Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.1278%/8h= +139.9% APRpaid last 24h −0.142%

Price spread now: SunX against Kraken Futures−0.323%7-day average −0.238% · you buy dearer than you sell

Net, funding: paid 7d − costs−$418as in the Funding arb table

Net, price: spread back to 7d avg − costs−$364as in the Price arb table

costs, in and out, $10k−$3553.550% of the position

Long on Kraken Futures Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.628%−$63 on $10k

Price spread, last 3 days (all we have)+0.058%+$6 · spread now −0.323%, 7d avg −0.238%

Together, before fees−0.571%−$57 on $10k · with fees, hour by hour

Funding pays, the price is against you. SunX is 0.085% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.323% now, against its 7-day average of −0.238%). If the spread goes back, that is −$9 on $10k: about 5 hours of funding at the current rate (+$38 a day). Mind the row above: over the last 7 days funding on this pair cost −0.628%, 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 -0.628% in total (about -32.8% 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	0.5061	−0.1178	get 0.0147% / 1h	48m 11s	$240K	$560K	20x
Short	SunX SPX-USDT	0.5045	0.0100	get 0.0050% / 4h	48m 11s	$8K	$1.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.323%Rate

Funding earned: $268.29
Price spread: −0.323% → −0.238%: −$8.51
Slippage, 4 orders: −$337.01
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$95.22
Costs to cover: 3.550%
Break-even: 9.5 days

Slippage from Kraken Futures: live order book, 30 min ago; SunX: live order book, 7 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, 30 min ago	19.14 bp	71.9 bp −$72	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 7 min ago	31.78 bp	113.8 bp −$114	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
Kraken Futures PF_SPXUSDlong	−0.1178%	1h	0.5061	long leg	$240K	$560K	20x
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−1.627%	$9	$4K	5.5x	as long as short
Variational Omni SPX	+0.0050%	4h	0.5050	−0.227%	$848K	$1.3M	—	as long as short
Lighter SPX	+0.0096%	1h	0.5058	−0.067%	$116K	$318K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5065	+0.072%	$9.8M	$7.6M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5068	+0.130%	$128K	$109K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5059	−0.044%	$5.0M	$20.9M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5057	−0.086%	$11.5M	$16.0M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5062	+0.012%	$965K	$2.8M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5058	−0.067%	$1.0M	$497K	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	0.5056	−0.106%	$11.3M	$4.7M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5064	+0.052%	$3.8M	$5.3M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5057	−0.086%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5061	−0.007%	—	$6.8M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5056	−0.106%	$45K	$246K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5062	+0.012%	$20K	$711	10x	as long as short
SunX SPX-USDTshort	+0.0100%	4h	0.5045	−0.323%	$8K	$1.7M	20x
Extended SPX-USD	+0.0104%	1h	0.5053	−0.164%	$34K	$228K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5048	−0.264%	$243K	$989K	75x	as long as short