Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0227%/8h= +24.9% APRpaid last 24h +0.031%

Price spread now: Hyperliquid against MEXC+0.141%7-day average +0.107% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$580.580% of the position

Long on MEXC Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.161%+$16 on $10k

Price spread, last 7 days−0.086%−$9 · spread now +0.141%, 7d avg +0.107%

Together, before fees+0.075%+ Points / potential airdropHyperliquid: Season 2 · farm board+$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Hyperliquid is 0.035% dearer against MEXC than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.107%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC SPX_USDT	0.5168	0.0100	pay 0.0050% / 4h	3h 33m	$11.9M	$5.0M	100x
Short	Hyperliquid SPX	0.5175	0.0327	get 0.0041% / 1h	33m 18s	$10.6M	$7.8M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against MEXC. 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 MEXCbpFee HyperliquidbpOrdersPrice spread, now +0.141%Rate

Funding earned: $47.67
Price spread: +0.141% → +0.107%: $3.46
Slippage, 4 orders: −$44.96
Fee MEXC: 2 bp × 2 orders: −$4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$6.83
Costs to cover: 0.580%
Break-even: 8.0 days

Slippage from MEXC: live order book, 5 min ago; Hyperliquid: live order book, 9 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 MEXC live order book, 5 min ago	1.93 bp	9.4 bp −$9	41.6 bp −$416	181.5 bp −$18.2K	doesn't fit
Sell Hyperliquid live order book, 9 min ago	2.03 bp	18.7 bp −$19	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
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−3.657%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5175	+0.134%	$141K	$359K	5x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5168	0.000%	$5.2M	$22.1M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5165	−0.058%	$11.8M	$16.9M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5167	−0.019%	$943K	$3.1M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5164	−0.077%	$1.0M	$583K	50x	as long as short
MEXC SPX_USDTlong	+0.0100%	4h	0.5168	long leg	$11.9M	$5.0M	100x
KuCoin SPXUSDTM	+0.0100%	4h	0.5168	0.000%	$3.7M	$5.3M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5176	+0.155%	$2.7M	$1.5M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5166	−0.039%	—	$6.9M	—	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni SPX	+0.0100%	4h	0.5168	−0.008%	$964K	$1.5M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5201	+0.639%	$26K	$254K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5165	−0.058%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5168	+0.001%	$36K	$250K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0208%	4h	0.5173	+0.097%	$21K	$599	10x	as long as short
Aster SPXUSDT	+0.0259%	4h	0.5168	0.000%	$138K	$129K	10x	as long as short
Hyperliquid SPXshort	+0.0327%	1h	0.5175	+0.141%	$10.6M	$7.8M	5x
BloFin SPX-USDT	+0.0340%	4h	0.5166	−0.039%	$252K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1214%	1h	0.5183	+0.284%	$253K	$558K	20x	as long as short