Funding arb · Price arb /

SPY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0103%/8h= −11.3% APRpaid last 24h −0.034%

Price spread now: Bybit against Nado+0.074%7-day average 0.000% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$260.263% of the position

Long on Nado Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.005%$0 on $10k

Price spread, last 7 days−0.145%−$14 · spread now +0.074%, 7d avg 0.000%

Together, before fees−0.140%+ Points / potential airdropNado: Active · farm board−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.074% dearer against Nado than usual: you sell high and buy low (spread +0.074% now, against its 7-day average of 0.000%): +$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	Nado SPY-PERP	773.90	0.0103	pay 0.0013% / 1h	24m 32s	$1.5M	$283K	20x
Short	Bybit SPYUSDT	774.47	0	get 0.0000% / 8h	7h 24m	$6.3M	$2.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Nado. 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 NadobpFee BybitbpOrdersPrice spread, now +0.074%Rate

Funding earned: −$21.62
Price spread: +0.074% → 0.000%: $7.36
Slippage, 4 orders: −$8.28
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$40.54
Costs to cover: 0.263%
Break-even: never at this rate

Slippage from Nado: live order book, 4 min ago; Bybit: live order book, 3 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 Nado live order book, 4 min ago	0.06 bp	6.3 bp −$6	13.2 bp −$132	55.0 bp −$5,500	doesn't fit
Sell Bybit live order book, 3 min ago	0.39 bp	7.2 bp −$7	10.1 bp −$101	36.2 bp −$3,617	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	−0.0101%	8h	774.57	+0.087%	$413K	$571K	50x	as long as short
Arcus SPY-USD	−0.0016%	1h	773.67	−0.029%	$937K	$1.4M	50x	as long as short
Bybit SPYUSDTshort	0.0000%	8h	774.47	+0.074%	$6.3M	$2.0M	100x
Gate SPY_USDT	0.0000%	8h	774.07	+0.022%	$780K	$2.3M	75x	as long as short
SunX SPY-USDT	0.0000%	8h	775.66	+0.228%	$1K	$1.5M	10x	as long as short
HTX SPY-USDT	0.0000%	8h	774.97	+0.139%	$308K	$20K	50x	as long as short
OKX SPY-USDT-SWAP	+0.0006%	8h	774.44	+0.070%	$7.9M	$3.3M	50x	as long as short
Aster SPYUSDT	+0.0008%	8h	774.41	+0.067%	$863K	$204K	20x	as long as short
MEXC SPY_USDT	+0.0019%	8h	774.38	+0.062%	$29.9M	$11.7M	100x	as long as short
Binance SPYUSDT	+0.0019%	8h	774.38	+0.062%	$28.5M	$81.2M	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SPYUSDT	+0.0021%	8h	774.61	+0.092%	$11.0M	$2.3M	50x	as long as short
Lighter SPY	+0.0032%	1h	774.09	+0.025%	$8.2M	$21.6M	50x	as long as short
Lighter RH SPY	+0.0032%	1h	774.53	+0.082%	$57.3M	$114.0M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.13	−0.099%	—	$123K	50x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.42	−0.062%	$4.8M	$845K	20x	as long as short
GRVT SPY_USDT_Perp	+0.0055%	8h	774.71	+0.105%	$168K	$398K	10x	as long as short
Phoenix SPY	+0.0062%	1h	774.10	+0.026%	$161K	$296K	20x	as long as short
Coinbase International SPY-PERP-INTX	+0.0064%	1h	774.00	+0.013%	$954K	$554K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.91	+0.002%	$2.5M	$949K	20x	as long as short
ApeX Omni SPYUSDT	+0.0100%	1h	773.61	−0.037%	$159K	$23K	50x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.55	+0.084%	$1K	—	20x	as long as short
Nado SPY-PERPlong	+0.0103%	1h	773.90	long leg	$1.5M	$283K	20x
Aevo SPY-PERP	+0.0104%	1h	773.99	+0.012%	$87K	—	10x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0208% / S −0.0429%	1h	774.55	+0.085%	$10K	—	26x	as long as short
Deribit SPY_USDC-PERPETUAL	+0.0254%	1h	774.42	+0.068%	$23K	$55K	20x	as long as short
RISEx SPY/USDC	+0.0320%	1h	774.57	+0.087%	$6.9M	$5.2M	25x	as long as short
edgeX SPYUSDC	+0.0789%	4h	774.59	+0.090%	$640K	$240K	20x	as long as short