Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0307%/8h= +33.6% APRpaid last 24h +0.092%

Price spread now: BloFin against Injective+0.623%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 BloFin

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 +$9 a day on $10k at the current rate, and BloFin is 0.623% dearer against Injective than usual: you sell high and buy low: +$62 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	35m 32s	$9	$4K	5.5x
Short	BloFin SPX-USDT	0.5010	0.0340	get 0.0170% / 4h	2h 35m	$252K	$912K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.623%Rate

Funding earned: $64.4
Price spread: +0.623% → 0.000%: $62.26
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BloFin: 6 bp × 2 orders: −$12
Net: $114.64
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; BloFin: live order book, 51 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 BloFin live order book, 51 min ago	2.93 bp	16.6 bp −$17	41.8 bp −$418	doesn't fit	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	−0.0415%	1h	0.5002	+0.453%	$229K	$557K	20x	as long as short
Variational Omni SPX	−0.0029%	4h	0.5004	+0.503%	$843K	$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	0.5009	+0.601%	$115K	$319K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5008	+0.574%	$9.8M	$7.2M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5011	+0.641%	$123K	$97K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5008	+0.578%	$4.9M	$19.5M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5006	+0.542%	$11.6M	$15.4M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5011	+0.643%	$975K	$2.6M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5005	+0.522%	$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	0.5007	+0.562%	$11.5M	$4.5M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5007	+0.562%	$3.8M	$5.2M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5013	+0.683%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5009	+0.603%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5010	+0.623%	$45K	$248K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5012	+0.663%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.4998	+0.382%	$8K	$1.6M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5013	+0.682%	$34K	$226K	10x	as long as short
BloFin SPX-USDTshort	+0.0340%	4h	0.5010	+0.623%	$252K	$912K	75x