Funding arb · Price arb /

SPX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.002%

Price spread now: Orderly against Aster+0.228%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Aster Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Orderly is 0.228% dearer against Aster than usual: you sell high and buy low, +$23 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster SPXUSDT	0.5024	0.0100	pay 0.0050% / 4h	2h 54m	$123K	$97K	10x
Short	Orderly PERP_SPX_USDC	0.5035	0.0100	get 0.0050% / 4h	2h 54m	$20K	$711	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Aster. 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 AsterbpFee OrderlybpOrdersPrice spread, now +0.228%Rate

Funding earned: $0
Price spread: +0.228% → 0.000%: $22.8
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: $8.8
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: Aster: live order book, 31 min ago; Orderly: no order-book sample. Net counts fees only.

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 Aster live order book, 31 min ago	13.72 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Kraken Futures PF_SPXUSD	−0.0413%	1h	0.5031	+0.140%	$230K	$560K	20x	as long as short
Variational Omni SPX	−0.0007%	4h	0.5025	+0.038%	$847K	$1.3M	—	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−0.887%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5030	+0.136%	$116K	$318K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5024	+0.017%	$9.8M	$7.1M	5x	as long as short
Aster SPXUSDTlong	+0.0100%	4h	0.5024	long leg	$123K	$97K	10x
Binance SPXUSDT	+0.0100%	4h	0.5024	+0.015%	$5.0M	$19.6M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5019	−0.090%	$11.6M	$15.4M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5020	−0.071%	$982K	$2.6M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5023	−0.011%	$1.0M	$475K	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SPX_USDT	+0.0100%	4h	0.5026	+0.049%	$11.6M	$4.5M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5024	+0.009%	$3.8M	$5.2M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5026	+0.049%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5026	+0.049%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5031	+0.148%	$45K	$248K	25x	as long as short
Orderly PERP_SPX_USDCshort	+0.0100%	4h	0.5035	+0.228%	$20K	$711	10x
SunX SPX-USDT	+0.0100%	4h	0.5025	+0.029%	$8K	$1.6M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5018	−0.101%	$34K	$227K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5035	+0.228%	$254K	$920K	75x	as long as short