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: Deribit against KuCoin+0.071%7-day average — · you sell dearer than you buy

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

Long on KuCoin Short on Deribit

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

The price spread pays, funding is against you. Deribit is 0.071% dearer against KuCoin than usual: you sell high and buy low (spread +0.071% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin SPYUSDTM	773.45	0.0100	pay 0.0100% / 8h	3h 04m	$2.5M	$972K	20x
Short	Deribit SPY_USDC-PERPETUAL	774.00	0	get 0.0000% / 1h	4m 43s	$23K	$56K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against KuCoin. 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 KuCoinbpFee DeribitbpOrdersPrice 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 KuCoin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$32.89
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 7 min ago; Deribit: 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 KuCoin live order book, 7 min ago	3.62 bp	13.2 bp −$13	510.3 bp −$5,103	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

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	+0.089%	$417K	$471K	50x	as long as short
ApeX Omni SPYUSDT	−0.0046%	1h	773.16	−0.037%	$163K	$24K	50x	as long as short
Phoenix SPY	−0.0010%	1h	773.62	+0.022%	$161K	$295K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	774.07	+0.080%	$864K	$194K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.19	+0.096%	$28.3M	$79.7M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.22	+0.100%	$6.3M	$1.9M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.10	+0.084%	$7.9M	$3.3M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.73	+0.036%	$775K	$2.4M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	774.17	+0.093%	$29.7M	$12.5M	100x	as long as short
Bitget SPYUSDT	0.0000%	8h	774.35	+0.116%	$10.9M	$1.8M	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT SPY_USDT_Perp	0.0000%	8h	774.29	+0.109%	$158K	$359K	10x	as long as short
SunX SPY-USDT	0.0000%	8h	775.32	+0.242%	$2K	$1.4M	10x	as long as short
Deribit SPY_USDC-PERPETUALshort	0.0000%	1h	774.00	+0.071%	$23K	$56K	20x
HTX SPY-USDT	0.0000%	8h	774.43	+0.127%	$308K	$20K	50x	as long as short
Nado SPY-PERP	0.0000%	1h	773.88	+0.055%	$1.6M	$275K	20x	as long as short
Lighter RH SPY	+0.0040%	1h	774.55	+0.142%	$56.3M	$118.7M	50x	as long as short
Ondo Perps SPY-USD.P	+0.0040%	1h	773.00	−0.058%	$4.7M	$831K	20x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.44	−0.001%	$928K	$1.4M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.10	−0.045%	—	$123K	50x	as long as short
Coinbase International SPY-PERP-INTX	+0.0056%	1h	773.90	+0.058%	$951K	$558K	20x	as long as short
Lighter SPY	+0.0088%	1h	774.30	+0.110%	$8.2M	$19.3M	50x	as long as short
KuCoin SPYUSDTMlong	+0.0100%	8h	773.45	long leg	$2.5M	$972K	20x
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.16	+0.092%	$1K	—	20x	as long as short
RISEx SPY/USDC	+0.0100%	1h	774.35	+0.116%	$7.0M	$5.0M	25x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.60	+0.019%	$87K	—	10x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.18	+0.095%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0586%	4h	774.07	+0.080%	$640K	$242K	20x	as long as short