Funding arb · Price arb /

SPX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0184%/8h= −20.1% APRpaid last 24h −0.017%

Price spread now: KuCoin against ApeX Omni+0.502%82s7-day average −0.082% · you sell dearer than you buy

Net, funding: paid 7d − costs−$175as 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−$1721.723% of the position

Long on ApeX Omni Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.027%−$3 on $10k

Price spread, last 4 days (all we have)−1.378%−$138 · spread now +0.502%, 7d avg −0.082%

Together, before fees−1.405%−$141 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.584% dearer against ApeX Omni than usual: you sell high and buy low (spread +0.502% now, against its 7-day average of −0.082%): +$58 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 11 days. At the pace of the last 7 days (−0.027% in total) that is about 5 months. The two prices were read 82 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.027% in total (about -1.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni SPXUSDT	0.4982	0.0284	pay 0.0035% / 1h	44m 02s	$25K	$254K	25x
Short	KuCoin SPXUSDTM	0.5007	0.0100	get 0.0050% / 4h	44m 02s	$3.7M	$5.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.502%Rate

Funding earned: −$38.57
Price spread: +0.502% → −0.082%: $58.43
Slippage, 4 orders: −$150.32
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$152.47
Costs to cover: 1.723%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 13 min ago; KuCoin: live order book, 4 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, 13 min ago	5.97 bp	16.7 bp −$17	104.5 bp −$1,045	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	4.01 bp	61.7 bp −$62	275.4 bp −$2,754	doesn't fit	doesn't fit

SPX on 19 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	−0.060%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5011	+0.576%	$134K	$357K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5010	+0.554%	$10.1M	$7.4M	5x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5005	+0.462%	$5.0M	$21.3M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5002	+0.401%	$11.3M	$16.4M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5004	+0.442%	$935K	$2.9M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5002	+0.401%	$996K	$558K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5007	+0.502%	$12.0M	$4.8M	100x	as long as short
KuCoin SPXUSDTMshort	+0.0100%	4h	0.5007	+0.502%	$3.7M	$5.2M	50x
Bitget SPXUSDT	+0.0100%	4h	0.5003	+0.422%	$2.6M	$1.4M	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SPX-USDT	+0.0100%	4h	0.5010	+0.562%	—	$6.9M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.4979	−0.059%	$837K	$1.4M	—	as long as short
SunX SPX-USDT	+0.0100%	4h	0.4993	+0.221%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5000	+0.355%	$33K	$249K	10x	as long as short
Aster SPXUSDT	+0.0119%	4h	0.4994	+0.232%	$133K	$122K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0152%	4h	0.5013	+0.622%	$20K	$599	10x	as long as short
ApeX Omni SPXUSDTlong	+0.0284%	1h	0.4982	long leg	$25K	$254K	25x
BloFin SPX-USDT	+0.0340%	4h	0.4993	+0.221%	$251K	$989K	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1286%	1h	0.5018	+0.715%	$244K	$549K	20x	as long as short