Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.008%

Price spread now: Hyperliquid against BloFin+0.147%7-day average +0.100% · you sell dearer than you buy

Net, funding: paid 7d − costs−$90as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$710.710% of the position

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.188%−$19 on $10k

Price spread, last 3 days (all we have)+0.122%+$12 · spread now +0.147%, 7d avg +0.100%

Together, before fees−0.066%+ Points / potential airdropHyperliquid: Season 2 · farm board−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.047% dearer against BloFin than usual: you sell high and buy low (spread +0.147% now, against its 7-day average of +0.100%): +$5 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 16 hours. At the pace of the last 7 days (−0.188% in total) that is about 42 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin SPX-USDT	0.5046	0.0340	pay 0.0170% / 4h	35m 04s	$247K	$983K	75x
Short	Hyperliquid SPX	0.5053	0.0100	get 0.0013% / 1h	35m 04s	$9.9M	$7.7M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BloFin. 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 BloFinbpFee HyperliquidbpOrdersPrice spread, now +0.147%Rate

Funding earned: −$50.4
Price spread: +0.147% → +0.100%: $4.71
Slippage, 4 orders: −$49.99
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$116.67
Costs to cover: 0.710%
Break-even: never at this rate

Slippage from BloFin: live order book, 42 min ago; Hyperliquid: 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 BloFin live order book, 42 min ago	5.03 bp	13.4 bp −$13	44.9 bp −$449	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 7 min ago	3.15 bp	18.5 bp −$19	doesn't fit	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	−0.1179%	1h	0.5055	+0.179%	$240K	$560K	20x	as long as short
Variational Omni SPX	−0.0019%	4h	0.5052	+0.117%	$845K	$1.3M	—	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−1.328%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5048	+0.044%	$116K	$319K	5x	as long as short
Hyperliquid SPXshort	+0.0100%	1h	0.5053	+0.147%	$9.9M	$7.7M	5x
Aster SPXUSDT	+0.0100%	4h	0.5055	+0.184%	$129K	$109K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5051	+0.099%	$5.0M	$21.0M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5040	−0.119%	$11.5M	$16.1M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5047	+0.020%	$961K	$2.8M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5048	+0.040%	$1.0M	$499K	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	0.5046	0.000%	$11.1M	$4.7M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5046	0.000%	$3.7M	$5.3M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5053	+0.139%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5043	−0.059%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5060	+0.277%	$45K	$246K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5053	+0.139%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5041	−0.099%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5044	−0.045%	$34K	$228K	10x	as long as short
BloFin SPX-USDTlong	+0.0340%	4h	0.5046	long leg	$247K	$983K	75x