Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0429%/8h= +47.0% APRpaid last 24h +0.331%

Price spread now: GMX against HTX−0.028%7-day average — · you buy dearer than you sell

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

Long on HTX Short on GMX

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

Funding pays, the price is against you. GMX is 0.028% cheaper against HTX than usual: you would sell low and buy high (spread −0.028% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 5 hours of funding at the current rate (+$13 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX SPY-USDT	774.57	0	get 0.0000% / 8h	1h 26m	$300K	$38K	50x
Short	GMX SPY/USD [ETH-USDC]	774.36	L +0.0209% / S −0.0429%	get 0.0054% / 1h	26m 39s	$10K	—	26x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.028%Rate

Funding earned: $90.12
Price spread: −0.028% → 0.000%: −$2.78
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $63.34
Costs to cover: 0.240%
Break-even: 2.1 days

Slippage unknown: HTX: live order book, 15 min ago; GMX: no order-book sample. 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 HTX live order book, 15 min ago	7.42 bp	13.4 bp −$13	13.4 bp −$134	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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
ApeX Omni SPYUSDT	−0.0211%	1h	773.24	−0.172%	$164K	$25K	50x	as long as short
BloFin SPY-USDT	−0.0120%	8h	774.10	−0.061%	$419K	$472K	50x	as long as short
Phoenix SPY	−0.0114%	1h	773.79	−0.101%	$161K	$294K	20x	as long as short
Ondo Perps SPY-USD.P	−0.0029%	1h	773.40	−0.151%	$4.8M	$870K	20x	as long as short
Nado SPY-PERP	−0.0010%	1h	774.11	−0.060%	$1.6M	$254K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	774.25	−0.041%	$863K	$198K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.34	−0.030%	$28.7M	$78.7M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.18	−0.050%	$6.2M	$1.7M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.27	−0.039%	$8.0M	$3.3M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.84	−0.094%	$770K	$2.5M	75x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SPY_USDT	0.0000%	8h	774.36	−0.027%	$29.7M	$11.9M	100x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.49	−0.010%	$10.9M	$1.8M	50x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.43	−0.018%	$158K	$361K	10x	as long as short
SunX SPY-USDT	0.0000%	8h	775.45	+0.114%	$2K	$1.4M	10x	as long as short
Deribit SPY_USDC-PERPETUAL	0.0000%	1h	773.94	−0.081%	$23K	$56K	20x	as long as short
HTX SPY-USDTlong	0.0000%	8h	774.57	long leg	$300K	$38K	50x
Lighter SPY	+0.0032%	1h	774.43	−0.018%	$8.2M	$18.6M	50x	as long as short
Lighter RH SPY	+0.0032%	1h	774.65	+0.010%	$56.2M	$119.1M	50x	as long as short
Coinbase International SPY-PERP-INTX	+0.0032%	1h	773.92	−0.084%	$950K	$555K	20x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.54	−0.133%	$927K	$1.4M	50x	as long as short
RISEx SPY/USDC	+0.0043%	1h	774.62	+0.006%	$7.1M	$4.2M	25x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.39	−0.152%	—	$123K	50x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.51	−0.137%	$2.5M	$999K	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.24	−0.043%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.81	−0.098%	$87K	—	10x	as long as short
GMX SPY/USD [ETH-USDC]short	L +0.0209% / S −0.0429%	1h	774.36	−0.028%	$10K	—	26x
edgeX SPYUSDC	+0.0854%	4h	774.21	−0.046%	$640K	$241K	20x	as long as short