Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.018%

Price spread now: KuCoin against Deribit−0.071%53s7-day average — · you buy dearer than you sell

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

Long on Deribit Short on KuCoin

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

Funding pays, the price is against you. KuCoin is 0.071% cheaper against Deribit than usual: you would sell low and buy high (spread −0.071% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 2.4 days of funding at the current rate (+$3 a day). The two prices were read 53 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	Deribit SPY_USDC-PERPETUAL	774.00	0	get 0.0000% / 1h	4m 22s	$23K	$56K	20x
Short	KuCoin SPYUSDTM	773.45	0.0100	get 0.0100% / 8h	3h 04m	$2.5M	$973K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.071%Rate

Funding earned: $21
Price spread: −0.071% → 0.000%: −$7.11
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$5.11
Costs to cover: 0.190%
Break-even: 8.7 days

Slippage unknown: Deribit: no order-book sample; KuCoin: live order book, 7 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 KuCoin live order book, 7 min ago	3.62 bp	10.7 bp −$11	790.0 bp −$7,900	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	−0.0120%	8h	774.14	+0.018%	$417K	$471K	50x	as long as short
ApeX Omni SPYUSDT	−0.0046%	1h	773.16	−0.109%	$163K	$24K	50x	as long as short
Phoenix SPY	−0.0010%	1h	773.62	−0.049%	$161K	$295K	20x	as long as short
Nado SPY-PERP	−0.0001%	1h	773.90	−0.013%	$1.6M	$275K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	774.07	+0.009%	$864K	$194K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.21	+0.027%	$28.3M	$79.8M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.22	+0.028%	$6.3M	$1.9M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.10	+0.013%	$7.9M	$3.3M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.78	−0.028%	$776K	$2.4M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	774.18	+0.023%	$29.7M	$12.5M	100x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SPYUSDT	0.0000%	8h	774.35	+0.045%	$10.9M	$1.8M	50x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.29	+0.038%	$158K	$359K	10x	as long as short
SunX SPY-USDT	0.0000%	8h	775.32	+0.171%	$2K	$1.4M	10x	as long as short
Deribit SPY_USDC-PERPETUALlong	0.0000%	1h	774.00	long leg	$23K	$56K	20x
HTX SPY-USDT	0.0000%	8h	774.43	+0.056%	$308K	$20K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0038%	1h	773.00	−0.129%	$4.7M	$831K	20x	as long as short
Lighter RH SPY	+0.0040%	1h	774.55	+0.071%	$56.3M	$118.7M	50x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.45	−0.071%	$928K	$1.4M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.14	−0.111%	—	$123K	50x	as long as short
Coinbase International SPY-PERP-INTX	+0.0056%	1h	773.90	−0.013%	$951K	$558K	20x	as long as short
Lighter SPY	+0.0088%	1h	774.30	+0.039%	$8.2M	$19.3M	50x	as long as short
KuCoin SPYUSDTMshort	+0.0100%	8h	773.45	−0.071%	$2.5M	$973K	20x
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.16	+0.021%	$1K	—	20x	as long as short
RISEx SPY/USDC	+0.0100%	1h	774.35	+0.045%	$7.0M	$5.0M	25x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.60	−0.051%	$87K	—	10x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.23	+0.029%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0586%	4h	774.07	+0.009%	$640K	$242K	20x	as long as short