Funding arb · Price arb /

SPX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Extended against BingX−0.114%7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$111as in the Funding arb table

Net, price: spread back to 7d avg − costs−$120as in the Price arb table

costs, in and out, $10k−$1121.123% of the position

Long on BingX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.008%+$1 on $10k

Price spread, last 4 days (all we have)−0.099%−$10 · spread now −0.114%, 7d avg −0.035%

Together, before fees−0.091%+ Points / potential airdropExtended: Active · farm board−$9 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: Extended is 0.079% cheaper against BingX than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX SPX-USDT	0.5033	0.0100	pay 0.0050% / 4h	2h 14m	—	$6.9M	—
Short	Extended SPX-USD	0.5027	0.0104	get 0.0013% / 1h	14m 37s	$34K	$226K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against BingX. 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 BingXbpFee ExtendedbpOrdersPrice spread, now −0.114%Rate

Funding earned: $0.84
Price spread: −0.114% → −0.035%: −$7.93
Slippage, 4 orders: −$97.34
Fee BingX: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$119.42
Costs to cover: 1.123%
Break-even: 1002.2 days

Slippage from BingX: live order book, 8 min ago; Extended: live order book, 7 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 BingX live order book, 8 min ago	6.95 bp	27.3 bp −$27	56.7 bp −$567	505.0 bp −$50.5K	doesn't fit
Sell Extended live order book, 7 min ago	3.28 bp	26.4 bp −$26	199.5 bp −$1,995	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
Kraken Futures PF_SPXUSD	−0.0413%	1h	0.5029	−0.085%	$233K	$560K	20x	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−1.073%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5035	+0.036%	$116K	$319K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5035	+0.042%	$9.8M	$7.2M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5027	−0.114%	$124K	$97K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5027	−0.110%	$4.9M	$19.5M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5030	−0.060%	$11.7M	$15.5M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5025	−0.159%	$975K	$2.6M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5025	−0.159%	$1.0M	$477K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5031	−0.040%	$11.5M	$4.6M	100x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SPXUSDTM	+0.0100%	4h	0.5029	−0.079%	$3.8M	$5.2M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5034	+0.020%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDTlong	+0.0100%	4h	0.5033	long leg	—	$6.9M	—
Variational Omni SPX	+0.0100%	4h	0.5025	−0.154%	$876K	$1.3M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5037	+0.079%	$45K	$248K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5033	0.000%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5015	−0.358%	$8K	$1.6M	20x	as long as short
Extended SPX-USDshort	+0.0104%	1h	0.5027	−0.114%	$34K	$226K	10x
BloFin SPX-USDT	+0.0340%	4h	0.5029	−0.079%	$250K	$913K	75x	as long as short