Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0853%/8h= +93.4% APRpaid last 24h +0.150%

Price spread now: Kraken Futures against KuCoin+0.440%7-day average +0.116% · you sell dearer than you buy

Net, funding: paid 7d − costs−$208as in the Funding arb table

Net, price: spread back to 7d avg − costs−$238as in the Price arb table

costs, in and out, $10k−$2702.701% of the position

Long on KuCoin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.625%+$63 on $10k

Price spread, last 3 days (all we have)−0.424%−$42 · spread now +0.440%, 7d avg +0.116%

Together, before fees+0.201%+$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$26 a day on $10k at the current rate, and Kraken Futures is 0.324% dearer against KuCoin than usual: you sell high and buy low: +$32 more if the spread goes back to its 7-day average of +0.116%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin SPXUSDTM	0.5118	0.0100	pay 0.0050% / 4h	3h 36m	$3.8M	$5.4M	50x
Short	Kraken Futures PF_SPXUSD	0.5141	0.0953	get 0.0119% / 1h	36m 12s	$249K	$555K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.440%Rate

Funding earned: $179.1
Price spread: +0.440% → +0.116%: $32.39
Slippage, 4 orders: −$248.06
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$58.57
Costs to cover: 2.701%
Break-even: 9.3 days

Slippage from KuCoin: live order book, 2 min ago; Kraken Futures: live order book, 37 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, 2 min ago	2.94 bp	72.1 bp −$72	422.2 bp −$4,222	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 37 min ago	30.70 bp	47.7 bp −$48	142.9 bp −$1,429	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
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−2.716%	$9	$4K	5.5x	as long as short
Variational Omni SPX	+0.0045%	4h	0.5114	−0.074%	$851K	$1.3M	—	as long as short
Lighter SPX	+0.0096%	1h	0.5128	+0.203%	$128K	$314K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5128	+0.203%	$10.1M	$7.8M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5110	−0.165%	$129K	$110K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5121	+0.059%	$5.1M	$21.3M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5113	−0.098%	$11.6M	$16.1M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5117	−0.020%	$972K	$2.9M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5111	−0.137%	$1.1M	$511K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5120	+0.039%	$11.2M	$4.7M	100x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SPXUSDTMlong	+0.0100%	4h	0.5118	long leg	$3.8M	$5.4M	50x
Bitget SPXUSDT	+0.0100%	4h	0.5120	+0.039%	$2.7M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5119	+0.020%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5099	−0.371%	$46K	$246K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5127	+0.176%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5116	−0.039%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5123	+0.096%	$33K	$277K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5104	−0.274%	$250K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSDshort	+0.0953%	1h	0.5141	+0.440%	$249K	$555K	20x