Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.057%

Price spread now: Variational Omni against Extended+0.406%7-day average −0.060% · you sell dearer than you buy

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

Long on Extended Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.179%−$18 on $10k

Price spread, last 4 days (all we have)−0.044%−$4 · spread now +0.406%, 7d avg −0.060%

Together, before fees−0.222%+ Points / potential airdropExtended: Active · Variational Omni: Active · farm board−$22 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: Variational Omni is 0.466% dearer against Extended than usual: you sell high and buy low, +$47 on $10k if it goes back to its 7-day average of −0.060%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended SPX-USD	0.5054	0.0104	pay 0.0013% / 1h	40m 20s	$33K	$255K	10x
Short	Variational Omni SPX	0.5074	0.0100	get 0.0050% / 4h	2h 40m	$937K	$1.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Extended. 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 ExtendedbpFee Variational OmnibpOrdersPrice spread, now +0.406%Rate

Funding earned: −$0.84
Price spread: +0.406% → −0.060%: $46.57
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $40.73
Costs to cover: 0.050%
Break-even: from the start

Slippage unknown: Extended: live order book, 7 min ago; Variational Omni: RFQ quote, 4 min ago. 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 Extended live order book, 7 min ago	3.53 bp	42.0 bp −$42	246.1 bp −$2,461	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	6.88 bp	doesn't fit	42.3 bp −$423	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	−1.477%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5065	+0.219%	$138K	$380K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5058	+0.082%	$10.3M	$7.9M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5064	+0.206%	$135K	$130K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5059	+0.106%	$5.0M	$22.4M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5055	+0.027%	$11.5M	$17.1M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5052	−0.033%	$924K	$3.1M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5048	−0.112%	$1.0M	$598K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5056	+0.047%	$11.7M	$5.1M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5054	+0.007%	$3.7M	$5.4M	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SPXUSDT	+0.0100%	4h	0.5051	−0.052%	$2.6M	$1.5M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5054	+0.007%	—	$6.9M	—	as long as short
Variational Omni SPXshort	+0.0100%	4h	0.5074	+0.406%	$937K	$1.5M	—
ApeX Omni SPXUSDT	+0.0100%	1h	0.5086	+0.640%	$26K	$254K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5081	+0.541%	$8K	$1.7M	20x	as long as short
Extended SPX-USDlong	+0.0104%	1h	0.5054	long leg	$33K	$255K	10x
Orderly PERP_SPX_USDC	+0.0182%	4h	0.5065	+0.225%	$20K	$599	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5094	+0.798%	$252K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1443%	1h	0.5094	+0.790%	$249K	$545K	20x	as long as short