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SPY perpetuals

Compare funding costs for one asset across venues.

Data as of 2026-11-10 22:42 UTC

SPY is quoted on 6 contracts. The highest funding rate is on Aster at +28.55% annualised, quoted per 8h, and the lowest is on Bybit at 0.00% — a gap of 28.55 points. Every contract here quotes its rate per 8h.

Highest rate now
+28.55%
Aster · 8h
Lowest rate now
0.00%
Bybit · 8h
Spread
28.55
points
Highest 30d realised APR
+7.81%
Bitget

By venue

Venue Rate Annualised 30d realised APR Max leverage 24h turnover Actions
AsterOn-chainSPYUSDT +0.0261%8h +28.55% +4.94%
Annualised · +4.94% · range 0.0% … +49.9% · 78 settlements
20x 613.8K
Liquidation → Trade
BitgetCentralisedSPYUSDT +0.0084%8h +9.20% +7.81%
Annualised · +7.81% · range 0.0% … +66.7% · 90 settlements
50x 2.3M
Liquidation → Trade
OKXCentralisedSPY-USDT-SWAP +0.0036%8h +3.96% +2.85%
Annualised · +2.85% · range 0.0% … +60.3% · 90 settlements
50x 11.4M
Liquidation → Trade
GateCentralisedSPY_USDT +0.0035%8h +3.83% +2.22%
Annualised · +2.22% · range 0.0% … +36.7% · 90 settlements
75x 11.5M
Liquidation → Trade
LighterOn-chainSPY +0.0032%8h +3.50% —
no history yet
 50x 24.8M
Liquidation → Trade
BybitCentralisedSPYUSDT 0.0000%8h 0.00% +2.50%
Annualised · +2.50% · range 0.0% … +41.2% · 90 settlements
100x 18.0M
Liquidation → Trade

Common questions

Which exchanges list SPY perpetual futures?

SPY trades as 6 perpetual contracts across 6 venues: Aster, Bitget, Bybit, Gate, Lighter and OKX. The busiest is Lighter, with $24.8M of 24h turnover — 36% of the total.

Where is SPY funding cheapest right now?

For a long, the most favourable collected rate is 0.00% annualised on Bybit; for a short, it is +28.55% on Aster — a gap of 28.55 points.

How much funding does a 10,000 USDT SPY position pay per day?

At current rates a 10,000 USDT long pays about +7.82 USDT a day on Aster and 0.00 USDT on Bybit. Over the past 30 days Aster actually settled an average of +1.35 USDT a day on the same position.

How often does SPY funding settle?

It depends on the venue: Lighter every 1h; Aster, Bitget, Bybit and Gate every 8h.

What has SPY funding actually paid over the past 30 days?

The highest realised figure was on Bitget: +7.81% annualised across 90 settlements, 0% of them negative. The lowest was Gate, at +2.22%. 5 of the 6 contracts have at least a week of settled history to measure.

What is the highest leverage available on SPY?

The highest collected cap is 100x, on Bybit. On Bybit it applies up to 10K USDT of notional; above that the cap drops to 50x.

Further readingUS stock perpetuals compared: leverage, funding and depth on 6 venuesCross-venue funding spreads: from gross rates to net P&LHow funding fees work: amounts, signs and settlementHow liquidation price is calculated: tiered maintenance margin and deductions

SPY comparison scope and payment direction

This page retains low-turnover SPY contracts without the main ranking’s $1M threshold. Positive funding is paid by longs; negative funding is paid by shorts. High and low are rate values, not recommendations. These contracts quote in USD and USDT; check each specification for settlement currency and multiplier before comparing. Annualisation method · Official sources.

Rates and chart methodology

Annualised over the window sums what actually settled on that contract, then extrapolates across the hours those settlements covered — it is not today's rate projected forward. A contract listed less than 30 days ago is extrapolated from its own span. The grey line is zero: above it longs pay, below it shorts pay. Every row in that column shares one vertical scale, so their swings can be compared directly.

Trading link disclosure

Affiliate disclosure: We may earn a commission if you register and trade through some links. Partnerships do not influence the data displayed or rankings.

Margin ladders

Aster · SPYUSDT With deduction

Tier Range Maintenance rate Max leverage Deduction
1 0 – 1000000 quote 2.5000% 20.00x —
2 1000000 – 2000000 quote 5.0000% 10.00x 25000
3 2000000 – 5000000 quote 10.0000% 5.00x 125000
4 5000000 – 10000000 quote 12.5000% 4.00x 250000
5 10000000 – 20000000 quote 16.6700% 3.00x 667000
6 20000000 – 40000000 quote 25.0000% 2.00x 2333000
7 40000000 – 1000000000 quote 50.0000% 1.00x 12333000

Bitget · SPYUSDT No deduction

Tier Range Maintenance rate Max leverage Deduction
1 0 – 10000 quote 1.0000% 50.00x —
2 10000 – 100000 quote 2.0000% 25.00x —
3 100000 – 500000 quote 2.5000% 20.00x —
4 500000 – 2000000 quote 5.0000% 10.00x —
5 2000000 – 5000000 quote 10.0000% 5.00x —
6 5000000 – 10000000 quote 12.5000% 4.00x —
7 10000000 – 20000000 quote 30.0000% 2.00x —
8 20000000 – ∞ quote 60.0000% 1.00x —

OKX · SPY-USDT-SWAP No deduction

Tier Range Maintenance rate Max leverage Deduction
1 0 – 202.5 base 0.6500% 50.00x —
2 202.51 – 405 base 1.0000% 40.00x —
3 405.01 – 810 base 1.5000% 20.00x —
4 810.01 – 1620 base 2.0000% 18.18x —
5 1620.01 – 2430 base 2.5000% 16.66x —
6 2430.01 – 3240 base 3.0000% 15.38x —
7 3240.01 – 4050 base 3.5000% 14.28x —
8 4050.01 – 4860 base 4.0000% 13.33x —
9 4860.01 – 5670 base 4.5000% 12.50x —
10 5670.01 – 6480 base 5.0000% 11.76x —
11 6480.01 – 7290 base 5.5000% 11.11x —
12 7290.01 – 8100 base 6.0000% 10.52x —
13 8100.01 – 8910 base 6.5000% 10.00x —
14 8910.01 – 9720 base 7.0000% 9.52x —
15 9720.01 – 10530 base 7.5000% 9.09x —
16 10530.01 – 11340 base 8.0000% 8.69x —
17 11340.01 – 12150 base 8.5000% 8.33x —
18 12150.01 – 12960 base 9.0000% 8.00x —
19 12960.01 – 13770 base 9.5000% 7.69x —
20 13770.01 – 14580 base 10.0000% 7.40x —
21 14580.01 – 15390 base 10.5000% 7.14x —
22 15390.01 – 16200 base 11.0000% 6.89x —
23 16200.01 – 17010 base 11.5000% 6.66x —
24 17010.01 – 17820 base 12.0000% 6.45x —
25 17820.01 – 18630 base 12.5000% 6.25x —
26 18630.01 – 19440 base 13.0000% 6.06x —
27 19440.01 – 20250 base 13.5000% 5.88x —
28 20250.01 – 21060 base 14.0000% 5.71x —
29 21060.01 – 21870 base 14.5000% 5.55x —
30 21870.01 – 22680 base 15.0000% 5.40x —
31 22680.01 – 23490 base 15.5000% 5.26x —
32 23490.01 – 24300 base 16.0000% 5.12x —
33 24300.01 – 25110 base 16.5000% 5.00x —
34 25110.01 – 25920 base 17.0000% 4.87x —
35 25920.01 – 26730 base 17.5000% 4.76x —
36 26730.01 – 27540 base 18.0000% 4.65x —
37 27540.01 – 28350 base 18.5000% 4.54x —
38 28350.01 – 29160 base 19.0000% 4.44x —
39 29160.01 – 29970 base 19.5000% 4.34x —
40 29970.01 – 30780 base 20.0000% 4.25x —
41 30780.01 – 31590 base 20.5000% 4.16x —
42 31590.01 – 32400 base 21.0000% 4.08x —
43 32400.01 – 33210 base 21.5000% 4.00x —
44 33210.01 – 34020 base 22.0000% 3.92x —
45 34020.01 – 34830 base 22.5000% 3.84x —
46 34830.01 – 35640 base 23.0000% 3.77x —
47 35640.01 – 36450 base 23.5000% 3.70x —
48 36450.01 – 37260 base 24.0000% 3.63x —
49 37260.01 – 38070 base 24.5000% 3.57x —
50 38070.01 – 38880 base 25.0000% 3.50x —
51 38880.01 – 39690 base 25.5000% 3.44x —
52 39690.01 – 40500 base 26.0000% 3.38x —
53 40500.01 – 41310 base 26.5000% 3.33x —
54 41310.01 – 42120 base 27.0000% 3.27x —
55 42120.01 – 42930 base 27.5000% 3.22x —
56 42930.01 – 43740 base 28.0000% 3.17x —
57 43740.01 – 44550 base 28.5000% 3.12x —
58 44550.01 – 45360 base 29.0000% 3.07x —
59 45360.01 – 46170 base 29.5000% 3.03x —
60 46170.01 – 46980 base 30.0000% 2.98x —
61 46980.01 – 47790 base 30.5000% 2.94x —
62 47790.01 – 48600 base 31.0000% 2.89x —
63 48600.01 – 49410 base 31.5000% 2.85x —
64 49410.01 – 50220 base 32.0000% 2.81x —
65 50220.01 – 51030 base 32.5000% 2.77x —
66 51030.01 – 51840 base 33.0000% 2.73x —
67 51840.01 – 52650 base 33.5000% 2.70x —
68 52650.01 – 53460 base 34.0000% 2.66x —
69 53460.01 – 54270 base 34.5000% 2.63x —
70 54270.01 – 55080 base 35.0000% 2.59x —
71 55080.01 – 55890 base 35.5000% 2.56x —
72 55890.01 – 56700 base 36.0000% 2.53x —
73 56700.01 – 57510 base 36.5000% 2.50x —
74 57510.01 – 58320 base 37.0000% 2.46x —
75 58320.01 – 59130 base 37.5000% 2.43x —
76 59130.01 – 59940 base 38.0000% 2.40x —
77 59940.01 – 60750 base 38.5000% 2.38x —
78 60750.01 – 61560 base 39.0000% 2.35x —
79 61560.01 – 62370 base 39.5000% 2.32x —
80 62370.01 – 63180 base 40.0000% 2.29x —
81 63180.01 – 63990 base 40.5000% 2.27x —
82 63990.01 – 64800 base 41.0000% 2.24x —
83 64800.01 – 65610 base 41.5000% 2.22x —
84 65610.01 – 66420 base 42.0000% 2.19x —
85 66420.01 – 67230 base 42.5000% 2.17x —
86 67230.01 – 68040 base 43.0000% 2.15x —
87 68040.01 – 68850 base 43.5000% 2.12x —
88 68850.01 – 69660 base 44.0000% 2.10x —
89 69660.01 – 70470 base 44.5000% 2.08x —
90 70470.01 – 71280 base 45.0000% 2.06x —
91 71280.01 – 72090 base 45.5000% 2.04x —
92 72090.01 – 72900 base 46.0000% 2.02x —
93 72900.01 – 73710 base 46.5000% 2.00x —

Gate · SPY_USDT With deduction

Tier Range Maintenance rate Max leverage Deduction
1 0 – 10000 quote 0.8333% 75.00x —
2 10000 – 20000 quote 1.0000% 60.00x 16.67
3 20000 – 30000 quote 1.2000% 50.00x 56.67
4 30000 – 50000 quote 1.5000% 40.00x 146.67
5 50000 – 70000 quote 1.8000% 35.00x 296.67
6 70000 – 100000 quote 2.0000% 30.00x 436.67
7 100000 – 200000 quote 2.5000% 25.00x 936.67
8 200000 – 300000 quote 3.5000% 20.00x 2936.67
9 300000 – 500000 quote 4.0000% 16.00x 4436.67
10 500000 – 700000 quote 5.0000% 12.00x 9436.67
11 700000 – 1000000 quote 6.0000% 10.00x 16436.67
12 1000000 – 1500000 quote 8.0000% 8.00x 36436.67
13 1500000 – 2000000 quote 10.0000% 5.00x 66436.67
14 2000000 – 3000000 quote 15.0000% 4.00x 166436.67
15 3000000 – 5000000 quote 20.0000% 3.00x 316436.67
16 5000000 – 7000000 quote 30.0000% 2.00x 816436.67
17 7000000 – 10000000 quote 40.0000% 1.80x 1516436.67
18 10000000 – 15000000 quote 50.0000% 1.50x 2516436.67
19 15000000 – 20000000 quote 60.0000% 1.20x 4016436.67
20 20000000 – ∞ quote 80.0000% 1.05x 8016436.67

Lighter · SPY No deduction

Tier Range Maintenance rate Max leverage Deduction
1 0 – ∞ quote 1.2000% 50.00x —

Bybit · SPYUSDT With deduction

Tier Range Maintenance rate Max leverage Deduction
1 0 – 10000 quote 0.7000% 100.00x —
2 10000 – 50000 quote 1.0000% 50.00x 30
3 50000 – 100000 quote 1.2500% 40.00x 155
4 100000 – 150000 quote 1.6700% 30.00x 575
5 150000 – 200000 quote 2.0000% 25.00x 1070
6 200000 – 300000 quote 2.0800% 24.00x 1230
7 300000 – 400000 quote 2.1700% 23.00x 1500
8 400000 – 500000 quote 2.2700% 22.00x 1900
9 500000 – 600000 quote 2.3800% 21.00x 2450
10 600000 – 800000 quote 2.5000% 20.00x 3170
11 800000 – 1000000 quote 2.6300% 19.00x 4210
12 1000000 – 1500000 quote 2.7800% 18.00x 5710
13 1500000 – 2000000 quote 2.9400% 17.00x 8110
14 2000000 – 2500000 quote 3.1300% 16.00x 11910
15 2500000 – 3000000 quote 3.3300% 15.00x 16910
16 3000000 – 3500000 quote 3.5700% 14.00x 24110
17 3500000 – 4000000 quote 3.8500% 13.00x 33910
18 4000000 – 4500000 quote 4.1700% 12.00x 46710
19 4500000 – 5000000 quote 4.5500% 11.00x 63810
20 5000000 – 6000000 quote 5.0000% 10.00x 86310
21 6000000 – 7000000 quote 5.5600% 9.00x 119910
22 7000000 – 8000000 quote 6.2500% 8.00x 168210
23 8000000 – 9000000 quote 7.1400% 7.00x 239410
24 9000000 – 10000000 quote 8.3300% 6.00x 346510
25 10000000 – 11000000 quote 10.0000% 5.00x 513510
26 11000000 – 20000000 quote 12.5000% 4.00x 788510
27 20000000 – 30000000 quote 16.6700% 3.00x 1622510
28 30000000 – 40000000 quote 20.0000% 2.50x 2621510
29 40000000 – 70000000 quote 25.0000% 2.00x 4621510
30 70000000 – ∞ quote 50.0000% 1.00x 22121510