Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against HTX−0.022%53s7-day average −0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$360.356% of the position

Long on HTX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)−0.095%−$9 · spread now −0.022%, 7d avg −0.054%

Together, before fees−0.095%−$9 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.032% dearer against HTX than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.054%. 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	HTX SPY-USDT	774.47	0	get 0.0000% / 8h	3h 46m	$308K	$20K	50x
Short	Bybit SPYUSDT	774.30	0	get 0.0000% / 8h	3h 46m	$6.3M	$1.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against HTX. 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 HTXbpFee BybitbpOrdersPrice spread, now −0.022%Rate

Funding earned: $0
Price spread: −0.022% → −0.054%: $3.22
Slippage, 4 orders: −$12.64
Fee HTX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$32.42
Costs to cover: 0.356%
Break-even: never at this rate

Slippage from HTX: live order book, 6 min ago; Bybit: live order book, 2 min ago.

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 HTX live order book, 6 min ago	2.45 bp	8.5 bp −$8	12.5 bp −$125	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.26 bp	7.2 bp −$7	10.1 bp −$101	35.6 bp −$3,556	doesn't fit

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	774.13	−0.044%	$416K	$468K	50x	as long as short
Phoenix SPY	−0.0010%	1h	773.59	−0.114%	$161K	$295K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.30	−0.022%	$28.1M	$79.4M	50x	as long as short
Bybit SPYUSDTshort	0.0000%	8h	774.30	−0.022%	$6.3M	$1.9M	100x
OKX SPY-USDT-SWAP	0.0000%	8h	774.09	−0.049%	$7.9M	$3.3M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.83	−0.083%	$775K	$2.4M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	774.29	−0.023%	$29.0M	$12.3M	100x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.37	−0.013%	$10.9M	$1.8M	50x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.32	−0.020%	$163K	$374K	10x	as long as short
SunX SPY-USDT	0.0000%	8h	775.34	+0.112%	$2K	$1.4M	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit SPY_USDC-PERPETUAL	0.0000%	1h	774.07	−0.052%	$23K	$56K	20x	as long as short
HTX SPY-USDTlong	0.0000%	8h	774.47	long leg	$308K	$20K	50x
Aster SPYUSDT	+0.0026%	8h	774.31	−0.020%	$865K	$194K	20x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.49	−0.127%	$935K	$1.4M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.17	−0.168%	—	$123K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.23	−0.160%	$4.8M	$827K	20x	as long as short
Coinbase International SPY-PERP-INTX	+0.0056%	1h	774.05	−0.054%	$954K	$552K	20x	as long as short
Nado SPY-PERP	+0.0061%	1h	773.98	−0.063%	$1.5M	$284K	20x	as long as short
Lighter RH SPY	+0.0072%	1h	774.57	+0.013%	$56.4M	$115.1M	50x	as long as short
ApeX Omni SPYUSDT	+0.0075%	1h	773.48	−0.128%	$163K	$24K	50x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.51	−0.124%	$2.5M	$972K	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.19	−0.036%	$1K	—	20x	as long as short
RISEx SPY/USDC	+0.0100%	1h	774.43	−0.005%	$7.0M	$5.0M	25x	as long as short
Lighter SPY	+0.0104%	1h	774.31	−0.021%	$8.2M	$19.2M	50x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.70	−0.100%	$87K	—	10x	as long as short
edgeX SPYUSDC	+0.0154%	4h	774.02	−0.058%	$640K	$242K	20x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.29	−0.023%	$10K	—	26x	as long as short