SPY (SPDR S&P 500 ETF Trust) perpetual futures

SPY (SPDR S&P 500 ETF Trust) perpetuals trade on 33 markets. 24h volume $268.63M, open interest $270.85M. Best funding APR +36.91% on backpack. Cheapest $100k execution (24h median): 0.07 bps on mexc.

Funding rates by venue

Live funding rate, price, liquidity and the funding actually paid over the last 24 hours, 7 and 30 days for SPY (SPDR S&P 500 ETF Trust) on every venue we track.

Funding spread across venues

Across 32 venues the funding APR on SPY (SPDR S&P 500 ETF Trust) runs from +0.00% on variational to +36.91% on backpack. The gap between them is 36.91 percentage points a year: that is what a delta-neutral position would collect before fees, holding long on the venue that pays and short on the venue that charges. Over the last 30 days the largest amount actually settled was +0.8985% of position size on apex.

Funding history over 30 days

Over the last 30 days we recorded 12099 funding settlements for SPY (SPDR S&P 500 ETF Trust) across 30 venues. The rate was positive in 77% of them, meaning longs paid shorts that often. The average annualised rate over the window was +4.76%. Summed over the window, apex paid the most at +0.8985% of position size and edgex the least at -0.9715%.

Liquidity

Across the venues listed above SPY (SPDR S&P 500 ETF Trust) shows $268.63M of 24h volume and $270.85M of open interest. The deepest venue by 24h volume is lighter_rh at $112.17M.

Execution cost

The cheapest venue to open a $100k position in SPY (SPDR S&P 500 ETF Trust), measured as the 24h median of the full cost including taker fee and slippage, is mexc at 0.07 bps. Funding only pays off once the cost of getting in and out is covered, so this number belongs next to the APR above.

What the funding rate on SPY (SPDR S&P 500 ETF Trust) means

A perpetual future on SPY (SPDR S&P 500 ETF Trust) has no expiry, so venues use a funding payment to keep its price tied to spot. When the perp trades above spot, longs pay shorts; when it trades below, shorts pay longs. The rate shown per venue is the share of position size paid at each settlement, and the APR is that share annualised over the venue's own interval. Venues settle SPY (SPDR S&P 500 ETF Trust) on different schedules: 1h, 4h, 8h.

Because every venue computes its own rate from its own order book, the same asset can pay very differently in the same hour. The "paid" columns show what was actually settled rather than what is quoted now, which is the honest way to judge whether a SPY (SPDR S&P 500 ETF Trust) position earned or cost money.

Frequently asked questions

What is the funding rate on SPY (SPDR S&P 500 ETF Trust) right now?

Across 32 venues the funding APR on SPY (SPDR S&P 500 ETF Trust) runs from +0.00% on variational to +36.91% on backpack. The gap between them is 36.91 percentage points a year: that is what a delta-neutral position would collect before fees, holding long on the venue that pays and short on the venue that charges. Over the last 30 days the largest amount actually settled was +0.8985% of position size on apex.

Which venue has the most liquid SPY (SPDR S&P 500 ETF Trust) perpetual?

Across the venues listed above SPY (SPDR S&P 500 ETF Trust) shows $268.63M of 24h volume and $270.85M of open interest. The deepest venue by 24h volume is lighter_rh at $112.17M.

How often is funding paid on SPY (SPDR S&P 500 ETF Trust)?

Venues settle SPY (SPDR S&P 500 ETF Trust) on different schedules: 1h, 4h, 8h.

Has funding on SPY (SPDR S&P 500 ETF Trust) been paid consistently?

Over the last 30 days we recorded 12099 funding settlements for SPY (SPDR S&P 500 ETF Trust) across 30 venues. The rate was positive in 77% of them, meaning longs paid shorts that often. The average annualised rate over the window was +4.76%. Summed over the window, apex paid the most at +0.8985% of position size and edgex the least at -0.9715%.

Funding history over 30 days

Data generated at 2026-09-22T00:08:10Z. Live numbers load on this page automatically.