Funding arb · Price arb /

SPY

RWAall SPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0021%/8h= +2.3% APRpaid last 24h +0.019%

Price spread now: Deribit against MEXC−0.057%52s7-day average — · you buy dearer than you sell

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

Long on MEXC 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

Funding pays, the price is against you. Deribit is 0.057% cheaper against MEXC than usual: you would sell low and buy high (spread −0.057% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 8.9 days of funding at the current rate (+$1 a day). The two prices were read 52 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	MEXC SPY_USDT	774.56	0	get 0.0000% / 8h	13m 32s	$28.0M	$11.9M	100x
Short	Deribit SPY_USDC-PERPETUAL	774.12	0.0021	get 0.0003% / 1h	13m 32s	$23K	$58K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against MEXC. 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 MEXCbpFee DeribitbpOrdersPrice spread, now −0.057%Rate

Funding earned: $4.48
Price spread: −0.057% → 0.000%: −$5.68
Slippage, 4 orders: no order book: not counted
Fee MEXC: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$8.2
Costs to cover: 0.070%
Break-even: 19.8 days

Slippage unknown: MEXC: live order book, 5 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 MEXC live order book, 5 min ago	0.06 bp	0.1 bp $0	0.1 bp −$1	0.1 bp −$12	0.9 bp −$471
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
Arcus SPY-USD	−0.0266%	1h	773.51	−0.136%	$941K	$1.4M	50x	as long as short
BloFin SPY-USDT	−0.0120%	8h	774.59	+0.004%	$413K	$571K	50x	as long as short
Phoenix SPY	−0.0052%	1h	773.88	−0.088%	$161K	$296K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	774.33	−0.030%	$863K	$204K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.59	+0.004%	$28.6M	$82.8M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.44	−0.015%	$6.2M	$2.1M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.53	−0.004%	$7.9M	$3.3M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.89	−0.087%	$758K	$2.3M	75x	as long as short
MEXC SPY_USDTlong	0.0000%	8h	774.56	long leg	$28.0M	$11.9M	100x
SunX SPY-USDT	0.0000%	8h	775.65	+0.141%	$2K	$1.5M	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX SPY-USDT	0.0000%	8h	774.79	+0.030%	$308K	$20K	50x	as long as short
GRVT SPY_USDT_Perp	+0.0012%	8h	774.59	+0.004%	$157K	$411K	10x	as long as short
Deribit SPY_USDC-PERPETUALshort	+0.0021%	1h	774.12	−0.057%	$23K	$58K	20x
Lighter SPY	+0.0032%	1h	774.33	−0.030%	$8.2M	$22.3M	50x	as long as short
Lighter RH SPY	+0.0032%	1h	774.66	+0.013%	$56.9M	$120.1M	50x	as long as short
Bitget SPYUSDT	+0.0038%	8h	774.66	+0.013%	$11.0M	$2.5M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.18	−0.178%	—	$123K	50x	as long as short
Coinbase International SPY-PERP-INTX	+0.0048%	1h	773.56	−0.129%	$955K	$583K	20x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.74	−0.106%	$4.8M	$848K	20x	as long as short
Nado SPY-PERP	+0.0087%	1h	773.96	−0.077%	$1.5M	$293K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.97	−0.076%	$2.5M	$963K	20x	as long as short
ApeX Omni SPYUSDT	+0.0100%	1h	773.98	−0.075%	$159K	$23K	50x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.51	−0.006%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	774.03	−0.068%	$87K	—	10x	as long as short
RISEx SPY/USDC	+0.0110%	1h	774.64	+0.011%	$6.9M	$5.2M	25x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0208% / S −0.0429%	1h	774.59	+0.003%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0850%	4h	774.47	−0.011%	$640K	$242K	20x	as long as short