Funding arb · Price arb /

SPX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.029%

Price spread now: BingX against Hyperliquid−0.027%7-day average −0.161% · you buy dearer than you sell

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

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.161%−$16 on $10k

Price spread, last 7 days−0.066%−$7 · spread now −0.027%, 7d avg −0.161%

Together, before fees−0.228%+ Points / potential airdropHyperliquid: Season 2 · farm board−$23 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: BingX is 0.134% dearer against Hyperliquid than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of −0.161%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SPX	0.5177	0.0100	pay 0.0013% / 1h	18m 44s	$10.5M	$7.9M	5x
Short	BingX SPX-USDT	0.5176	0.0100	get 0.0050% / 4h	2h 18m	—	$6.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.027%Rate

Funding earned: $0
Price spread: −0.027% → −0.161%: $13.38
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$5.62
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 4 min ago; BingX: live order book, 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 Hyperliquid live order book, 4 min ago	3.15 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 4 min ago	7.90 bp	26.8 bp −$27	67.9 bp −$679	304.3 bp −$30.4K	1046.0 bp −$523.0K

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	−3.832%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5178	+0.014%	$141K	$380K	5x	as long as short
Hyperliquid SPXlong	+0.0100%	1h	0.5177	long leg	$10.5M	$7.9M	5x
Aster SPXUSDT	+0.0100%	4h	0.5169	−0.162%	$138K	$130K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5169	−0.162%	$5.1M	$22.5M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5171	−0.124%	$11.8M	$17.2M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5173	−0.085%	$949K	$3.2M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5175	−0.046%	$1.0M	$608K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5171	−0.124%	$12.0M	$5.2M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5172	−0.104%	$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	0.5173	−0.085%	$2.7M	$1.5M	50x	as long as short
BingX SPX-USDTshort	+0.0100%	4h	0.5176	−0.027%	—	$6.9M	—
Variational Omni SPX	+0.0100%	4h	0.5076	−1.956%	$935K	$1.5M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5052	−2.422%	$26K	$255K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5143	−0.664%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5174	−0.072%	$34K	$254K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0192%	4h	0.5160	−0.336%	$20K	$599	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5145	−0.626%	$251K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1420%	1h	0.5178	+0.012%	$254K	$539K	20x	as long as short