SPY

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0187%/8h= +20.5% APRnext payment +$0.23 per $10,000 · paid last 24h +0.065%

Price spread now: Lighter RH against Phoenix+0.101%75s7-day average +0.082% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as 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−$160.159% of the position

Long on Phoenix Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.102%−$10 on $10k

Price spread, last 4 days (all we have)−0.004%$0 · spread now +0.101%, 7d avg +0.082%

Together, before fees−0.106%+ Points / potential airdropLighter RH: Points live · farm board−$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.082%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.102%, so the current rate has only just turned in your favour. The two prices were read 75 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.102% in total (about -5.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.23 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix SPY	773.28	−0.0155	get 0.0019% / 1h	7m 49s	$158K	$254K	20x
Short	Lighter RH SPY	774.06	0.0032	get 0.0004% / 1h	7m 49s	$56.5M	$121.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now +0.101%Rate

Funding earned: $39.27
Price spread: +0.101% → +0.082%: $1.87
Slippage, 4 orders: −$8.9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Lighter RH: 0 bp × 2 orders: $0
Net: $25.25
Costs to cover: 0.159%
Break-even: 2.5 days

Slippage from Phoenix: live order book, 28 min ago; Lighter RH: live order book, 6 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, 28 min ago	0.52 bp	7.2 bp −$7	15.6 bp −$156	doesn't fit	doesn't fit
Sell Lighter RH live order book, 6 min ago	0.06 bp	0.6 bp −$1	1.1 bp −$11	7.6 bp −$763	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 SPYlong	−0.0155%	1h	773.28	long leg	$158K	$254K	20x
BloFin SPY-USDT	−0.0120%	8h	773.93	+0.084%	$418K	$445K	50x	as long as short
ApeX Omni SPYUSDT	−0.0025%	1h	773.36	+0.010%	$164K	$25K	50x	as long as short
Aster SPYUSDT	0.0000%	8h	773.78	+0.064%	$863K	$193K	20x	as long as short
Binance SPYUSDT	0.0000%	8h	773.78	+0.065%	$28.6M	$75.5M	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	773.67	+0.050%	$6.2M	$1.6M	100x	as long as short
OKX SPY-USDT-SWAP	0.0000%	8h	773.80	+0.067%	$7.9M	$3.1M	50x	as long as short
Gate SPY_USDT	0.0000%	8h	773.36	+0.010%	$770K	$2.5M	75x	as long as short
MEXC SPY_USDT	0.0000%	8h	773.87	+0.076%	$29.7M	$11.8M	100x	as long as short
Bitget SPYUSDT	0.0000%	8h	773.96	+0.088%	$10.9M	$1.6M	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT SPY_USDT_Perp	0.0000%	8h	774.10	+0.106%	$169K	$341K	10x	as long as short
SunX SPY-USDT	0.0000%	8h	774.98	+0.220%	$2K	$1.3M	10x	as long as short
Deribit SPY_USDC-PERPETUAL	0.0000%	1h	773.59	+0.040%	$23K	$54K	20x	as long as short
HTX SPY-USDT	0.0000%	8h	774.48	+0.155%	$300K	$38K	50x	as long as short
RISEx SPY/USDC	+0.0014%	1h	774.09	+0.104%	$7.1M	$4.0M	25x	as long as short
Coinbase International SPY-PERP-INTX	+0.0024%	1h	773.80	+0.067%	$951K	$509K	20x	as long as short
Lighter RH SPYshort	+0.0032%	1h	774.06	+0.101%	$56.5M	$121.1M	50x
Arcus SPY-USD	+0.0040%	1h	773.33	+0.006%	$923K	$1.3M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	772.75	−0.069%	—	$123K	50x	as long as short
Nado SPY-PERP	+0.0047%	1h	773.45	+0.022%	$1.6M	$247K	20x	as long as short
Ondo Perps SPY-USD.P	+0.0050%	1h	773.10	−0.023%	$4.8M	$865K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	773.28	0.000%	$2.5M	$997K	20x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	773.87	+0.076%	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	773.34	+0.007%	$87K	—	10x	as long as short
Lighter SPY	+0.0120%	1h	773.91	+0.081%	$7.9M	$18.0M	50x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0209% / S −0.0429%	1h	773.88	+0.078%	$10K	—	26x	as long as short
edgeX SPYUSDC	+0.0299%	4h	773.83	+0.072%	$639K	$242K	20x	as long as short