SPY perps: where to trade S&P 500 ETF perpetual futures
10 tracked venues list SPY perps.
PerpFinder may earn a commission from this link. You can lose all your money on perp trades. Details
The cheapest place to trade SPY perps right now is Lighter (SPY): 0.94 bps all-in for a $10,000 market buy at the standard taker fee, measured 13:06 UTC on 2026-10-03.
The next two venues are Aster 3.24 bps and Binance 4.34 bps. 7 of 10 SPY markets gave a measured cost.
Promo rate for eligible accounts: MEXC (SPY_USDT) shows 0.06 bps at a 0.000% taker fee that only some accounts get (MEXC: stock futures listing notice, checked 2026-09-25). MEXC does not state the SPY fee for other accounts, so this cost is not ranked.
SPY perps list on 10 tracked venues: 6 centralized exchanges, 1 Hyperliquid HIP-3 deployment, 3 other decentralized venues. Gains Network (SPY/USD) fills at an oracle price, with no public SPY book to measure.
Maximum SPY leverage runs from 4x on Gains Network (SPY/USD) to 100x on MEXC (SPY_USDT).
Measured SPY cost for a $10,000 buy
- Lighter0.94
- Aster3.24
- Binance4.34
- Bybit4.49
- Bitget6.67
- OKX7.74
- Gate11.25
SPY funding and open interest
Funding now runs from 0.0% a year on Aster to 13.5% on Markets.xyz, across 9 SPY markets. A positive rate means that longs pay shorts.
9 SPY markets report open interest, $80.6 million in total. Binance holds 31% of it ($25.1 million).
Where to trade S&P 500 ETF perpetual futures
| Venue | Market | Max leverage | Funding now | Annual rate now | 7-day mean, annual | Open interest | Book cost (bps) | Taker fee | All-in (bps) | Promo rate, eligible accounts |
|---|---|---|---|---|---|---|---|---|---|---|
| Lighter | SPY | 50x | +0.0004% / 1 h | +3.5% | — | $4.8M | 0.94 | 0.000% (API) | 0.94 | — |
| Aster | SPYUSDT | 20x | 0.0000% / 8 h | 0.0% | +2.5% | $822K | 1.99 | 0.013% (docs) | 3.24 | — |
| Binance | SPYUSDT | 50x | 0.0000% / 8 h | 0.0% | +5.2% | $25.1M | 0.34 | 0.040% (docs, promotion for all accounts) | 4.34 | — |
| Bybit | SPYUSDT | 100x | 0.0000% / 8 h | 0.0% | +3.8% | $6.5M | 1.74 | 0.028% (docs, promotion for all accounts) | 4.49 | — |
| Bitget | SPYUSDT | 50x | 0.0000% / 8 h | 0.0% | +12.2% | $9.9M | 0.67 | 0.060% (API) | 6.67 | — |
| OKX | SPY-USDT-SWAP | 50x | 0.0000% / 8 h | 0.0% | +3.6% | $7.2M | 2.74 | 0.050% (docs) | 7.74 | — |
| Gate | SPY_USDT | 75x | 0.0000% / 8 h | 0.0% | +1.1% | $982K | 3.75 | 0.075% (API) | 11.25 | — |
| MEXC | SPY_USDT | 100x | 0.0000% / 8 h | 0.0% | +5.2% | $23.4M | 0.06 | Not stated for all accounts | — | 0.000% = 0.06 bps (eligible accounts, source, 2026-09-25) |
| Markets.xyz | mkts:US500 | 25x | +0.0015% / 1 h | +13.5% | +4.8% | $1.9M | 1.71 | Not stated | — | — |
| Gains Network | SPY/USD | 4x | — | — | — | — | No SPY book | Oracle model | — | — |
Method: a $10,000 SPY market buy fills against each public SPY book.
The SPY book cost is that fill price against the mid, in bps. The SPY all-in cost adds the standard taker fee that every new account gets.
A SPY promo rate that only eligible accounts get is shown in its own column and is never ranked.
A SPY book price does not prove that the venue accepts SPY orders at that time, so check the SPY hours table.
Annual SPY funding is the rate per hour times 8,760, with no compounding. The SPY markets come from venue APIs read on 2026-09-25.
SPY trading hours and price source by venue
| Venue | Market | Hours | Price source |
|---|---|---|---|
| Aster | SPYUSDT | 24/7, 5% band off-hours | Several, with Pyth |
| Binance | SPYUSDT | 24/7, book EWMA weekends | Unnamed data vendors |
| Bitget | SPYUSDT | 24/7, book EMA off-hours | Pyth, dxFeed, Massive, Intrinio |
| Bybit | SPYUSDT | 24/7 | Index with Pyth |
| Gains Network | SPY/USD | Mon–Fri 9:35–16:00 ET | Chainlink |
| Gate | SPY_USDT | Index holds last close | Paid feeds, crypto venues |
| Markets.xyz | mkts:US500 | 24/7, internal weekend price | Kaiko |
| Lighter | SPY | 24/7 | Pyth Pro (NVDA, TSLA) |
| MEXC | SPY_USDT | Varies, no trades closed | Not named in docs |
| OKX | SPY-USDT-SWAP | 24/7 book, anchored weekends | Several providers |
Find your liquidation price with the liquidation price calculator for SPY. Compare all tickers on the stock perps hub.
Where to Trade SPDR S&P 500 ETF (SPY) Perpetual Futures
Fees and leverage limits apply venue-wide; check SPY terms with the venue.
SPDR S&P 500 ETF (SPY) market overview
SPY is the world's largest and most liquid ETF, tracking the S&P 500 index with approximately $570 billion in assets under management.
SPY perpetual futures effectively provide the same exposure as SPX index perps but are priced in line with the ETF, which is widely used as the primary vehicle for institutional equity hedging and retail investing.
Frequently Asked Questions — SPDR S&P 500 ETF (SPY)
How does a SPDR S&P 500 ETF perpetual futures contract differ from the underlying asset?
A SPDR S&P 500 ETF perpetual tracks the SPDR S&P 500 ETF price, with no expiry date and no ownership of SPDR S&P 500 ETF.
Check each venue for SPDR S&P 500 ETF trading hours and the price source.
Category: ETF