{"asset":"SPY","mode":"median","days":7,"sizes_usd":[10000,100000,1000000],"legs":[{"exchange":"lighter_rh","symbol":"SPY","fee_bps":0,"fee_source":"","mid_price":764.035,"tiers":[{"notional_usd":10000,"long_bps":0.4412,"short_bps":0.4644,"long_total_bps":0.4412,"short_total_bps":0.4644,"avg_total_bps":0.4528},{"notional_usd":100000,"long_bps":0.994,"short_bps":0.9291,"long_total_bps":0.994,"short_total_bps":0.9291,"avg_total_bps":0.9616},{"notional_usd":1000000,"long_bps":7.6644,"short_bps":8.3889,"long_total_bps":7.6644,"short_total_bps":8.3889,"avg_total_bps":8.0267}],"basis":"orderbook","samples":167},{"exchange":"lighter","symbol":"SPY","fee_bps":0,"fee_source":"","mid_price":764.03,"tiers":[{"notional_usd":10000,"long_bps":0.8933,"short_bps":0.8921,"long_total_bps":0.8933,"short_total_bps":0.8921,"avg_total_bps":0.8927},{"notional_usd":100000,"long_bps":2.3411,"short_bps":2.1034,"long_total_bps":2.3411,"short_total_bps":2.1034,"avg_total_bps":2.2223},{"notional_usd":1000000,"long_bps":12.1222,"short_bps":11.747,"long_total_bps":12.1222,"short_total_bps":11.747,"avg_total_bps":11.9346}],"basis":"orderbook","samples":167},{"exchange":"variational","symbol":"US500","fee_bps":0,"fee_source":"","mid_price":764.081,"tiers":[{"notional_usd":10000,"long_bps":2.1833,"short_bps":2.1315,"long_total_bps":2.1833,"short_total_bps":2.1315,"avg_total_bps":2.1574},{"notional_usd":100000,"long_bps":2.4718,"short_bps":2.3727,"long_total_bps":2.4718,"short_total_bps":2.3727,"avg_total_bps":2.4223},{"notional_usd":1000000,"long_bps":null,"short_bps":null,"long_total_bps":null,"short_total_bps":null}],"basis":"quote","samples":167},{"exchange":"avantis","symbol":"US500/USD","fee_bps":0,"fee_source":"","mid_price":765.66,"tiers":[{"notional_usd":10000,"long_bps":3,"short_bps":3,"long_total_bps":3,"short_total_bps":3,"avg_total_bps":3},{"notional_usd":100000,"long_bps":3,"short_bps":3,"long_total_bps":3,"short_total_bps":3,"avg_total_bps":3},{"notional_usd":1000000,"long_bps":3.3406,"short_bps":3.143,"long_total_bps":3.3406,"short_total_bps":3.143,"avg_total_bps":3.2418}],"basis":"quote","samples":167},{"exchange":"risex","symbol":"SPY/USDC","fee_bps":3,"fee_source":"","mid_price":764.7149999999999,"tiers":[{"notional_usd":10000,"long_bps":0.3894,"short_bps":0.3259,"long_total_bps":3.3894,"short_total_bps":3.3259,"avg_total_bps":3.3577},{"notional_usd":100000,"long_bps":0.9564,"short_bps":1.0385,"long_total_bps":3.9564,"short_total_bps":4.0385,"avg_total_bps":3.9975},{"notional_usd":1000000,"long_bps":null,"short_bps":null,"long_total_bps":null,"short_total_bps":null}],"basis":"orderbook","samples":167},{"exchange":"nado","symbol":"SPY-PERP_USDT0","fee_bps":3.5,"fee_source":"","mid_price":764.595,"tiers":[{"notional_usd":10000,"long_bps":0.4756,"short_bps":0.5454,"long_total_bps":3.9756,"short_total_bps":4.0454,"avg_total_bps":4.0105},{"notional_usd":100000,"long_bps":1.3934,"short_bps":1.3112,"long_total_bps":4.8934,"short_total_bps":4.8112,"avg_total_bps":4.8523},{"notional_usd":1000000,"long_bps":31.484,"short_bps":32.058,"long_total_bps":34.984,"short_total_bps":35.558,"avg_total_bps":35.271}],"basis":"orderbook","samples":167},{"exchange":"binance","symbol":"SPYUSDT","fee_bps":4,"fee_source":"","mid_price":767.72,"tiers":[{"notional_usd":10000,"long_bps":0.0652,"short_bps":0.0652,"long_total_bps":4.0652,"short_total_bps":4.0652,"avg_total_bps":4.0652},{"notional_usd":100000,"long_bps":0.3938,"short_bps":0.4853,"long_total_bps":4.3938,"short_total_bps":4.4853,"avg_total_bps":4.4396},{"notional_usd":1000000,"long_bps":4.8065,"short_bps":5.1283,"long_total_bps":8.8065,"short_total_bps":9.1283,"avg_total_bps":8.9674}],"basis":"cex","samples":167},{"exchange":"mexc","symbol":"SPY_USDT","fee_bps":4,"fee_source":"","mid_price":764.765,"tiers":[{"notional_usd":10000,"long_bps":0.0654,"short_bps":0.0654,"long_total_bps":4.0654,"short_total_bps":4.0654,"avg_total_bps":4.0654},{"notional_usd":100000,"long_bps":0.0654,"short_bps":0.0655,"long_total_bps":4.0654,"short_total_bps":4.0655,"avg_total_bps":4.0655},{"notional_usd":1000000,"long_bps":0.1318,"short_bps":0.1735,"long_total_bps":4.1318,"short_total_bps":4.1735,"avg_total_bps":4.1526}],"basis":"cex","samples":167},{"exchange":"popdex","symbol":"US500USDT","fee_bps":3.2,"fee_source":"","mid_price":766.585,"tiers":[{"notional_usd":10000,"long_bps":1.1667,"short_bps":0.6249,"long_total_bps":4.3667,"short_total_bps":3.8249,"avg_total_bps":4.0958},{"notional_usd":100000,"long_bps":5.1732,"short_bps":3.3286,"long_total_bps":8.3732,"short_total_bps":6.5286,"avg_total_bps":7.4509},{"notional_usd":1000000,"long_bps":null,"short_bps":null,"long_total_bps":null,"short_total_bps":null}],"basis":"orderbook","samples":167},{"exchange":"ondo","symbol":"SPY-USD.P","fee_bps":2.5,"fee_source":"","mid_price":763.2475,"tiers":[{"notional_usd":10000,"long_bps":1.918,"short_bps":2.1204,"long_total_bps":4.418,"short_total_bps":4.6204,"avg_total_bps":4.5192},{"notional_usd":100000,"long_bps":3.8175,"short_bps":4.2582,"long_total_bps":6.3175,"short_total_bps":6.7582,"avg_total_bps":6.5379},{"notional_usd":1000000,"long_bps":5.5202,"short_bps":2.9763,"long_total_bps":8.0202,"short_total_bps":5.4763,"avg_total_bps":6.7483}],"basis":"orderbook","samples":167},{"exchange":"asterdex","symbol":"SPYUSDT","fee_bps":4,"fee_source":"","mid_price":767.3325,"tiers":[{"notional_usd":10000,"long_bps":0.5507,"short_bps":0.7838,"long_total_bps":4.5507,"short_total_bps":4.7838,"avg_total_bps":4.6673},{"notional_usd":100000,"long_bps":4.8114,"short_bps":2.224,"long_total_bps":8.8114,"short_total_bps":6.224,"avg_total_bps":7.5177},{"notional_usd":1000000,"long_bps":144.4905,"short_bps":192.7444,"long_total_bps":148.4905,"short_total_bps":196.7444,"avg_total_bps":172.6175}],"basis":"orderbook","samples":167},{"exchange":"arcus","symbol":"SPY-USD","fee_bps":4.5,"fee_source":"","mid_price":763.465,"tiers":[{"notional_usd":10000,"long_bps":0.0656,"short_bps":0.0656,"long_total_bps":4.5656,"short_total_bps":4.5656,"avg_total_bps":4.5656},{"notional_usd":100000,"long_bps":0.0657,"short_bps":0.0657,"long_total_bps":4.5657,"short_total_bps":4.5657,"avg_total_bps":4.5657},{"notional_usd":1000000,"long_bps":1.5584,"short_bps":1.8786,"long_total_bps":6.0584,"short_total_bps":6.3786,"avg_total_bps":6.2185}],"basis":"orderbook","samples":167},{"exchange":"bingx","symbol":"NCSKSPY2USD-USDT","fee_bps":5,"fee_source":"","mid_price":764.825,"tiers":[{"notional_usd":10000,"long_bps":0.0654,"short_bps":0.0654,"long_total_bps":5.0654,"short_total_bps":5.0654,"avg_total_bps":5.0654},{"notional_usd":100000,"long_bps":0.0656,"short_bps":0.0656,"long_total_bps":5.0656,"short_total_bps":5.0656,"avg_total_bps":5.0656},{"notional_usd":1000000,"long_bps":0.9355,"short_bps":1.0024,"long_total_bps":5.9355,"short_total_bps":6.0024,"avg_total_bps":5.9689}],"basis":"cex","samples":167},{"exchange":"decibel","symbol":"SPY-PERP","fee_bps":4.5,"fee_source":"","mid_price":764.02,"tiers":[{"notional_usd":10000,"long_bps":0.9697,"short_bps":0.9697,"long_total_bps":5.4697,"short_total_bps":5.4697,"avg_total_bps":5.4697},{"notional_usd":100000,"long_bps":4.963,"short_bps":4.9695,"long_total_bps":9.463,"short_total_bps":9.4695,"avg_total_bps":9.4662},{"notional_usd":1000000,"long_bps":24.3471,"short_bps":24.4869,"long_total_bps":28.8471,"short_total_bps":28.9869,"avg_total_bps":28.917}],"basis":"orderbook","samples":167},{"exchange":"backpack","symbol":"SPY.US_USDC_PERP","fee_bps":5,"fee_source":"","mid_price":763.915,"tiers":[{"notional_usd":10000,"long_bps":0.5475,"short_bps":0.3834,"long_total_bps":5.5475,"short_total_bps":5.3834,"avg_total_bps":5.4655},{"notional_usd":100000,"long_bps":19.5714,"short_bps":7.6848,"long_total_bps":24.5714,"short_total_bps":12.6848,"avg_total_bps":18.6281},{"notional_usd":1000000,"long_bps":null,"short_bps":null,"long_total_bps":null,"short_total_bps":null}],"basis":"cex","samples":167},{"exchange":"okx","symbol":"SPY-USDT-SWAP","fee_bps":5,"fee_source":"","mid_price":764.745,"tiers":[{"notional_usd":10000,"long_bps":0.5547,"short_bps":0.4498,"long_total_bps":5.5547,"short_total_bps":5.4498,"avg_total_bps":5.5023},{"notional_usd":100000,"long_bps":2.7711,"short_bps":2.601,"long_total_bps":7.7711,"short_total_bps":7.601,"avg_total_bps":7.6861},{"notional_usd":1000000,"long_bps":10.0056,"short_bps":10.3929,"long_total_bps":15.0056,"short_total_bps":15.3929,"avg_total_bps":15.1993}],"basis":"cex","samples":167},{"exchange":"gravitymarkets","symbol":"SPY_USDT_Perp","fee_bps":4.5,"fee_source":"","mid_price":765.115,"tiers":[{"notional_usd":10000,"long_bps":1.1133,"short_bps":1.2282,"long_total_bps":5.6133,"short_total_bps":5.7282,"avg_total_bps":5.6708},{"notional_usd":100000,"long_bps":4.2072,"short_bps":4.3953,"long_total_bps":8.7072,"short_total_bps":8.8953,"avg_total_bps":8.8013},{"notional_usd":1000000,"long_bps":null,"short_bps":null,"long_total_bps":null,"short_total_bps":null}],"basis":"orderbook","samples":167},{"exchange":"bybit","symbol":"SPYUSDT","fee_bps":5.5,"fee_source":"","mid_price":764.765,"tiers":[{"notional_usd":10000,"long_bps":0.9815,"short_bps":0.8908,"long_total_bps":6.4815,"short_total_bps":6.3908,"avg_total_bps":6.4361},{"notional_usd":100000,"long_bps":3.1503,"short_bps":3.163,"long_total_bps":8.6503,"short_total_bps":8.663,"avg_total_bps":8.6566},{"notional_usd":1000000,"long_bps":9.6181,"short_bps":9.4487,"long_total_bps":15.1181,"short_total_bps":14.9487,"avg_total_bps":15.0334}],"basis":"cex","samples":167},{"exchange":"txflow","symbol":"SPY-USDC","fee_bps":4.5,"fee_source":"","mid_price":763.88,"tiers":[{"notional_usd":10000,"long_bps":2.1634,"short_bps":2.0916,"long_total_bps":6.6634,"short_total_bps":6.5916,"avg_total_bps":6.6275},{"notional_usd":100000,"long_bps":3.4335,"short_bps":3.2648,"long_total_bps":7.9335,"short_total_bps":7.7648,"avg_total_bps":7.8492},{"notional_usd":1000000,"long_bps":null,"short_bps":8.7037,"long_total_bps":null,"short_total_bps":13.2037}],"basis":"orderbook","samples":167},{"exchange":"bitget","symbol":"SPYUSDT","fee_bps":6,"fee_source":"","mid_price":764.865,"tiers":[{"notional_usd":10000,"long_bps":1.51,"short_bps":1.3413,"long_total_bps":7.51,"short_total_bps":7.3413,"avg_total_bps":7.4257},{"notional_usd":100000,"long_bps":2.9839,"short_bps":2.4145,"long_total_bps":8.9839,"short_total_bps":8.4145,"avg_total_bps":8.6992},{"notional_usd":1000000,"long_bps":9.3224,"short_bps":9.2055,"long_total_bps":15.3224,"short_total_bps":15.2055,"avg_total_bps":15.264}],"basis":"cex","samples":167},{"exchange":"phoenix","symbol":"SPY","fee_bps":3.5,"fee_source":"","mid_price":764.36,"tiers":[{"notional_usd":10000,"long_bps":4.4628,"short_bps":4.464,"long_total_bps":7.9628,"short_total_bps":7.964,"avg_total_bps":7.9634},{"notional_usd":100000,"long_bps":12.2373,"short_bps":12.2446,"long_total_bps":15.7373,"short_total_bps":15.7446,"avg_total_bps":15.741},{"notional_usd":1000000,"long_bps":null,"short_bps":null,"long_total_bps":null,"short_total_bps":null}],"basis":"orderbook","samples":167},{"exchange":"edgex","symbol":"SPYUSDC","fee_bps":4.5,"fee_source":"","mid_price":763.975,"tiers":[{"notional_usd":10000,"long_bps":5.1772,"short_bps":5.1825,"long_total_bps":9.6772,"short_total_bps":9.6825,"avg_total_bps":9.6798},{"notional_usd":100000,"long_bps":5.9303,"short_bps":5.9384,"long_total_bps":10.4303,"short_total_bps":10.4384,"avg_total_bps":10.4344},{"notional_usd":1000000,"long_bps":null,"short_bps":null,"long_total_bps":null,"short_total_bps":null}],"basis":"orderbook","samples":167},{"exchange":"gateio","symbol":"SPY_USDT","fee_bps":7.5,"fee_source":"","mid_price":764.945,"tiers":[{"notional_usd":10000,"long_bps":2.5577,"short_bps":2.3297,"long_total_bps":10.0577,"short_total_bps":9.8297,"avg_total_bps":9.9437},{"notional_usd":100000,"long_bps":5.9421,"short_bps":6.2514,"long_total_bps":13.4421,"short_total_bps":13.7514,"avg_total_bps":13.5968},{"notional_usd":1000000,"long_bps":42.4125,"short_bps":46.0275,"long_total_bps":49.9125,"short_total_bps":53.5275,"avg_total_bps":51.72}],"basis":"cex","samples":167},{"exchange":"kucoin","symbol":"SPYUSDTM","fee_bps":6,"fee_source":"","mid_price":764.6800000000001,"tiers":[{"notional_usd":10000,"long_bps":4.5962,"short_bps":5.3074,"long_total_bps":10.5962,"short_total_bps":11.3074,"avg_total_bps":10.9518},{"notional_usd":100000,"long_bps":154.0886,"short_bps":125.471,"long_total_bps":160.0886,"short_total_bps":131.471,"avg_total_bps":145.7798},{"notional_usd":1000000,"long_bps":null,"short_bps":null,"long_total_bps":null,"short_total_bps":null}],"basis":"cex","samples":167},{"exchange":"hello","symbol":"SPY","fee_bps":2,"fee_source":"","mid_price":763.7994648,"tiers":[{"notional_usd":10000,"long_bps":10.7639,"short_bps":10.7639,"long_total_bps":12.7639,"short_total_bps":12.7639,"avg_total_bps":12.7639},{"notional_usd":100000,"long_bps":25.7331,"short_bps":27.0518,"long_total_bps":27.7331,"short_total_bps":29.0518,"avg_total_bps":28.3925},{"notional_usd":1000000,"long_bps":null,"short_bps":null,"long_total_bps":null,"short_total_bps":null}],"basis":"orderbook","samples":167},{"exchange":"bullet","symbol":"US500-USD","fee_bps":0,"fee_source":"","mid_price":765.738,"tiers":[{"notional_usd":10000,"long_bps":16.9243,"short_bps":15.9996,"long_total_bps":16.9243,"short_total_bps":15.9996,"avg_total_bps":16.4619},{"notional_usd":100000,"long_bps":null,"short_bps":null,"long_total_bps":null,"short_total_bps":null},{"notional_usd":1000000,"long_bps":null,"short_bps":null,"long_total_bps":null,"short_total_bps":null}],"basis":"orderbook","samples":167},{"exchange":"aftermath","symbol":"0x82a38960815f6983bbc50160723dbe774a37b8b88962bc8661ae9d8c3890935e","fee_bps":4.5,"fee_source":"","mid_price":765.748415,"tiers":[{"notional_usd":10000,"long_bps":13.9865,"short_bps":16.2689,"long_total_bps":18.4865,"short_total_bps":20.7689,"avg_total_bps":19.6277},{"notional_usd":100000,"long_bps":null,"short_bps":null,"long_total_bps":null,"short_total_bps":null},{"notional_usd":1000000,"long_bps":null,"short_bps":null,"long_total_bps":null,"short_total_bps":null}],"basis":"orderbook","samples":168},{"exchange":"apex","symbol":"SPYUSDT","fee_bps":5,"fee_source":"","mid_price":764.5350000000001,"tiers":[{"notional_usd":10000,"long_bps":13.69,"short_bps":14.9487,"long_total_bps":18.69,"short_total_bps":19.9487,"avg_total_bps":19.3194},{"notional_usd":100000,"long_bps":82.6454,"short_bps":103.4701,"long_total_bps":87.6454,"short_total_bps":108.4701,"avg_total_bps":98.0578},{"notional_usd":1000000,"long_bps":null,"short_bps":null,"long_total_bps":null,"short_total_bps":null}],"basis":"orderbook","samples":167},{"exchange":"okx","symbol":"US500-USDT-SWAP","fee_bps":5,"fee_source":"","mid_price":766.435,"tiers":[{"notional_usd":10000,"long_bps":130.709,"short_bps":84.2141,"long_total_bps":135.709,"short_total_bps":89.2141,"avg_total_bps":112.4616},{"notional_usd":100000,"long_bps":null,"short_bps":null,"long_total_bps":null,"short_total_bps":null},{"notional_usd":1000000,"long_bps":null,"short_bps":null,"long_total_bps":null,"short_total_bps":null}],"basis":"cex","samples":167}],"unlisted":["01xyz","bulk","dydx","entropy","ethereal","extended_starknet","hibachi","hotstuff","hyena","hyperliquid","kalshi","katana","pacifica","paradex","polymarket","qfex","standx","trade_xyz"],"runs":168,"as_of":"2026-10-27T19:31:54.878484019Z","elapsed_ms":0}
