Funding arb · Price arb /

SPX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.064%

Price spread now: OKX against Hyperliquid−0.127%7-day average −0.194% · you buy dearer than you sell

Net, funding: paid 7d − costs−$132as in the Funding arb table

Net, price: spread back to 7d avg − costs−$109as in the Price arb table

costs, in and out, $10k−$1161.160% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.161%−$16 on $10k

Price spread, last 7 days−0.040%−$4 · spread now −0.127%, 7d avg −0.194%

Together, before fees−0.202%+ Points / potential airdropHyperliquid: Season 2 · farm board−$20 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: OKX is 0.067% dearer against Hyperliquid than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.194%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SPX	0.5053	0.0100	pay 0.0013% / 1h	35m 03s	$9.9M	$7.7M	5x
Short	OKX SPX-USDT-SWAP	0.5047	0.0100	get 0.0050% / 4h	35m 03s	$961K	$2.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Hyperliquid. 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 HyperliquidbpFee OKXbpOrdersPrice spread, now −0.127%Rate

Funding earned: $0
Price spread: −0.127% → −0.194%: $6.75
Slippage, 4 orders: −$96.97
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$109.22
Costs to cover: 1.160%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; OKX: live order book, 2 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 Hyperliquid live order book, 7 min ago	3.15 bp	18.2 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	3.95 bp	35.9 bp −$36	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	+0.032%	$240K	$560K	20x	as long as short
Variational Omni SPX	−0.0019%	4h	0.5052	−0.029%	$845K	$1.3M	—	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−1.472%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5048	−0.103%	$116K	$319K	5x	as long as short
Hyperliquid SPXlong	+0.0100%	1h	0.5053	long leg	$9.9M	$7.7M	5x
Aster SPXUSDT	+0.0100%	4h	0.5055	+0.037%	$129K	$109K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5051	−0.047%	$5.0M	$21.0M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5040	−0.265%	$11.5M	$16.1M	50x	as long as short
OKX SPX-USDT-SWAPshort	+0.0100%	4h	0.5047	−0.127%	$961K	$2.8M	20x
Gate SPX_USDT	+0.0100%	4h	0.5048	−0.107%	$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	−0.146%	$11.1M	$4.7M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5046	−0.146%	$3.7M	$5.3M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5053	−0.008%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5043	−0.206%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5060	+0.131%	$45K	$246K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5053	−0.008%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5041	−0.245%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5044	−0.192%	$34K	$228K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5046	−0.146%	$247K	$983K	75x	as long as short