Funding arb · Price arb /

SPX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.043%

Price spread now: Variational Omni against KuCoin+0.012%7-day average −0.102% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on KuCoin Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.155%−$16 on $10k

Price spread, last 4 days (all we have)+0.650%+$65 · spread now +0.012%, 7d avg −0.102%

Together, before fees+0.494%+ Points / potential airdropVariational Omni: Active · farm board+$49 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: Variational Omni is 0.114% dearer against KuCoin than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of −0.102%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin SPXUSDTM	0.5055	0.0100	pay 0.0050% / 4h	0m 20s	$3.7M	$5.3M	50x
Short	Variational Omni SPX	0.5056	0.0100	get 0.0050% / 4h	0m 20s	$852K	$1.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against KuCoin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now +0.012%Rate

Funding earned: $0
Price spread: +0.012% → −0.102%: $11.37
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$0.63
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 7 min ago; Variational Omni: RFQ quote, 4 min ago. Net counts fees only.

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, 7 min ago	2.98 bp	71.4 bp −$71	466.4 bp −$4,664	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	5.00 bp	doesn't fit	51.0 bp −$510	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	−1.503%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5058	+0.057%	$136K	$357K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5057	+0.032%	$10.2M	$7.6M	5x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5052	−0.059%	$5.1M	$21.6M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5046	−0.178%	$11.4M	$16.4M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5050	−0.099%	$937K	$2.9M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5054	−0.020%	$1.0M	$568K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5053	−0.040%	$11.7M	$4.9M	100x	as long as short
KuCoin SPXUSDTMlong	+0.0100%	4h	0.5055	long leg	$3.7M	$5.3M	50x
Bitget SPXUSDT	+0.0100%	4h	0.5058	+0.059%	$2.6M	$1.4M	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SPX-USDT	+0.0100%	4h	0.5047	−0.158%	—	$6.9M	—	as long as short
Variational Omni SPXshort	+0.0100%	4h	0.5056	+0.012%	$852K	$1.4M	—
ApeX Omni SPXUSDT	+0.0100%	1h	0.5037	−0.356%	$26K	$254K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5048	−0.138%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5052	−0.067%	$33K	$241K	10x	as long as short
Aster SPXUSDT	+0.0176%	4h	0.5052	−0.056%	$135K	$122K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0194%	4h	0.5061	+0.119%	$20K	$599	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5064	+0.178%	$250K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1276%	1h	0.5060	+0.107%	$247K	$550K	20x	as long as short