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updated —SPY Funding Arbitrage Backtester
Size per leg$
R-trip cost
on +$10000.00 per leg · +$20000.00 turnover · funding never covers this cost
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
−2.02%
3d Period Avg+2.22%
swing±8.77%
LONG Ondo · nowSPY-USD.P
+5.52%
3d avg:+5.36%
SHORT Lighter Robinhood · nowSPY-USDG
+3.51%
3d avg:+7.58%
Entry Spread Now
+0.120%
In your favorL ask 750.5900 · S bid 751.4900+$11.99 at entry
24h range −0.34%…+0.18% · median +0.10%
Long pays every1hShort pays every1h
LONGmaker0.015%/taker0.035%SHORTmaker0%/taker0%
Loading Funding History…
↗Total PnL
−$8.35
−0.08%
$Avg Daily PnL
+$0.64
+0.0064%
★Best Day
+$0.98
Nov 14
◎Open Interest
Ondo$2.69M
Lighter Robinhood$41.07M⚡Funding APR
+2.34%
annualized · funding only
⚠Execution Cost
−$10.28
entry + exit fees
⏱Payback
16.0d
to break even
◧24h Volume
Ondo$1.20MLighter Robinhood$96.94MLoading Cumulative PnL…
How it works: Funding PnL is bucketed daily from real settlement history. Execution Cost = round-trip taker fees + live L2 orderbook slippage on both legs (−$10.28 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.