Funding arb · Price arb /

SP500

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0095%/8h= +10.4% APRpaid last 24h +0.013%

Price spread now: Paradex against QFEX−0.023%7-day average — · you buy dearer than you sell

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

Long on QFEX Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding pays, the price is against you. Paradex is 0.023% cheaper against QFEX than usual: you would sell low and buy high (spread −0.023% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 19 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX US500-USD	7,769.6	−0.0045	get 0.0006% / 1h	51m 13s	$11.8M	$3.1M	30x
Short	Paradex US500-USD-PERP	7,767.8	0.0050	get 0.0050% / 8h	7h 51m	$43K	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against QFEX. 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 QFEXbpFee ParadexbpOrdersPrice spread, now −0.023%Rate

Funding earned: $19.86
Price spread: −0.023% → 0.000%: −$2.27
Slippage, 4 orders: no order book: not counted
Fee QFEX: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: $3.59
Costs to cover: 0.140%
Break-even: 5.7 days

Slippage unknown: QFEX: live order book, 13 min ago; Paradex: no order-book sample. 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 QFEX live order book, 13 min ago	1.42 bp	6.5 bp −$7	10.6 bp −$106	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

SP500 on 18 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 US500/USDC PERP	−0.0220%	1h	7,667.9	−1.309%	$7K	$104	52x	as long as short
QFEX US500-USDlong	−0.0045%	1h	7,769.6	long leg	$11.8M	$3.1M	30x
OKX US500-USDT-SWAP	0.0000%	8h	7,769.9	+0.004%	$152K	$251K	20x	as long as short
Bitget SP500USDT	0.0000%	8h	7,772.3	+0.035%	$7.2M	$789K	50x	as long as short
Variational Omni US500	0.0000%	8h	7,745.2	−0.313%	$17.2M	$9.3M	—	as long as short
Bullet US500-USD	0.0000%	1h	7,770.4	+0.010%	$12K	$108K	10x	as long as short
Lighter US500	+0.0032%	1h	7,768	−0.021%	$2.0M	$28.3M	50x	as long as short
Extended SPX500m-USD	+0.0032%	1h	7,770.9	+0.016%	$3.2M	$13.5M	25x	as long as short
Markets by Kinetiq mkts:US500	+0.0046%	1h	7,739.1	−0.393%	$1.6M	$7.1M	25x	as long as short
Vest SPX-USD-PERP	+0.0046%	1h	7,835	+0.842%	—	$3.6M	50x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex US500USDT	+0.0048%	1h	7,771.6	+0.026%	$545K	$440K	20x	as long as short
Paradex US500-USD-PERPshort	+0.0050%	8h	7,767.8	−0.023%	$43K	—	5x
tradeXYZ xyz:SP500	+0.0050%	1h	7,770	+0.005%	$436.4M	$245.9M	50x	as long as short
Polymarket Perps SP500-USD	+0.0050%	1h	7,767.4	−0.028%	$9.0M	$2.3M	50x	as long as short
SoDEX US500-USD	+0.0050%	1h	7,769.5	−0.001%	$1.1M	$85K	20x	as long as short
Ondo Perps US500-USD.P	+0.0050%	1h	7,769.6	0.000%	$9.5M	$6.9M	25x	as long as short
Pacifica SP500	+0.0100%	1h	7,770.1	+0.007%	$258K	$195K	20x	as long as short
Aftermath Perps US500USD	+0.0158%	1h	7,767.6	−0.026%	$535	$21K	10x	as long as short