Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.020%

Price spread now: Extended against Bybit+0.091%7-day average +0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$100as in the Price arb table

costs, in and out, $10k−$1051.049% of the position

Long on Bybit Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.075%+$7 on $10k

Price spread, last 4 days (all we have)−0.165%−$16 · spread now +0.091%, 7d avg +0.039%

Together, before fees−0.090%+ 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 0.053% dearer against Bybit than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.039%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SPXUSDT	0.5002	0.0100	pay 0.0050% / 4h	2h 51m	$11.6M	$15.4M	50x
Short	Extended SPX-USD	0.5007	0.0104	get 0.0013% / 1h	51m 18s	$34K	$227K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Bybit. 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 BybitbpFee ExtendedbpOrdersPrice spread, now +0.091%Rate

Funding earned: $0.84
Price spread: +0.091% → +0.039%: $5.28
Slippage, 4 orders: −$88.9
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$98.78
Costs to cover: 1.049%
Break-even: 830.1 days

Slippage from Bybit: live order book, 2 min ago; Extended: live order book, 35 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 Bybit live order book, 2 min ago	3.99 bp	18.3 bp −$18	62.0 bp −$620	doesn't fit	doesn't fit
Sell Extended live order book, 35 min ago	3.32 bp	33.3 bp −$33	223.9 bp −$2,239	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	−0.0415%	1h	0.5004	+0.040%	$229K	$560K	20x	as long as short
Variational Omni SPX	−0.0007%	4h	0.5025	+0.469%	$847K	$1.3M	—	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−0.460%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5012	+0.204%	$116K	$318K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5012	+0.206%	$9.8M	$7.1M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5017	+0.300%	$123K	$97K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5010	+0.161%	$5.0M	$19.6M	75x	as long as short
Bybit SPXUSDTlong	+0.0100%	4h	0.5002	long leg	$11.6M	$15.4M	50x
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5006	+0.080%	$975K	$2.6M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5004	+0.040%	$1.0M	$476K	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	0.5009	+0.140%	$11.5M	$4.5M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5006	+0.080%	$3.8M	$5.2M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5008	+0.120%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5005	+0.060%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5016	+0.280%	$45K	$248K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5017	+0.300%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5000	−0.040%	$8K	$1.6M	20x	as long as short
Extended SPX-USDshort	+0.0104%	1h	0.5007	+0.091%	$34K	$227K	10x
BloFin SPX-USDT	+0.0340%	4h	0.5012	+0.200%	$253K	$910K	75x	as long as short