Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.1263%/8h= +138.3% APRpaid last 24h +0.141%

Price spread now: Kraken Futures against BloFin+0.402%7-day average +0.063% · you sell dearer than you buy

Net, funding: paid 7d − costs−$120as in the Funding arb table

Net, price: spread back to 7d avg − costs−$113as in the Price arb table

costs, in and out, $10k−$1471.469% of the position

Long on BloFin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.268%+$27 on $10k

Price spread, last 4 days (all we have)−0.283%−$28 · spread now +0.402%, 7d avg +0.063%

Together, before fees−0.015%−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$38 a day on $10k at the current rate, and Kraken Futures is 0.339% dearer against BloFin than usual: you sell high and buy low: +$34 more if the spread goes back to its 7-day average of +0.063%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.268% in total (about 14.0% 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	BloFin SPX-USDT	0.5147	0.0340	pay 0.0170% / 4h	1h 33m	$258K	$1.0M	75x
Short	Kraken Futures PF_SPXUSD	0.5168	0.1603	get 0.0200% / 1h	33m 20s	$255K	$554K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.402%Rate

Funding earned: $265.16
Price spread: +0.402% → +0.063%: $33.9
Slippage, 4 orders: −$124.87
Fee BloFin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $152.19
Costs to cover: 1.469%
Break-even: 3.0 days

Slippage from BloFin: live order book, 4 min ago; Kraken Futures: live order book, 10 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, 4 min ago	0.97 bp	18.1 bp −$18	52.7 bp −$527	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 10 min ago	37.89 bp	50.5 bp −$50	152.1 bp −$1,521	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	−3.264%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5146	−0.014%	$141K	$405K	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5145	−0.035%	$137K	$93K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5145	−0.043%	$5.2M	$23.7M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5137	−0.194%	$11.8M	$17.6M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5138	−0.175%	$975K	$3.4M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5139	−0.155%	$1.0M	$643K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5146	−0.019%	$11.9M	$5.3M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5142	−0.097%	$3.7M	$5.4M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5144	−0.058%	$2.6M	$1.5M	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	0.5141	−0.117%	—	$6.9M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5133	−0.270%	$957K	$1.5M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5157	+0.194%	$26K	$254K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5136	−0.214%	$8K	$1.8M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5140	−0.141%	$34K	$240K	10x	as long as short
Hyperliquid SPX	+0.0145%	1h	0.5146	−0.012%	$10.4M	$8.3M	5x	as long as short
Orderly PERP_SPX_USDC	+0.0180%	4h	0.5152	+0.097%	$20K	$599	10x	as long as short
BloFin SPX-USDTlong	+0.0340%	4h	0.5147	long leg	$258K	$1.0M	75x
Kraken Futures PF_SPXUSDshort	+0.1603%	1h	0.5168	+0.402%	$255K	$554K	20x