Funding arb · Price arb /

SPY

RWAall SPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0010%/8h= +1.1% APRpaid last 24h +0.042%

Price spread now: HTX against Phoenix+0.105%48s7-day average +0.103% · you sell dearer than you buy

Net, funding: paid 7d − costs−$60as 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−$370.369% of the position

Long on Phoenix Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.227%−$23 on $10k

Price spread, last 4 days (all we have)+0.030%+$3 · spread now +0.105%, 7d avg +0.103%

Together, before fees−0.197%−$20 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.103%, so right now this pair is about funding alone: $0 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.227%, so the current rate has only just turned in your favour. The two prices were read 48 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	Phoenix SPY	773.62	−0.0010	get 0.0001% / 1h	3m 29s	$161K	$295K	20x
Short	HTX SPY-USDT	774.43	0	get 0.0000% / 8h	3h 03m	$308K	$20K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Phoenix. 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 PhoenixbpFee HTXbpOrdersPrice spread, now +0.105%Rate

Funding earned: $2.17
Price spread: +0.105% → +0.103%: $0.16
Slippage, 4 orders: −$17.87
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$34.54
Costs to cover: 0.369%
Break-even: 118.4 days

Slippage from Phoenix: live order book, 48 min ago; HTX: live order book, 49 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 Phoenix live order book, 48 min ago	0.13 bp	7.9 bp −$8	15.8 bp −$158	doesn't fit	doesn't fit
Sell HTX live order book, 49 min ago	2.45 bp	12.6 bp −$13	14.4 bp −$144	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
BloFin SPY-USDT	−0.0120%	8h	774.14	+0.067%	$417K	$471K	50x	as long as short
ApeX Omni SPYUSDT	−0.0046%	1h	773.16	−0.059%	$163K	$24K	50x	as long as short
Phoenix SPYlong	−0.0010%	1h	773.62	long leg	$161K	$295K	20x
Nado SPY-PERP	−0.0002%	1h	773.89	+0.036%	$1.6M	$275K	20x	as long as short
Aster SPYUSDT	0.0000%	8h	774.07	+0.058%	$864K	$194K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	774.22	+0.077%	$28.2M	$79.7M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	774.22	+0.078%	$6.3M	$1.9M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	774.09	+0.061%	$7.9M	$3.3M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.74	+0.016%	$776K	$2.4M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	774.21	+0.076%	$29.7M	$12.5M	100x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SPYUSDT	0.0000%	8h	774.35	+0.094%	$10.9M	$1.8M	50x	as long as short
GRVT SPY_USDT_Perp	0.0000%	8h	774.28	+0.085%	$158K	$359K	10x	as long as short
SunX SPY-USDT	0.0000%	8h	775.32	+0.220%	$2K	$1.4M	10x	as long as short
HTX SPY-USDTshort	0.0000%	8h	774.43	+0.105%	$308K	$20K	50x
Deribit SPY_USDC-PERPETUAL	+0.0021%	1h	773.98	+0.047%	$23K	$56K	20x	as long as short
Ondo Perps SPY-USD.P	+0.0037%	1h	773.00	−0.080%	$4.7M	$831K	20x	as long as short
Lighter RH SPY	+0.0040%	1h	774.56	+0.122%	$56.3M	$118.7M	50x	as long as short
Arcus SPY-USD	+0.0040%	1h	773.46	−0.021%	$928K	$1.4M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	773.13	−0.063%	—	$123K	50x	as long as short
Coinbase International SPY-PERP-INTX	+0.0056%	1h	773.90	+0.036%	$951K	$558K	20x	as long as short
Lighter SPY	+0.0088%	1h	774.31	+0.089%	$8.2M	$19.3M	50x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.45	−0.022%	$2.5M	$973K	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	774.16	+0.070%	$1K	—	20x	as long as short
RISEx SPY/USDC	+0.0100%	1h	774.35	+0.095%	$7.0M	$5.0M	25x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.60	−0.002%	$87K	—	10x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	774.23	+0.078%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0984%	4h	774.05	+0.055%	$640K	$242K	20x	as long as short