Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0209%/8h= −22.9% APRpaid last 24h −0.057%

Price spread now: Bitget against GMX+0.020%7-day average — · you sell dearer than you buy

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

Long on GMX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 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. Bitget is 0.020% dearer against GMX than usual: you sell high and buy low (spread +0.020% now, against zero (this spread has no 7-day history yet)): +$2 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 8 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX SPY/USD [ETH-USDC]	774.55	L +0.0209% / S −0.0429%	pay 0.0026% / 1h	5m 06s	$10K	—	26x
Short	Bitget SPYUSDT	774.71	0	get 0.0000% / 8h	2h 05m	$10.9M	$1.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against GMX. 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 GMXbpFee BitgetbpOrdersPrice spread, now +0.020%Rate

Funding earned: −$43.9
Price spread: +0.020% → 0.000%: $2
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$65.9
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bitget: live order book, 3 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 GMX no order-book sample	—	—	—	—	—
Sell Bitget live order book, 3 min ago	0.06 bp	7.0 bp −$7	8.8 bp −$88	doesn't fit	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 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	774.10	−0.059%	$416K	$472K	50x	as long as short
Phoenix SPY	−0.0103%	1h	774.17	−0.050%	$161K	$295K	20x	as long as short
ApeX Omni SPYUSDT	−0.0062%	1h	773.38	−0.152%	$164K	$25K	50x	as long as short
Nado SPY-PERP	−0.0056%	1h	774.31	−0.032%	$1.6M	$261K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	774.35	−0.027%	$864K	$195K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.54	−0.001%	$28.6M	$79.6M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.56	+0.001%	$6.2M	$1.9M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.52	−0.005%	$8.0M	$3.3M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	774.05	−0.065%	$770K	$2.4M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	774.54	−0.002%	$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 SPYUSDTshort	0.0000%	8h	774.71	+0.020%	$10.9M	$1.7M	50x
GRVT SPY_USDT_Perp	0.0000%	8h	774.56	0.000%	$169K	$350K	10x	as long as short
SunX SPY-USDT	0.0000%	8h	775.69	+0.147%	$2K	$1.4M	10x	as long as short
HTX SPY-USDT	0.0000%	8h	774.72	+0.021%	$300K	$38K	50x	as long as short
RISEx SPY/USDC	+0.0007%	1h	774.75	+0.026%	$7.0M	$4.4M	25x	as long as short
Ondo Perps SPY-USD.P	+0.0021%	1h	773.46	−0.141%	$4.7M	$832K	20x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.65	−0.117%	$928K	$1.4M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.57	−0.127%	—	$123K	50x	as long as short
Lighter RH SPY	+0.0048%	1h	774.92	+0.047%	$56.2M	$120.2M	50x	as long as short
Coinbase International SPY-PERP-INTX	+0.0048%	1h	773.77	−0.101%	$950K	$558K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.72	−0.108%	$2.5M	$980K	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.42	−0.017%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.97	−0.076%	$87K	—	10x	as long as short
Lighter SPY	+0.0112%	1h	774.67	+0.015%	$8.1M	$19.4M	50x	as long as short
Deribit SPY_USDC-PERPETUAL	+0.0138%	1h	774.47	−0.011%	$23K	$56K	20x	as long as short
GMX SPY/USD [ETH-USDC]long	L +0.0209% / S −0.0429%	1h	774.55	long leg	$10K	—	26x
edgeX SPYUSDC	+0.0227%	4h	774.41	−0.019%	$640K	$242K	20x	as long as short