Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0866%/8h= −94.8% APRpaid last 24h −0.133%

Price spread now: Gate against Kraken Futures−0.296%7-day average −0.127% · you buy dearer than you sell

Net, funding: paid 7d − costs−$331as in the Funding arb table

Net, price: spread back to 7d avg − costs−$285as in the Price arb table

costs, in and out, $10k−$2682.682% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.627%−$63 on $10k

Price spread, last 3 days (all we have)+0.235%+$24 · spread now −0.296%, 7d avg −0.127%

Together, before fees−0.392%−$39 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$26 a day on $10k at the current rate, and Gate is 0.169% cheaper against Kraken Futures than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.127%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SPXUSD	0.5073	0.0966	pay 0.0121% / 1h	17m 21s	$246K	$552K	20x
Short	Gate SPX_USDT	0.5058	0.0100	get 0.0050% / 4h	3h 17m	$1.0M	$518K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Kraken Futures. 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 Kraken FuturesbpFee GatebpOrdersPrice spread, now −0.296%Rate

Funding earned: −$181.77
Price spread: −0.296% → −0.127%: −$16.85
Slippage, 4 orders: −$243.24
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$466.86
Costs to cover: 2.682%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 56 min ago; Gate: live order book, 5 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 Kraken Futures live order book, 56 min ago	30.70 bp	81.6 bp −$82	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	5.92 bp	71.7 bp −$72	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
Variational Omni SPX	−0.0032%	4h	0.5063	−0.194%	$844K	$1.3M	—	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−1.853%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5068	−0.097%	$117K	$323K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5065	−0.158%	$9.9M	$7.7M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5061	−0.243%	$128K	$110K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5067	−0.128%	$5.1M	$21.3M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5066	−0.138%	$11.5M	$16.1M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5061	−0.237%	$959K	$2.8M	20x	as long as short
Gate SPX_USDTshort	+0.0100%	4h	0.5058	−0.296%	$1.0M	$518K	50x
MEXC SPX_USDT	+0.0100%	4h	0.5067	−0.119%	$11.2M	$4.8M	100x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SPXUSDTM	+0.0100%	4h	0.5062	−0.217%	$3.7M	$5.4M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5063	−0.197%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5057	−0.316%	—	$6.8M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5072	−0.020%	$46K	$247K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5068	−0.099%	$20K	$599	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5058	−0.296%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5064	−0.169%	$35K	$265K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5069	−0.079%	$253K	$1.1M	75x	as long as short
Kraken Futures PF_SPXUSDlong	+0.0966%	1h	0.5073	long leg	$246K	$552K	20x