Funding you earn now, next payment 10:00 UTC−0.0032%/8h= −3.5% APRnext payment −$0.04 per $10,000 · paid last 24h −0.052%
Price spread now: Phoenix against Lighter RH−0.065%7-day average −0.083% · you buy dearer than you sell
Net, funding: paid 7d − costs−$8as in the Funding arb table
Net, price: spread back to 7d avg − costs−$15as in the Price arb table
costs, in and out, $10k−$170.165% of the position
Funding, last 7 days+0.082%+$8 on $10k
+Price spread, last 4 days (all we have)−0.049%−$5 · spread now −0.065%, 7d avg −0.083%
=Together, before fees+0.032%+ Points / potential airdropLighter RH: Points live · farm board+$3 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.083%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.082%, so the current rate has only just turned against you.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter RH SPY | 774.74 | 0.0032 | pay 0.0004% / 1h | 45m 04s | $56.9M | $114.9M | 50x |
| Short | Phoenix SPY | 774.24 | 0 | get 0.0000% / 1h | 45m 04s | $158K | $74K | 20x |
Lighter RH SPY
Phoenix SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Lighter RH. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$6.72
- Price spread: −0.065% → −0.083%
- $1.82
- Slippage, 4 orders
- −$9.54
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$21.45
- Costs to cover
- 0.165%
- Break-even
- never at this rate
Slippage from Lighter RH: live order book, 7 min ago; Phoenix: live order book, 61 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 Lighter RH live order book, 7 min ago | 0.06 bp | 0.6 bp −$1 | 1.2 bp −$12 | 5.2 bp −$521 | doesn't fit |
| Sell Phoenix live order book, 61 min ago | 0.13 bp | 7.9 bp −$8 | 15.8 bp −$158 | doesn't fit | doesn't fit |
SPY on 27 exchanges
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 | −0.0311% | 1h | 773.51 | −0.159% | $223K | $51K | 50x | as long as short |
| BloFin SPY-USDT | −0.0120% | 8h | 774.61 | −0.017% | $417K | $422K | 50x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 774.66 | −0.010% | $863K | $200K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.63 | −0.014% | $28.5M | $75.8M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.60 | −0.018% | $6.2M | $1.5M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.53 | −0.027% | $7.8M | $3.1M | 50x | as long as short |
| RISEx SPY/USDC | 0.0000% | 1h | 774.54 | −0.026% | $7.1M | $3.3M | 25x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 774.07 | −0.086% | $788K | $2.5M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.56 | −0.023% | $29.2M | $13.3M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.76 | +0.003% | $11.1M | $1.6M | 50x | as long as short |
ApeX Omni SPYUSDT
BloFin SPY-USDT
Aster SPYUSDT
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
RISEx SPY/USDC
Gate SPY_USDT
MEXC SPY_USDT
Bitget SPYUSDTShow all 27 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.88 | +0.019% | $161K | $336K | 10x | as long as short |
| Phoenix SPYshort | 0.0000% | 1h | 774.24 | −0.065% | $158K | $74K | 20x | |
| SunX SPY-USDT | 0.0000% | 8h | 775.67 | +0.120% | $2K | $1.2M | 10x | as long as short |
| Deribit SPY_USDC-PERPETUAL | 0.0000% | 1h | 774.26 | −0.062% | $23K | $39K | 20x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 775.04 | +0.039% | $300K | $38K | 50x | as long as short |
| Nado SPY-PERP | +0.0004% | 1h | 774.21 | −0.069% | $1.5M | $283K | 20x | as long as short |
| Arcus SPY-USD | +0.0015% | 1h | 773.67 | −0.138% | $980K | $1.4M | 50x | as long as short |
| Lighter SPY | +0.0032% | 1h | 774.36 | −0.049% | $7.8M | $16.3M | 50x | as long as short |
| Lighter RH SPYlong | +0.0032% | 1h | 774.74 | long leg | $56.9M | $114.9M | 50x | |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.38 | −0.176% | — | $85K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.63 | −0.143% | $4.8M | $845K | 20x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0056% | 1h | 774.22 | −0.067% | $952K | $171K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 774.12 | −0.080% | $2.5M | $1.0M | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.41 | −0.043% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 774.01 | −0.094% | $87K | — | 10x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 774.55 | −0.024% | $10K | — | 26x | as long as short |
| edgeX SPYUSDC | +0.0770% | 4h | 774.55 | −0.024% | $640K | $243K | 20x | as long as short |
GRVT SPY_USDT_Perp
SunX SPY-USDT
Deribit SPY_USDC-PERPETUAL
HTX SPY-USDT
Nado SPY-PERP
Arcus SPY-USD
Lighter SPY
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
Coinbase International SPY-PERP-INTX
KuCoin SPYUSDTM
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
GMX SPY/USD [ETH-USDC]
edgeX SPYUSDC