S&P 500 ETF (SPY)
Perp: SPY on INTX · Hedge: SPY (ETF)
Hedge construction note: SPY (ETF) is used as a hedge proxy for S&P 500 ETF; treat it as a research reference, not an ordinary executable quote for the underlying market.
This is a transformed/normalized reference, not an ordinary executable quote.
Funding (ann.)
+12.3%
Basis
-0.51%
Open interest
$636,313
Status
delayed
Research note: funding below research threshold
Funding rate — annualized, 1739 settlement snapshots
Timezone: UTC · Units: % annualized · Source: dellserver funding-arb daemon (delayed export) · Last update: 2026-09-15T09:00:21+00:00
Basis — (perp mark − hedge) / hedge
Timezone: UTC · Units: % · Source: dellserver funding-arb daemon (delayed export) · Last update: 2026-09-15T09:00:21+00:00
Open interest — historical liquidity
Timezone: UTC · Units: USD notional · Source: dellserver funding-arb daemon (delayed export) · Last update: 2026-09-15T09:00:21+00:00
Persistence
3% of snapshots over the trailing 168h met the research condition: FR >= 20% APR, 7-day window.
Relevant paper trades
| Opened | Direction | Status | Net P&L | All-in P&L | Close reason |
|---|---|---|---|---|---|
| 2026-08-21 13:33 UTC | short_hl_long_ib | closed | +$17.90 | +$5.11 | emergency FR=-51% |
Known limitations
- The hedge leg only trades during its market's own hours; the perp trades 24/7 — see Methodology for how naked-leg windows are handled.
- Funding and basis figures are delayed, not real-time — see the status strip at the top of every page.
- SPY (ETF) is used as a hedge proxy for S&P 500 ETF; treat it as a research reference, not an ordinary executable quote for the underlying market.