SPY Funding Rate — S&P 500 ETF tokenized stock perpetuals across 12 venues
Tokenized stock (xStock) perpetual · compared across 12 venues · net of estimated fees · updated every few minutes
SPY is a perpetual linked to the S&P 500 ETF index/ETF, traded on-chain as a tokenized xStock. Perpia compares its annualized funding across venues and the best delta-neutral spread.
Live annualized SPY perpetual funding across all 12 venues Perpia tracks. Right now SPY funding is positive on 5 and negative on 0, ranging from +13.6% on Nado to +0.0% on Bitget — a spread of 13.6%. The widest delta-neutral trade is long MEXC / short Nado at 12.3% net APR.
SPY funding trend & liquidity
168h of historyAverages are historical funding over the window shown. A current rate near the 7-day average may indicate the spread has persisted; a rate far above it is usually a short-lived spike. OI and volume are the smaller (binding) leg of the best pair — the ceiling on tradeable size.
SPY funding rate by venue
34 pairs scanned| Venue | Funding APR | Interval |
|---|---|---|
| Nado↗ | +13.6% | 24h |
| KuCoin↗ | +10.9% | 8h |
| Arcus↗ | +4.2% | 1h |
| Lighter↗ | +3.5% | 8h |
| GMTrade↗ | +0.0% | 1h |
| MEXC↗ | +0.0% | 8h |
| Risex↗ | +0.0% | 1h |
| Gate.io↗ | +0.0% | 8h |
| Aster↗ | +0.0% | 8h |
| OKX↗ | +0.0% | 8h |
| Bybit↗ | +0.0% | 8h |
| Bitget↗ | +0.0% | 8h |
Rates annualized; updated ~every few minutes from live venue data. Venue names link to that exchange's full funding table; ↗ opens the market on the exchange itself. Every spread between these two venues is on the MEXC vs Nado page.
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SPY funding — FAQ
Is SPY funding positive right now?
SPY perpetual funding is positive on 5 of 12 venues Perpia tracks. The highest is +13.6% on Nado; the lowest is +0.0% on Bitget.
What is the best SPY funding arbitrage right now?
Go long MEXC and short Nado for about 12.3% net APR after fees — the widest delta-neutral SPY spread Perpia currently sees.
Which exchange has the highest SPY funding rate?
Nado, at +13.6% annualized. Funding shifts continuously, so check the live table above before trading.
How SPY funding arbitrage works
Funding arbitrage combines opposing positions on two venues — long the one paying the most negative funding, short the one paying the most positive — to reduce directional exposure and capture the difference between their funding payments. Fees, slippage, basis divergence and liquidation risk can reduce the result. See the methodology for how it is measured and the guide for the full walkthrough.
Related tokenized stocks
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