Funding arb · Price arb /

SPX

all SPX markets

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: KuCoin against Variational Omni+0.058%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 Variational Omni Short on KuCoin

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)−0.720%−$72 · spread now +0.058%, 7d avg +0.102%

Together, before fees−0.564%+ Points / potential airdropVariational Omni: Active · farm board−$56 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: KuCoin is 0.044% cheaper against Variational Omni than usual: you would sell low and buy high, −$4 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	Variational Omni SPX	0.4985	0.0100	pay 0.0050% / 4h	50m 35s	$840K	$1.4M	—
Short	KuCoin SPXUSDTM	0.4988	0.0100	get 0.0050% / 4h	50m 35s	$3.7M	$5.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Variational Omni. 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 Variational OmnibpFee KuCoinbpOrdersPrice spread, now +0.058%Rate

Funding earned: $0
Price spread: +0.058% → +0.102%: −$4.39
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$16.39
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; KuCoin: live order book, 2 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 Variational Omni RFQ quote, 4 min ago	5.99 bp	doesn't fit	63.9 bp −$639	doesn't fit	doesn't fit
Sell KuCoin live order book, 2 min ago	2.00 bp	53.3 bp −$53	272.4 bp −$2,724	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	−0.123%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.4992	+0.146%	$134K	$357K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.4999	+0.278%	$10.1M	$7.4M	5x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.4992	+0.142%	$5.0M	$21.3M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.4978	−0.143%	$11.3M	$16.3M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.4985	−0.003%	$932K	$2.8M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.4982	−0.063%	$992K	$557K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.4991	+0.118%	$11.9M	$4.8M	100x	as long as short
KuCoin SPXUSDTMshort	+0.0100%	4h	0.4988	+0.058%	$3.7M	$5.2M	50x
Bitget SPXUSDT	+0.0100%	4h	0.4990	+0.098%	$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	0.4982	−0.063%	—	$6.9M	—	as long as short
Variational Omni SPXlong	+0.0100%	4h	0.4985	long leg	$840K	$1.4M	—
SunX SPX-USDT	+0.0100%	4h	0.4986	+0.018%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.4985	+0.002%	$32K	$248K	10x	as long as short
Aster SPXUSDT	+0.0131%	4h	0.4996	+0.218%	$134K	$122K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0155%	4h	0.5005	+0.399%	$20K	$599	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.4993	+0.158%	$251K	$984K	75x	as long as short
ApeX Omni SPXUSDT	+0.1000%	1h	0.5013	+0.559%	$25K	$254K	25x	as long as short
Kraken Futures PF_SPXUSD	+0.1291%	1h	0.4999	+0.270%	$243K	$549K	20x	as long as short