Funding you earn now, next payment 07:00 UTC−0.0155%/8h= −17.0% APRpaid last 24h −0.064%
Price spread now: Phoenix against OKX−0.019%106s7-day average −0.055% · you buy dearer than you sell
Net, funding: paid 7d − costs−$6as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$260.262% of the position
Funding, last 7 days+0.204%+$20 on $10k
+Price spread, last 4 days (all we have)−0.009%−$1 · spread now −0.019%, 7d avg −0.055%
=The price spread pays, funding is against you. Phoenix is 0.035% dearer against OKX than usual: you sell high and buy low (spread −0.019% now, against its 7-day average of −0.055%): +$4 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 18 hours. Mind the row above: over the last 7 days funding on this pair paid +0.204%, so the current rate has only just turned against you. The two prices were read 106 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 | OKX SPY-USDT-SWAP | 773.85 | 0 | get 0.0000% / 8h | 9m 36s | $7.9M | $3.1M | 50x |
| Short | Phoenix SPY | 773.70 | −0.0155 | pay 0.0019% / 1h | 9m 36s | $158K | $254K | 20x |
OKX SPY-USDT-SWAP
Phoenix SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against OKX. 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
- −$32.55
- Price spread: −0.019% → −0.055%
- $3.53
- Slippage, 4 orders
- −$9.23
- Fee OKX: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$55.25
- Costs to cover
- 0.262%
- Break-even
- never at this rate
Slippage from OKX: live order book, 3 min ago; Phoenix: live order book, 26 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 OKX live order book, 3 min ago | 0.06 bp | 5.1 bp −$5 | 6.8 bp −$68 | 17.2 bp −$1,721 | doesn't fit |
| Sell Phoenix live order book, 26 min ago | 0.52 bp | 8.1 bp −$8 | 17.6 bp −$176 | doesn't fit | 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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix SPYshort | −0.0155% | 1h | 773.70 | −0.019% | $158K | $254K | 20x | |
| BloFin SPY-USDT | −0.0120% | 8h | 773.97 | +0.016% | $418K | $445K | 50x | as long as short |
| ApeX Omni SPYUSDT | −0.0040% | 1h | 773.48 | −0.048% | $164K | $25K | 50x | as long as short |
| Aster SPYUSDT | 0.0000% | 8h | 773.90 | +0.007% | $863K | $193K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 773.92 | +0.009% | $28.6M | $75.5M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 773.81 | −0.005% | $6.2M | $1.6M | 100x | as long as short |
| OKX SPY-USDT-SWAPlong | 0.0000% | 8h | 773.85 | long leg | $7.9M | $3.1M | 50x | |
| Gate SPY_USDT | 0.0000% | 8h | 773.39 | −0.059% | $770K | $2.5M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 773.91 | +0.008% | $29.7M | $11.8M | 100x | as long as short |
| Bitget SPYUSDT | 0.0000% | 8h | 774.13 | +0.036% | $10.9M | $1.6M | 50x | as long as short |
BloFin SPY-USDT
ApeX Omni SPYUSDT
Aster SPYUSDT
Binance SPYUSDT
Bybit SPYUSDT
Gate SPY_USDT
MEXC SPY_USDT
Bitget SPYUSDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.30 | +0.059% | $169K | $341K | 10x | as long as short |
| SunX SPY-USDT | 0.0000% | 8h | 775.00 | +0.149% | $2K | $1.3M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.48 | +0.081% | $300K | $38K | 50x | as long as short |
| RISEx SPY/USDC | +0.0014% | 1h | 774.10 | +0.032% | $7.1M | $4.0M | 25x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0022% | 1h | 773.64 | −0.027% | $23K | $54K | 20x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0024% | 1h | 773.80 | −0.006% | $951K | $509K | 20x | as long as short |
| Lighter RH SPY | +0.0032% | 1h | 774.10 | +0.032% | $56.4M | $120.9M | 50x | as long as short |
| Arcus SPY-USD | +0.0040% | 1h | 773.35 | −0.065% | $923K | $1.3M | 50x | as long as short |
| edgeX SPYUSDC | +0.0043% | 4h | 773.97 | +0.015% | $639K | $243K | 20x | as long as short |
| Nado SPY-PERP | +0.0044% | 1h | 773.47 | −0.050% | $1.6M | $247K | 20x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 772.84 | −0.131% | — | $123K | 50x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.10 | −0.097% | $4.8M | $865K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.32 | −0.068% | $2.5M | $997K | 20x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 773.90 | +0.006% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.34 | −0.066% | $87K | — | 10x | as long as short |
| Lighter SPY | +0.0120% | 1h | 773.96 | +0.014% | $7.9M | $18.0M | 50x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0209% / S −0.0429% | 1h | 773.96 | +0.014% | $10K | — | 26x | as long as short |
GRVT SPY_USDT_Perp
SunX SPY-USDT
HTX SPY-USDT
RISEx SPY/USDC
Deribit SPY_USDC-PERPETUAL
Coinbase International SPY-PERP-INTX
Lighter RH SPY
Arcus SPY-USD
edgeX SPYUSDC
Nado SPY-PERP
Vest SPY-USD-PERP
Ondo Perps SPY-USD.P
KuCoin SPYUSDTM
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
Lighter SPY
GMX SPY/USD [ETH-USDC]