Funding arb · Price arb /

SPX

all SPX markets

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 −0.073%

Price spread now: Variational Omni against Bybit+0.358%7-day average −0.011% · you sell dearer than you buy

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

Long on Bybit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.122%−$12 on $10k

Price spread, last 3 days (all we have)+0.430%+$43 · spread now +0.358%, 7d avg −0.011%

Together, before fees+0.309%+ Points / potential airdropVariational Omni: Active · farm board+$31 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: Variational Omni is 0.369% dearer against Bybit than usual: you sell high and buy low, +$37 on $10k if it goes back to its 7-day average of −0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SPXUSDT	0.4992	0.0100	pay 0.0050% / 4h	2h 09m	$11.6M	$15.5M	50x
Short	Variational Omni SPX	0.5010	0.0100	get 0.0050% / 4h	2h 09m	$874K	$1.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.358%Rate

Funding earned: $0
Price spread: +0.358% → −0.011%: $36.89
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $25.89
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Bybit: live order book, 9 min ago; Variational Omni: RFQ quote, 4 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 Bybit live order book, 9 min ago	4.97 bp	20.8 bp −$21	92.3 bp −$923	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	7.96 bp	doesn't fit	63.7 bp −$637	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
Kraken Futures PF_SPXUSD	−0.0414%	1h	0.5016	+0.474%	$232K	$560K	20x	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−0.260%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5001	+0.180%	$115K	$319K	5x	as long as short
Variational Omni SPXshort	+0.0100%	4h	0.5010	+0.358%	$874K	$1.3M	—
Hyperliquid SPX	+0.0100%	1h	0.4999	+0.148%	$9.8M	$7.2M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5014	+0.443%	$123K	$99K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5000	+0.160%	$4.9M	$19.6M	75x	as long as short
Bybit SPXUSDTlong	+0.0100%	4h	0.4992	long leg	$11.6M	$15.5M	50x
OKX SPX-USDT-SWAP	+0.0100%	4h	0.4995	+0.060%	$969K	$2.6M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.4997	+0.100%	$1.0M	$478K	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SPX_USDT	+0.0100%	4h	0.5000	+0.160%	$11.4M	$4.6M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.4999	+0.140%	$3.8M	$5.2M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5001	+0.180%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.4994	+0.040%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5028	+0.721%	$45K	$248K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5022	+0.601%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5006	+0.280%	$8K	$1.6M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.4998	+0.122%	$34K	$226K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5017	+0.501%	$251K	$911K	75x	as long as short