Funding arb · Price arb /

SPX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.026%

Price spread now: SunX against Hyperliquid−0.141%7-day average −0.287% · you buy dearer than you sell

Net, funding: paid 7d − costs−$274as in the Funding arb table

Net, price: spread back to 7d avg − costs−$243as in the Price arb table

costs, in and out, $10k−$2582.580% of the position

Long on Hyperliquid Short on SunX

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)−0.286%−$29 · spread now −0.141%, 7d avg −0.287%

Together, before fees−0.448%+ Points / potential airdropHyperliquid: Season 2 · farm board−$45 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: SunX is 0.146% dearer against Hyperliquid than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of −0.287%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SPX	0.5178	0.0100	pay 0.0013% / 1h	7m 54s	$10.5M	$8.3M	5x
Short	SunX SPX-USDT	0.5171	0.0100	get 0.0050% / 4h	1h 07m	$8K	$1.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.141%Rate

Funding earned: $0
Price spread: −0.141% → −0.287%: $14.62
Slippage, 4 orders: −$241.03
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee SunX: 4 bp × 2 orders: −$8
Net: −$243.4
Costs to cover: 2.580%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; SunX: live order book, 8 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, 5 min ago	3.58 bp	17.8 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 8 min ago	31.95 bp	114.5 bp −$115	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
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−3.849%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5179	+0.012%	$141K	$405K	5x	as long as short
Hyperliquid SPXlong	+0.0100%	1h	0.5178	long leg	$10.5M	$8.3M	5x
Aster SPXUSDT	+0.0100%	4h	0.5181	+0.054%	$138K	$93K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5176	−0.044%	$5.2M	$23.7M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5168	−0.199%	$11.9M	$17.7M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5171	−0.141%	$976K	$3.4M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5173	−0.102%	$1.0M	$653K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5174	−0.083%	$11.9M	$5.3M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5174	−0.083%	$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	0.5178	−0.006%	$2.7M	$1.5M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5171	−0.141%	—	$6.9M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5173	−0.102%	$979K	$1.6M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5175	−0.064%	$26K	$253K	25x	as long as short
SunX SPX-USDTshort	+0.0100%	4h	0.5171	−0.141%	$8K	$1.8M	20x
Extended SPX-USD	+0.0104%	1h	0.5169	−0.179%	$34K	$243K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0180%	4h	0.5182	+0.071%	$21K	$599	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5178	−0.006%	$258K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1597%	1h	0.5187	+0.164%	$258K	$555K	20x	as long as short