX

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. HTX is 0.068% dearer against Deribit than usual: you sell high and buy low (spread +0.068% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 25 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit SPY_USDC-PERPETUAL	774.52	0.0215	pay 0.0027% / 1h	45m 53s	$23K	$59K	20x
Short	HTX SPY-USDT	775.05	0	get 0.0000% / 8h	7h 45m	$308K	$20K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.068%Rate

Funding earned: −$45.15
Price spread: +0.068% → 0.000%: $6.84
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$57.31
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; HTX: live order book, 26 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 HTX live order book, 26 min ago	2.45 bp	12.6 bp −$13	14.4 bp −$144	doesn't fit	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
BloFin SPY-USDT	−0.0106%	8h	774.80	+0.036%	$412K	$572K	50x	as long as short
Arcus SPY-USD	−0.0016%	1h	773.76	−0.098%	$937K	$1.4M	50x	as long as short
Aster SPYUSDT	0.0000%	8h	774.64	+0.015%	$863K	$204K	20x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.91	+0.050%	$6.3M	$2.0M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.88	+0.046%	$7.9M	$3.3M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	774.29	−0.030%	$763K	$2.3M	75x	as long as short
SunX SPY-USDT	0.0000%	8h	775.82	+0.168%	$2K	$1.5M	10x	as long as short
HTX SPY-USDTshort	0.0000%	8h	775.05	+0.068%	$308K	$20K	50x
edgeX SPYUSDC	+0.0004%	4h	774.65	+0.016%	$640K	$242K	20x	as long as short
MEXC SPY_USDT	+0.0013%	8h	774.73	+0.027%	$28.7M	$11.5M	100x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance SPYUSDT	+0.0014%	8h	774.74	+0.028%	$28.5M	$81.6M	50x	as long as short
Lighter SPY	+0.0032%	1h	774.33	−0.025%	$8.2M	$21.5M	50x	as long as short
Lighter RH SPY	+0.0032%	1h	774.90	+0.049%	$57.3M	$112.9M	50x	as long as short
GRVT SPY_USDT_Perp	+0.0032%	8h	774.80	+0.036%	$168K	$410K	10x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.49	−0.133%	—	$123K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.68	−0.108%	$4.8M	$847K	20x	as long as short
Bitget SPYUSDT	+0.0052%	8h	774.86	+0.044%	$11.0M	$2.4M	50x	as long as short
Phoenix SPY	+0.0062%	1h	774.20	−0.041%	$161K	$296K	20x	as long as short
Coinbase International SPY-PERP-INTX	+0.0064%	1h	774.00	−0.067%	$954K	$559K	20x	as long as short
Nado SPY-PERP	+0.0075%	1h	774.32	−0.026%	$1.5M	$291K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	774.17	−0.045%	$2.5M	$952K	20x	as long as short
ApeX Omni SPYUSDT	+0.0100%	1h	774.00	−0.067%	$159K	$23K	50x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.70	+0.023%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	774.19	−0.042%	$87K	—	10x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0208% / S −0.0429%	1h	774.74	+0.028%	$10K	—	26x	as long as short
Deribit SPY_USDC-PERPETUALlong	+0.0215%	1h	774.52	long leg	$23K	$59K	20x
RISEx SPY/USDC	+0.0320%	1h	774.90	+0.049%	$6.9M	$5.2M	25x	as long as short