Funding arb · Price arb /

SPX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.060%

Price spread now: ApeX Omni against Hyperliquid−0.214%85s7-day average −0.087% · you buy dearer than you sell

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$670.669% of the position

Long on Hyperliquid Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.152%−$15 on $10k

Price spread, last 3 days (all we have)+0.456%+$46 · spread now −0.214%, 7d avg −0.087%

Together, before fees+0.303%+ Points / potential airdropHyperliquid: Season 2 · farm board+$30 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: ApeX Omni is 0.127% cheaper against Hyperliquid than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of −0.087%. The two prices were read 85 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SPX	0.5130	0.0100	pay 0.0013% / 1h	6m 02s	$10.1M	$7.6M	5x
Short	ApeX Omni SPXUSDT	0.5119	0.0100	get 0.0013% / 1h	6m 02s	$46K	$246K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Hyperliquid. 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 HyperliquidbpFee ApeX OmnibpOrdersPrice spread, now −0.214%Rate

Funding earned: $0
Price spread: −0.214% → −0.087%: −$12.72
Slippage, 4 orders: −$47.93
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$79.65
Costs to cover: 0.669%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; ApeX Omni: live order book, 65 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 Hyperliquid live order book, 6 min ago	1.96 bp	16.0 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 65 min ago	6.94 bp	18.3 bp −$18	109.0 bp −$1,090	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	−2.943%	$9	$4K	5.5x	as long as short
Variational Omni SPX	+0.0060%	4h	0.5108	−0.428%	$854K	$1.3M	—	as long as short
Lighter SPX	+0.0096%	1h	0.5123	−0.133%	$128K	$334K	5x	as long as short
Hyperliquid SPXlong	+0.0100%	1h	0.5130	long leg	$10.1M	$7.6M	5x
Aster SPXUSDT	+0.0100%	4h	0.5138	+0.157%	$130K	$110K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5128	−0.039%	$5.1M	$21.1M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5118	−0.234%	$11.6M	$16.0M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5119	−0.214%	$968K	$2.8M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5121	−0.175%	$1.1M	$521K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5120	−0.195%	$11.4M	$4.8M	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	0.5121	−0.175%	$3.8M	$5.4M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5125	−0.097%	$2.7M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5120	−0.195%	—	$6.8M	—	as long as short
ApeX Omni SPXUSDTshort	+0.0100%	1h	0.5119	−0.214%	$46K	$246K	25x
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5126	−0.078%	$20K	$599	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5112	−0.351%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5113	−0.327%	$33K	$264K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5142	+0.234%	$253K	$1.1M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.0955%	1h	0.5130	−0.001%	$249K	$550K	20x	as long as short