Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.1348%/8h= +147.6% APRpaid last 24h −0.141%

Price spread now: MEXC against Kraken Futures+0.046%7-day average −0.056% · you sell dearer than you buy

Net, funding: paid 7d − costs−$193as in the Funding arb table

Net, price: spread back to 7d avg − costs−$118as in the Price arb table

costs, in and out, $10k−$1281.280% of the position

Long on Kraken Futures Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.654%−$65 on $10k

Price spread, last 3 days (all we have)+0.025%+$2 · spread now +0.046%, 7d avg −0.056%

Together, before fees−0.629%−$63 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$40 a day on $10k at the current rate, and MEXC is 0.102% dearer against Kraken Futures than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.056%. Mind the row above: over the last 7 days funding on this pair cost −0.654%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.654% in total (about -34.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SPXUSD	0.5025	−0.1248	get 0.0156% / 1h	29m 46s	$233K	$552K	20x
Short	MEXC SPX_USDT	0.5027	0.0100	get 0.0050% / 4h	1h 29m	$11.3M	$4.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.046%Rate

Funding earned: $282.98
Price spread: +0.046% → −0.056%: $10.16
Slippage, 4 orders: −$113.95
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: $165.18
Costs to cover: 1.280%
Break-even: 2.9 days

Slippage from Kraken Futures: live order book, 53 min ago; MEXC: live order book, 3 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, 53 min ago	25.81 bp	61.1 bp −$61	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	2.97 bp	9.5 bp −$9	23.5 bp −$235	150.0 bp −$15.0K	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
Kraken Futures PF_SPXUSDlong	−0.1248%	1h	0.5025	long leg	$233K	$552K	20x
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−0.909%	$9	$4K	5.5x	as long as short
Variational Omni SPX	+0.0048%	4h	0.5031	+0.133%	$850K	$1.3M	—	as long as short
Lighter SPX	+0.0096%	1h	0.5032	+0.149%	$116K	$319K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5031	+0.134%	$9.8M	$7.3M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5035	+0.199%	$127K	$103K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5029	+0.086%	$5.1M	$20.0M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5019	−0.113%	$11.7M	$15.5M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5023	−0.034%	$982K	$2.7M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5028	+0.066%	$1.0M	$477K	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_USDTshort	+0.0100%	4h	0.5027	+0.046%	$11.3M	$4.6M	100x
KuCoin SPXUSDTM	+0.0100%	4h	0.5026	+0.026%	$3.8M	$5.2M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5027	+0.046%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5025	+0.006%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5055	+0.603%	$45K	$248K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5037	+0.245%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5020	−0.093%	$8K	$1.6M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5025	+0.007%	$34K	$228K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5047	+0.444%	$258K	$932K	75x	as long as short