SPY

Alert

Spread before costs (cost unknown: a leg has no order-book sample)−0.061%

7d average—if it closes, per $10,000$6funding while held, a day−$9.87

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX SPY/USD [ETH-USDC]	772.99	L +0.0369% / S −0.2805%	pay 0.0046% / 1h	29m 20s	$24K	—	53x
Short	Arcus SPY-USD	772.51	0.0040	get 0.0005% / 1h	29m 20s	$936K	$1.2M	50x

Price spread history

latest

Range statsloading…

How often the spread is this wide

share of time at each level, last 7D

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

Profit calculator

Position, each leg$Hold forhoursFee GMXbpFee ArcusbpOrdersClose when spread is

Spread captured: −$6.15
Funding while held: −$9.87
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$32.51
Spread needed to break even: 0.165%

Slippage unknown: GMX: no order-book sample; Arcus: live order book, 1 min ago. Net counts fees only.

Cost of waiting

funding view

Funding /8h: −0.0329%
Per $10,000 a day: −$9.87
Average in range /8h: —

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 GMX no order-book sample	—	—	—	—	—
Sell Arcus live order book, 1 min ago	0.06 bp	3.5 bp −$3	3.7 bp −$37	9.6 bp −$964	doesn't fit

GMX: 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 price on every exchange

against the cheapest. Click to use as the short leg.

SPY on 26 venues

cheapest first. Swap a leg.

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Ondo Perps SPY-USD.P	−0.165%	−0.0019%	1h	$4.7M	$725K	20x	as long as short
Phoenix SPY	−0.086%	−0.0290%	1h	$160K	$266K	20x	as long as short
KuCoin SPYUSDTM	−0.077%	+0.0100%	8h	$2.5M	$1.1M	20x	as long as short
Vest SPY-USD-PERP	−0.063%	+0.0046%	1h	—	$84K	50x	as long as short
Arcus SPY-USDshort	−0.061%	+0.0040%	1h	$936K	$1.2M	50x
Aevo SPY-PERP	−0.047%	+0.0104%	1h	$87K	—	10x	as long as short
ApeX Omni SPYUSDT	−0.046%	+0.0100%	1h	$155K	$31K	50x	as long as short
Gate SPY_USDT	−0.036%	0.0000%	8h	$737K	$1.9M	75x	as long as short
BloFin SPY-USDT	−0.036%	−0.0055%	8h	$432K	$704K	50x	as long as short
Coinbase International SPY-PERP-INTX	−0.032%	+0.0136%	1h	$932K	$609K	20x	as long as short

Show all 26 venues

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Nado SPY-PERP	−0.020%	+0.0008%	1h	$1.6M	$255K	20x	as long as short
edgeX SPYUSDC	−0.020%	+0.0001%	4h	$639K	$241K	20x	as long as short
OKX SPY-USDT-SWAP	−0.010%	+0.0044%	8h	$8.1M	$3.1M	50x	as long as short
Aster SPYUSDT	−0.007%	+0.0065%	8h	$859K	$221K	20x	as long as short
Binance SPYUSDT	−0.004%	+0.0063%	8h	$29.6M	$77.4M	50x	as long as short
GMX SPY/USD [ETH-USDC]long	0.000%	L +0.0369% / S −0.2805%	1h	$24K	—	53x
MEXC SPY_USDT	+0.002%	+0.0064%	8h	$20.2M	$9.8M	100x	as long as short
Bybit SPYUSDT	+0.003%	0.0000%	8h	$6.3M	$2.1M	100x	as long as short
RISEx SPY/USDC	+0.004%	+0.0126%	1h	$7.0M	$5.7M	25x	as long as short
Deribit SPY_USDC-PERPETUAL	+0.006%	0.0000%	1h	$22K	$73K	20x	as long as short
HTX SPY-USDT	+0.007%	0.0000%	8h	$308K	$23K	50x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.012%	+0.0100%	8h	$1K	—	20x	as long as short
Lighter SPY	+0.014%	+0.0032%	1h	$9.0M	$21.4M	50x	as long as short
Bitget SPYUSDT	+0.014%	+0.0156%	8h	$10.9M	$3.0M	50x	as long as short
Lighter RH SPY	+0.081%	+0.0032%	1h	$56.9M	$122.6M	50x	as long as short
SunX SPY-USDT	+0.152%	0.0000%	8h	$2K	$1.6M	10x	as long as short