Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.051%

Price spread now: Hyperliquid against ApeX Omni−0.043%85s7-day average +0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$760.760% of the position

Long on ApeX Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.152%+$15 on $10k

Price spread, last 4 days (all we have)−2.201%−$220 · spread now −0.043%, 7d avg +0.080%

Together, before fees−2.049%+ Points / potential airdropHyperliquid: Season 2 · farm board−$205 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.123% cheaper against ApeX Omni than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of +0.080%. The two prices were read 85 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni SPXUSDT	0.5098	0.0100	pay 0.0013% / 1h	10m 08s	$46K	$244K	25x
Short	Hyperliquid SPX	0.5096	0.0100	get 0.0013% / 1h	10m 08s	$10.2M	$7.7M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against ApeX Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee ApeX OmnibpFee HyperliquidbpOrdersPrice spread, now −0.043%Rate

Funding earned: $0
Price spread: −0.043% → +0.080%: −$12.35
Slippage, 4 orders: −$57.01
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$88.35
Costs to cover: 0.760%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 56 min ago; Hyperliquid: live order book, 2 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy ApeX Omni live order book, 56 min ago	8.78 bp	16.5 bp −$17	112.2 bp −$1,122	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 2 min ago	2.83 bp	19.1 bp −$19	doesn't fit	doesn't fit	doesn't fit

SPX on 18 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−2.334%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5093	−0.096%	$137K	$358K	5x	as long as short
Hyperliquid SPXshort	+0.0100%	1h	0.5096	−0.043%	$10.2M	$7.7M	5x
Aster SPXUSDT	+0.0100%	4h	0.5105	+0.140%	$130K	$111K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5093	−0.095%	$5.2M	$21.2M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5080	−0.353%	$11.5M	$16.1M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5082	−0.314%	$951K	$2.9M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5081	−0.333%	$1.0M	$556K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5086	−0.235%	$11.5M	$4.9M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5089	−0.177%	$3.7M	$5.3M	50x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SPXUSDT	+0.0100%	4h	0.5091	−0.137%	$2.7M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5086	−0.235%	—	$6.8M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5092	−0.116%	$881K	$1.4M	—	as long as short
ApeX Omni SPXUSDTlong	+0.0100%	1h	0.5098	long leg	$46K	$244K	25x
SunX SPX-USDT	+0.0100%	4h	0.5089	−0.177%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5085	−0.250%	$34K	$260K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0131%	4h	0.5100	+0.039%	$20K	$599	10x	as long as short
Kraken Futures PF_SPXUSD	+0.1172%	1h	0.5094	−0.079%	$252K	$545K	20x	as long as short