SPY Funding Rate — S&P 500 ETF perpetuals across 10 venues
Equity-linked perpetual · net of fees · updated continuously
SPY (S&P 500 ETF) is a tokenized real-world asset traded as a perpetual future. Perpia compares its annualized funding across venues and shows whether the current spread is persistent or just a short-lived spike — the perp, its funding and the underlying asset are three different things, so read the rate together with liquidity and how long it has held.
Live annualized SPY perpetual funding across all 10 venues Perpia tracks. Right now SPY funding is positive on 4 and negative on 1, ranging from +10.9% on KuCoin to -16.3% on Nado — a spread of 27.2%. The widest delta-neutral trade is long Nado / short KuCoin at 24.4% net APR.
SPY funding rate by venue
27 pairs scanned| Venue | Funding APR | Interval |
|---|---|---|
| KuCoin | +10.9% | 8h |
| Vest | +5.0% | 1h |
| Lighter | +3.5% | 8h |
| GMTrade | +0.7% | 1h |
| MEXC | +0.0% | 8h |
| OKX | +0.0% | 8h |
| Bybit | +0.0% | 8h |
| Bitget | +0.0% | 8h |
| Aster | +0.0% | 8h |
| Nado | -16.3% | 24h |
Rates annualized; updated ~every few minutes from live venue data.
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SPY funding — FAQ
Is SPY funding positive right now?
SPY perpetual funding is positive on 4 of 10 venues Perpia tracks and negative on 1. The highest is +10.9% on KuCoin; the lowest is -16.3% on Nado.
What is the best SPY funding arbitrage right now?
Go long Nado and short KuCoin for about 24.4% net APR after fees — the widest delta-neutral SPY spread Perpia currently sees.
Which exchange has the highest SPY funding rate?
KuCoin, at +10.9% annualized. Funding shifts continuously, so check the live table above before trading.
How SPY funding arbitrage works
Funding-rate arbitrage is delta-neutral: you go long the venue paying the most negative funding and short the one paying the most positive, so price moves cancel and you collect the spread. The catch is liquidity — a huge APR on a thin book caps at a few thousand dollars and often flips within hours. Perpia shows the max size after slippage and tracks whether a spread holds, so you filter instead of chasing the number.
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