Funding arb · Price arb /

SPX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.009%

Price spread now: Extended against Bybit+0.073%7-day average +0.041% · you sell dearer than you buy

Net, funding: paid 7d − costs−$103as in the Funding arb table

Net, price: spread back to 7d avg − costs−$107as in the Price arb table

costs, in and out, $10k−$1101.099% of the position

Long on Bybit Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.066%+$7 on $10k

Price spread, last 4 days (all we have)−0.031%−$3 · spread now +0.073%, 7d avg +0.041%

Together, before fees+0.036%+ Points / potential airdropExtended: Active · farm board+$4 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: Extended is 0.031% dearer against Bybit than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.041%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SPXUSDT	0.5049	0.0100	pay 0.0050% / 4h	2h 31m	$11.5M	$17.1M	50x
Short	Extended SPX-USD	0.5053	0.0104	get 0.0013% / 1h	31m 17s	$33K	$257K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Bybit. 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 BybitbpFee ExtendedbpOrdersPrice spread, now +0.073%Rate

Funding earned: $0.84
Price spread: +0.073% → +0.041%: $3.11
Slippage, 4 orders: −$93.86
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$105.91
Costs to cover: 1.099%
Break-even: 889.6 days

Slippage from Bybit: live order book, 2 min ago; Extended: live order book, 16 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 Bybit live order book, 2 min ago	2.97 bp	22.4 bp −$22	78.5 bp −$785	doesn't fit	doesn't fit
Sell Extended live order book, 16 min ago	3.53 bp	25.5 bp −$26	196.9 bp −$1,969	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	−1.386%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5060	+0.214%	$138K	$380K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5055	+0.123%	$10.3M	$7.9M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5056	+0.135%	$135K	$130K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5055	+0.119%	$5.0M	$22.5M	75x	as long as short
Bybit SPXUSDTlong	+0.0100%	4h	0.5049	long leg	$11.5M	$17.1M	50x
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5049	0.000%	$928K	$3.1M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5051	+0.040%	$1.0M	$600K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5056	+0.139%	$11.9M	$5.1M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5054	+0.099%	$3.7M	$5.4M	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SPXUSDT	+0.0100%	4h	0.5055	+0.119%	$2.6M	$1.5M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5052	+0.059%	—	$6.9M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5063	+0.282%	$933K	$1.5M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5046	−0.059%	$26K	$255K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5046	−0.059%	$8K	$1.7M	20x	as long as short
Extended SPX-USDshort	+0.0104%	1h	0.5053	+0.073%	$33K	$257K	10x
Orderly PERP_SPX_USDC	+0.0168%	4h	0.5061	+0.238%	$20K	$599	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5048	−0.020%	$249K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1451%	1h	0.5065	+0.313%	$247K	$544K	20x	as long as short