Funding arb · Price arb /

SPX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.001%

Price spread now: KuCoin against Injective+2.691%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 KuCoin

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 KuCoin is 2.691% dearer against Injective than usual: you sell high and buy low: +$269 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	24m 41s	$9	$4K	5.5x
Short	KuCoin SPXUSDTM	0.5113	0.0100	get 0.0050% / 4h	2h 24m	$3.7M	$5.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +2.691%Rate

Funding earned: $14
Price spread: +2.691% → 0.000%: $269.13
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $271.11
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; KuCoin: live order book, 8 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 KuCoin live order book, 8 min ago	2.95 bp	146.7 bp −$147	310.0 bp −$3,100	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 18 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 PERPlong	+0.0033%	1h	0.4979	long leg	$9	$4K	5.5x
Lighter SPX	+0.0096%	1h	0.5115	+2.723%	$138K	$358K	5x	as long as short
Variational Omni SPX	+0.0100%	4h	0.5111	+2.644%	$884K	$1.4M	—	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5118	+2.792%	$10.2M	$7.7M	5x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5116	+2.761%	$5.2M	$21.2M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5105	+2.531%	$11.6M	$16.1M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5104	+2.511%	$956K	$2.9M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5113	+2.691%	$1.0M	$555K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5108	+2.591%	$11.6M	$4.9M	100x	as long as short
KuCoin SPXUSDTMshort	+0.0100%	4h	0.5113	+2.691%	$3.7M	$5.3M	50x

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SPXUSDT	+0.0100%	4h	0.5117	+2.772%	$2.7M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5117	+2.772%	—	$6.8M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5089	+2.209%	$46K	$246K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5113	+2.691%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5108	+2.593%	$37K	$260K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0129%	4h	0.5126	+2.952%	$20K	$599	10x	as long as short
Aster SPXUSDT	+0.0136%	4h	0.5114	+2.717%	$130K	$111K	10x	as long as short
Kraken Futures PF_SPXUSD	+0.1164%	1h	0.5127	+2.978%	$254K	$545K	20x	as long as short