SPY funding rates and arbitrage
Updated 2026-11-11 22:59 UTC
Best SPY arbitrage after every cost
| Coin | Pair | Long | Short | Net · 168 h | Net APR | Max size | Status |
|---|---|---|---|---|---|---|---|
| SPY | Perp ↔ perp | BingX NCSKSPY2USD-USDT | GRVT SPY_USDT_Perp | +$27.38 † | +14.3% | — | Watch |
| SPY | Perp ↔ perp | HTX SPY-USDT | GRVT SPY_USDT_Perp | +$26.37 † | +13.8% | — | Watch |
At $10,000 per side, held 7 days, after taker fees, order-book slippage and carry. † slippage estimated from the top of the book (no live order book for this pair); ‡ before slippage (no order book at all).
SPY funding rate on every exchange
| Exchange | Contract | Rate | Every | Annualised | Settled 7d, annualised | Open interest | Next settlement |
|---|---|---|---|---|---|---|---|
| GRVT | SPY_USDT_Perp | 0.0277% | 8 h | +30.3% | +32.5% | $474.9K | 2026-11-12 00:00 |
| WhiteBIT | SPY_PERP | 0.0100% | 8 h | +10.9% | +8.8% | $5.6M | 2026-11-12 00:00 |
| ApeX | SPY-USDT | 0.0013% | 1 h | +10.9% | +10.9% | $310.9K | 2026-11-12 00:00 |
| Crypto.com | SPYUSD-PERP | 0.0009% | 1 h | +7.8% | +32.0% | $1M | 2026-11-12 00:00 |
| Phoenix | SPY | 0.0007% | 1 h | +5.8% | +7.6% | — | 2026-11-12 00:00 |
| Ondo Perps | SPY-USD.P | 0.0006% | 1 h | +5.5% | — | $2.5M | 2026-11-12 00:00 |
| Backpack | SPY.US_USDC_PERP | 0.0006% | 1 h | +5.5% | +19.7% | $73.5K | 2026-11-12 00:00 |
| BingX | NCSKSPY2USD-USDT | 0.0050% | 8 h | +5.5% | +13.5% | $909.7K | 2026-11-12 00:00 |
| Lighter RH | SPY | 0.0005% | 1 h | +4.4% | +8.3% | $39.2M | 2026-11-12 00:00 |
| TXFlow | SPY-USDC | 0.0004% | 1 h | +3.9% | — | $2.1M | 2026-11-12 00:00 |
| Aster | SPYUSDT | 0.0036% | 8 h | +3.9% | +10.5% | $835K | 2026-11-12 00:00 |
| Arcus | SPY-USD | 0.0004% | 1 h | +3.8% | +4.0% | $32.1M | 2026-11-12 00:00 |
| Lighter | SPY | 0.0004% | 1 h | +3.5% | +6.4% | $8.9M | 2026-11-12 00:00 |
| Bitunix | SPYUSDT | 0.0006% | 8 h | +0.6% | +8.4% | — | 2026-11-12 00:00 |
| Bybit | SPYUSDT | 0.0000% | 8 h | 0.0% | +2.8% | $15.1M | 2026-11-12 00:00 |
| KuCoin | SPYUSDTM | 0.0000% | 8 h | 0.0% | +3.6% | $3.6M | 2026-11-12 00:00 |
| RISEx | SPY/USDC | 0.0000% | 1 h | 0.0% | — | $9.7M | 2026-11-12 00:00 |
| MEXC | SPY_USDT | 0.0000% | 8 h | 0.0% | +7.2% | $18.7M | 2026-11-12 00:00 |
| Bitget | SPYUSDT | 0.0000% | 8 h | 0.0% | +9.4% | $9.3M | 2026-11-12 00:00 |
| HTX | SPY-USDT | 0.0000% | 8 h | 0.0% | +6.1% | $440.4K | 2026-11-12 00:00 |
| OKX | SPY-USDT-SWAP | 0.0000% | 8 h | 0.0% | +3.8% | $10.4M | 2026-11-12 00:00 |
| LBank | SPYUSDT | 0.0000% | 8 h | 0.0% | +0.9% | — | 2026-11-12 00:00 |
| Binance | SPYUSDT | 0.0000% | 8 h | 0.0% | +7.2% | $37.2M | 2026-11-12 00:00 |
| Gate | SPY_USDT | 0.0000% | 8 h | 0.0% | +7.5% | $1.3M | 2026-11-12 00:00 |
| Nado | SPY-PERP_USDT0 | -0.0028% | 1 h | −24.8% | −10.6% | $1M | 2026-11-12 00:00 |
Cost to enter $10,000 of SPY
| Exchange | Contract | Fee + slippage | Source |
|---|---|---|---|
| Lighter RH | SPY | 0.5 bp | order-book snapshot, 45 min old |
| Lighter | SPY | 0.5 bp | order-book snapshot, 58 min old |
| MEXC | SPY_USDT | 4.1 bp | order-book snapshot, 20 min old |
| Nado | SPY-PERP_USDT0 | 4.5 bp | order-book snapshot, 43 min old |
| Binance | SPYUSDT | 5.1 bp * | order-book snapshot, 29 min old |
| ApeX | SPY-USDT | 17.2 bp * | order-book snapshot, 3 min old |
| Aster | SPYUSDT | 1.9 bp | top of book only |
| Bybit | SPYUSDT | 3.5 bp | top of book only |
| GRVT | SPY_USDT_Perp | 4.8 bp | top of book only |
| BingX | NCSKSPY2USD-USDT | 5.1 bp | top of book only |
| OKX | SPY-USDT-SWAP | 5.1 bp * | top of book only |
| Bitget | SPYUSDT | 6.3 bp | top of book only |
Taker fee plus slippage of a market buy of $10,000 from the mid price, at standard (VIP0) fees. * fee estimated: the exchange publishes no fee schedule without an account.
Questions
Is SPY funding-rate arbitrage profitable right now?
Not right now. At $10,000 per side for 7 days the best SPY pair (BingX / GRVT) would net +$27.38 after taker fees, order-book slippage and carry, but it is on watch rather than actionable; the live page shows what holds it back.
Which exchange has the highest SPY funding rate?
GRVT at +30.3% a year (0.0277% every 8 h); the lowest is Nado at −24.8%. A positive rate is paid by longs to shorts, a negative one by shorts to longs.
The method behind every number on AfterFees is published; Pro opens each figure into its line-by-line calculation. Estimates from current data, not investment advice. We never hold funds or trade for you.