SPY funding rates and arbitrage
Updated 2026-10-29 17:40 UTC
Best SPY arbitrage after every cost
| Coin | Pair | Long | Short | Net · 168 h | Net APR | Max size | Status |
|---|---|---|---|---|---|---|---|
| SPY | Perp ↔ perp | Binance SPYUSDT | Bitget SPYUSDT | +$4.05 † | +2.1% | — | 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 |
|---|---|---|---|---|---|---|---|
| Crypto.com | SPYUSD-PERP | 0.0037% | 1 h | +32.0% | +41.7% | $606.5K | 2026-10-29 18:00 |
| GRVT | SPY_USDT_Perp | 0.0170% | 8 h | +18.6% | +9.8% | $275K | 2026-10-30 00:00 |
| Nado | SPY-PERP_USDT0 | 0.0017% | 1 h | +15.1% | — | $811.4K | 2026-10-29 18:00 |
| BingX | NCSKSPY2USD-USDT | 0.0129% | 8 h | +14.1% | +5.4% | $909.7K | 2026-10-30 00:00 |
| Bitget | SPYUSDT | 0.0128% | 8 h | +14.0% | +4.0% | $9.6M | 2026-10-30 00:00 |
| KuCoin | SPYUSDTM | 0.0112% | 8 h | +12.3% | +0.8% | $3.2M | 2026-10-30 00:00 |
| WhiteBIT | SPY_PERP | 0.0100% | 8 h | +10.9% | +4.9% | $5.8M | 2026-10-30 00:00 |
| ApeX | SPY-USDT | 0.0013% | 1 h | +10.9% | +10.9% | $392.7K | 2026-10-29 18:00 |
| Backpack | SPY.US_USDC_PERP | 0.0010% | 1 h | +8.6% | −2.7% | $147.4K | 2026-10-29 18:00 |
| RISEx | SPY/USDC | 0.0008% | 1 h | +7.1% | — | $11.4M | 2026-10-29 18:00 |
| Ondo Perps | SPY-USD.P | 0.0006% | 1 h | +5.5% | — | $5M | 2026-10-29 18:00 |
| Lighter RH | SPY | 0.0004% | 1 h | +3.5% | +4.5% | $38.1M | 2026-10-29 18:00 |
| Lighter | SPY | 0.0004% | 1 h | +3.5% | +4.6% | $4.4M | 2026-10-29 18:00 |
| Phoenix | SPY | 0.0003% | 1 h | +2.3% | +16.2% | — | 2026-10-29 18:00 |
| TXFlow | SPY-USDC | 0.0000% | 1 h | +0.4% | — | $2.7M | 2026-10-29 18:00 |
| Bitunix | SPYUSDT | 0.0002% | 8 h | +0.2% | +0.9% | — | 2026-10-30 00:00 |
| Aster | SPYUSDT | 0.0000% | 8 h | +0.0% | +2.3% | $1M | 2026-10-30 00:00 |
| MEXC | SPY_USDT | 0.0000% | 8 h | 0.0% | +0.6% | $23.8M | 2026-10-30 00:00 |
| OKX | SPY-USDT-SWAP | 0.0000% | 8 h | 0.0% | +0.2% | $8.5M | 2026-10-30 00:00 |
| LBank | SPYUSDT | 0.0000% | 8 h | 0.0% | — | — | 2026-10-30 00:00 |
| HTX | SPY-USDT | 0.0000% | 8 h | 0.0% | +0.7% | $448.4K | 2026-10-30 00:00 |
| Bybit | SPYUSDT | 0.0000% | 8 h | 0.0% | +0.1% | $9.1M | 2026-10-30 00:00 |
| Binance | SPYUSDT | 0.0000% | 8 h | 0.0% | +0.6% | $33.5M | 2026-10-30 00:00 |
| Gate | SPY_USDT | 0.0000% | 8 h | 0.0% | 0.0% | $978.4K | 2026-10-30 00:00 |
| Arcus | SPY-USD | -0.0009% | 1 h | −7.6% | +4.9% | $38M | 2026-10-29 18:00 |
Cost to enter $10,000 of SPY
| Exchange | Contract | Fee + slippage | Source |
|---|---|---|---|
| Lighter RH | SPY | 0.7 bp | order-book snapshot, 49 min old |
| Lighter | SPY | 0.8 bp | order-book snapshot, 52 min old |
| MEXC | SPY_USDT | 2.1 bp | order-book snapshot, 20 min old |
| Nado | SPY-PERP_USDT0 | 3.6 bp | order-book snapshot, 47 min old |
| Binance | SPYUSDT | 5.1 bp * | order-book snapshot, 29 min old |
| Backpack | SPY.US_USDC_PERP | 6.0 bp * | order-book snapshot, 3 min old |
| ApeX | SPY-USDT | 19.5 bp * | order-book snapshot, 58 min old |
| Aster | SPYUSDT | 1.3 bp | top of book only |
| Bybit | SPYUSDT | 2.8 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 |
| GRVT | SPY_USDT_Perp | 5.1 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 (Binance / Bitget) would net +$4.05 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?
Crypto.com at +32.0% a year (0.0037% every 1 h); the lowest is Arcus at −7.6%. 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.