Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.020%

Price spread now: Binance against Injective+1.044%7-day average — · you sell dearer than you buy

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

Long on Injective Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Binance is 1.044% dearer against Injective than usual: you sell high and buy low: +$104 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective SPX/USDC PERP	0.4979	0.0033	pay 0.0004% / 1h	57m 23s	$9	$4K	5.5x
Short	Binance SPXUSDT	0.5031	0.0100	get 0.0050% / 4h	2h 57m	$5.0M	$19.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Injective. 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 InjectivebpFee BinancebpOrdersPrice spread, now +1.044%Rate

Funding earned: $14
Price spread: +1.044% → 0.000%: $104.39
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Binance: 5 bp × 2 orders: −$10
Net: $108.37
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Binance: live order book, 14 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 Injective no order-book sample	—	—	—	—	—
Sell Binance live order book, 14 min ago	0.99 bp	16.5 bp −$17	51.2 bp −$512	384.1 bp −$38.4K	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0413%	1h	0.5034	+1.101%	$231K	$563K	20x	as long as short
Variational Omni SPX	+0.0009%	4h	0.5059	+1.608%	$850K	$1.3M	—	as long as short
Injective SPX/USDC PERPlong	+0.0033%	1h	0.4979	long leg	$9	$4K	5.5x
Lighter SPX	+0.0096%	1h	0.5041	+1.239%	$116K	$318K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5035	+1.123%	$9.9M	$7.1M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5043	+1.295%	$123K	$96K	10x	as long as short
Binance SPXUSDTshort	+0.0100%	4h	0.5031	+1.044%	$5.0M	$19.6M	75x
Bybit SPXUSDT	+0.0100%	4h	0.5023	+0.884%	$11.6M	$15.5M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5027	+0.964%	$986K	$2.6M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5035	+1.125%	$1.0M	$475K	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	0.5033	+1.085%	$11.5M	$4.5M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5034	+1.105%	$3.8M	$5.2M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5031	+1.044%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5027	+0.964%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5051	+1.446%	$45K	$248K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5038	+1.185%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5026	+0.944%	$8K	$1.6M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5030	+1.033%	$34K	$227K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5054	+1.506%	$257K	$970K	75x	as long as short