# SPY funding rates and arbitrage

Updated 2026-10-29 18:35 UTC · https://afterfees.xyz/coin/SPY

## Best SPY arbitrage after every cost

No SPY pair nets a profit at this size right now.

_At $10,000 per side, held 7 days, after taker fees, order-book slippage and carry._

## SPY funding rate on every exchange

| Exchange | Contract | Rate | Every | Annualised | Settled 7d, annualised | Open interest | Next settlement |
|---|---|---|---|---|---|---|---|
| [Crypto.com](https://afterfees.xyz/venues/cryptocom) | SPYUSD-PERP | 0.0037% | 1 h | +32.0% | +41.7% | $606K | 2026-10-29 19:00 |
| [RISEx](https://afterfees.xyz/venues/risex) | SPY/USDC | 0.0028% | 1 h | +24.6% | — | $11.5M | 2026-10-29 19:00 |
| [Backpack](https://afterfees.xyz/venues/backpack) | SPY.US_USDC_PERP | 0.0015% | 1 h | +13.0% | −2.8% | $148.5K | 2026-10-29 19:00 |
| [GRVT](https://afterfees.xyz/venues/grvt) | SPY_USDT_Perp | 0.0107% | 8 h | +11.7% | +9.8% | $279.7K | 2026-10-30 00:00 |
| [WhiteBIT](https://afterfees.xyz/venues/whitebit) | SPY_PERP | 0.0100% | 8 h | +10.9% | +4.8% | $5.8M | 2026-10-30 00:00 |
| [ApeX](https://afterfees.xyz/venues/apex) | SPY-USDT | 0.0013% | 1 h | +10.9% | +10.9% | $392.3K | 2026-10-29 19:00 |
| [BingX](https://afterfees.xyz/venues/bingx) | NCSKSPY2USD-USDT | 0.0096% | 8 h | +10.5% | +5.3% | $909.7K | 2026-10-30 00:00 |
| [Bitget](https://afterfees.xyz/venues/bitget) | SPYUSDT | 0.0094% | 8 h | +10.3% | +4.0% | $9.6M | 2026-10-30 00:00 |
| [KuCoin](https://afterfees.xyz/venues/kucoin) | SPYUSDTM | 0.0060% | 8 h | +6.6% | +0.8% | $3.2M | 2026-10-30 00:00 |
| [Ondo Perps](https://afterfees.xyz/venues/ondo) | SPY-USD.P | 0.0006% | 1 h | +5.5% | — | $5M | 2026-10-29 19:00 |
| [Nado](https://afterfees.xyz/venues/nado) | SPY-PERP_USDT0 | 0.0005% | 1 h | +4.3% | — | $814.5K | 2026-10-29 19:00 |
| [Lighter RH](https://afterfees.xyz/venues/lighterrh) | SPY | 0.0004% | 1 h | +3.5% | +4.5% | $38.2M | 2026-10-29 19:00 |
| [Lighter](https://afterfees.xyz/venues/lighter) | SPY | 0.0004% | 1 h | +3.5% | +4.5% | $4.5M | 2026-10-29 19:00 |
| [Phoenix](https://afterfees.xyz/venues/phoenix) | SPY | 0.0003% | 1 h | +2.3% | +16.1% | — | 2026-10-29 19:00 |
| [TXFlow](https://afterfees.xyz/venues/txflow) | SPY-USDC | 0.0000% | 1 h | +0.4% | — | $2.7M | 2026-10-29 19:00 |
| [Bitunix](https://afterfees.xyz/venues/bitunix) | SPYUSDT | 0.0002% | 8 h | +0.2% | +0.9% | — | 2026-10-30 00:00 |
| [MEXC](https://afterfees.xyz/venues/mexc) | SPY_USDT | 0.0000% | 8 h | 0.0% | +0.6% | $22M | 2026-10-30 00:00 |
| [OKX](https://afterfees.xyz/venues/okx) | SPY-USDT-SWAP | 0.0000% | 8 h | 0.0% | +0.2% | $8.5M | 2026-10-30 00:00 |
| [LBank](https://afterfees.xyz/venues/lbank) | SPYUSDT | 0.0000% | 8 h | 0.0% | — | — | 2026-10-30 00:00 |
| [HTX](https://afterfees.xyz/venues/htx) | SPY-USDT | 0.0000% | 8 h | 0.0% | +0.6% | $448.1K | 2026-10-30 00:00 |
| [Bybit](https://afterfees.xyz/venues/bybit) | SPYUSDT | 0.0000% | 8 h | 0.0% | +0.1% | $9.1M | 2026-10-30 00:00 |
| [Aster](https://afterfees.xyz/venues/aster) | SPYUSDT | 0.0000% | 8 h | 0.0% | +2.3% | $1M | 2026-10-30 00:00 |
| [Binance](https://afterfees.xyz/venues/binance) | SPYUSDT | 0.0000% | 8 h | 0.0% | +0.6% | $33.4M | 2026-10-30 00:00 |
| [Gate](https://afterfees.xyz/venues/gate) | SPY_USDT | 0.0000% | 8 h | 0.0% | 0.0% | $963.1K | 2026-10-30 00:00 |
| [Arcus](https://afterfees.xyz/venues/arcus) | SPY-USD | -0.0008% | 1 h | −6.6% | +4.6% | $37.8M | 2026-10-29 19:00 |

## Cost to enter $10,000 of SPY

| Exchange | Contract | Fee + slippage | Source |
|---|---|---|---|
| Lighter RH | SPY | 0.2 bp | order-book snapshot, 45 min old |
| Lighter | SPY | 0.6 bp | order-book snapshot, 48 min old |
| MEXC | SPY_USDT | 4.1 bp | order-book snapshot, 15 min old |
| Nado | SPY-PERP_USDT0 | 4.1 bp | order-book snapshot, 42 min old |
| Binance | SPYUSDT | 5.1 bp * | order-book snapshot, 25 min old |
| Backpack | SPY.US_USDC_PERP | 6.0 bp * | order-book snapshot, 58 min old |
| ApeX | SPY-USDT | 14.7 bp * | order-book snapshot, 54 min old |
| Aster | SPYUSDT | 1.6 bp | top of book only |
| Bybit | SPYUSDT | 2.8 bp | top of book only |
| GRVT | SPY_USDT_Perp | 5.0 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 |

_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 at $10,000 per side for 7 days: no SPY pair shows a verified profit after fees and order-book slippage right now. Rates change every hour; the live page re-ranks continuously.

**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 −6.6%. 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._