Funding arb · Price arb /

SPX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.001%

Price spread now: Bybit against KuCoin−0.140%7-day average −0.117% · you buy dearer than you sell

Net, funding: paid 7d − costs−$223as in the Funding arb table

Net, price: spread back to 7d avg − costs−$220as in the Price arb table

costs, in and out, $10k−$2182.180% of the position

Long on KuCoin Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.048%−$5 on $10k

Price spread, last 7 days+0.021%+$2 · spread now −0.140%, 7d avg −0.117%

Together, before fees−0.027%−$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.023% cheaper against KuCoin than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.117%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin SPXUSDTM	0.5012	0.0100	pay 0.0050% / 4h	2h 33m	$3.8M	$5.2M	50x
Short	Bybit SPXUSDT	0.5005	0.0100	get 0.0050% / 4h	2h 33m	$11.6M	$15.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against KuCoin. 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 KuCoinbpFee BybitbpOrdersPrice spread, now −0.140%Rate

Funding earned: $0
Price spread: −0.140% → −0.117%: −$2.27
Slippage, 4 orders: −$195.02
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$220.29
Costs to cover: 2.180%
Break-even: never at this rate

Slippage from KuCoin: live order book, 4 min ago; Bybit: 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 KuCoin live order book, 4 min ago	2.99 bp	86.5 bp −$86	419.6 bp −$4,196	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	2.00 bp	22.0 bp −$22	74.1 bp −$741	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_SPXUSD	−0.0415%	1h	0.5006	−0.118%	$232K	$560K	20x	as long as short
Variational Omni SPX	−0.0001%	4h	0.5005	−0.143%	$843K	$1.3M	—	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−0.658%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5018	+0.128%	$115K	$319K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5015	+0.064%	$9.8M	$7.2M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5023	+0.219%	$124K	$97K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5010	−0.040%	$4.9M	$19.5M	75x	as long as short
Bybit SPXUSDTshort	+0.0100%	4h	0.5005	−0.140%	$11.6M	$15.4M	50x
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5010	−0.040%	$977K	$2.6M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5013	+0.020%	$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	0.5008	−0.080%	$11.5M	$4.5M	100x	as long as short
KuCoin SPXUSDTMlong	+0.0100%	4h	0.5012	long leg	$3.8M	$5.2M	50x
Bitget SPXUSDT	+0.0100%	4h	0.5013	+0.020%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5014	+0.040%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5010	−0.040%	$45K	$248K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5016	+0.080%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5000	−0.239%	$8K	$1.6M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5008	−0.081%	$34K	$226K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5015	+0.060%	$251K	$913K	75x	as long as short