Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Binance against Extended−0.063%7-day average +0.101% · you buy dearer than you sell

Net, funding: paid 7d − costs−$100as in the Funding arb table

Net, price: spread back to 7d avg − costs−$115as in the Price arb table

costs, in and out, $10k−$990.989% of the position

Long on Extended Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.008%−$1 on $10k

Price spread, last 4 days (all we have)+0.126%+$13 · spread now −0.063%, 7d avg +0.101%

Together, before fees+0.118%+ Points / potential airdropExtended: Active · farm board+$12 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: Binance is 0.165% cheaper against Extended than usual: you would sell low and buy high, −$16 on $10k if it goes back to its 7-day average of +0.101%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended SPX-USD	0.5123	0.0104	pay 0.0013% / 1h	3m 45s	$34K	$258K	10x
Short	Binance SPXUSDT	0.5120	0.0100	get 0.0050% / 4h	2h 03m	$5.2M	$21.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Extended. 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 ExtendedbpFee BinancebpOrdersPrice spread, now −0.063%Rate

Funding earned: −$0.84
Price spread: −0.063% → +0.101%: −$16.45
Slippage, 4 orders: −$83.92
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Binance: 5 bp × 2 orders: −$10
Net: −$116.21
Costs to cover: 0.989%
Break-even: never at this rate

Slippage from Extended: live order book, 63 min ago; Binance: live order book, 7 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 Extended live order book, 63 min ago	3.70 bp	25.9 bp −$26	189.6 bp −$1,896	doesn't fit	doesn't fit
Sell Binance live order book, 7 min ago	0.98 bp	19.8 bp −$20	57.4 bp −$574	doesn't fit	doesn't fit

SPX 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 SPX/USDC PERP	+0.0033%	1h	0.4979	−2.817%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5131	+0.158%	$138K	$358K	5x	as long as short
Variational Omni SPX	+0.0096%	4h	0.5112	−0.219%	$884K	$1.4M	—	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5136	+0.249%	$10.3M	$7.5M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5121	−0.043%	$130K	$111K	10x	as long as short
Binance SPXUSDTshort	+0.0100%	4h	0.5120	−0.063%	$5.2M	$21.1M	75x
Bybit SPXUSDT	+0.0100%	4h	0.5116	−0.143%	$11.6M	$16.0M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5117	−0.123%	$958K	$2.9M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5122	−0.026%	$1.0M	$557K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5125	+0.033%	$11.6M	$4.9M	100x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SPXUSDTM	+0.0100%	4h	0.5122	−0.026%	$3.7M	$5.3M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5129	+0.111%	$2.7M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5128	+0.091%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5098	−0.494%	$46K	$243K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5111	−0.240%	$8K	$1.7M	20x	as long as short
Extended SPX-USDlong	+0.0104%	1h	0.5123	long leg	$34K	$258K	10x
Orderly PERP_SPX_USDC	+0.0138%	4h	0.5130	+0.130%	$20K	$599	10x	as long as short
Kraken Futures PF_SPXUSD	+0.1165%	1h	0.5127	+0.064%	$254K	$545K	20x	as long as short