Funding arb · Price arb /

SPX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.002%

Price spread now: Orderly against BingX+0.219%7-day average — · you sell dearer than you buy

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

Long on BingX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Orderly is 0.219% dearer against BingX than usual: you sell high and buy low, +$22 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX SPX-USDT	0.5012	0.0100	pay 0.0050% / 4h	2h 11m	—	$6.9M	—
Short	Orderly PERP_SPX_USDC	0.5023	0.0100	get 0.0050% / 4h	2h 11m	$20K	$711	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against BingX. 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 BingXbpFee OrderlybpOrdersPrice spread, now +0.219%Rate

Funding earned: $0
Price spread: +0.219% → 0.000%: $21.95
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $5.95
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: BingX: live order book, 11 min ago; Orderly: 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 BingX live order book, 11 min ago	6.95 bp	27.3 bp −$27	56.7 bp −$567	505.0 bp −$50.5K	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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.

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
Kraken Futures PF_SPXUSD	−0.0414%	1h	0.5017	+0.100%	$232K	$560K	20x	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−0.658%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5020	+0.156%	$115K	$319K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5018	+0.122%	$9.8M	$7.2M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5018	+0.119%	$124K	$97K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5019	+0.133%	$4.9M	$19.5M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5011	−0.020%	$11.6M	$15.5M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5010	−0.040%	$973K	$2.6M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5016	+0.080%	$1.0M	$478K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5017	+0.100%	$11.5M	$4.6M	100x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SPXUSDTM	+0.0100%	4h	0.5017	+0.100%	$3.8M	$5.2M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5020	+0.160%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDTlong	+0.0100%	4h	0.5012	long leg	—	$6.9M	—
Variational Omni SPX	+0.0100%	4h	0.5025	+0.265%	$876K	$1.3M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5028	+0.319%	$45K	$248K	25x	as long as short
Orderly PERP_SPX_USDCshort	+0.0100%	4h	0.5023	+0.219%	$20K	$711	10x
SunX SPX-USDT	+0.0100%	4h	0.5009	−0.060%	$8K	$1.6M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5015	+0.057%	$34K	$226K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5017	+0.100%	$251K	$911K	75x	as long as short