Funding arb · Price arb /

SPX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.062%

Price spread now: Orderly against Hyperliquid−0.036%7-day average — · you buy dearer than you sell

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

Long on Hyperliquid Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Orderly is 0.036% cheaper against Hyperliquid than usual: you would sell low and buy high, −$4 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SPX	0.5066	0.0100	pay 0.0013% / 1h	51m 06s	$9.8M	$7.6M	5x
Short	Orderly PERP_SPX_USDC	0.5064	0.0100	get 0.0050% / 4h	51m 06s	$20K	$711	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.036%Rate

Funding earned: $0
Price spread: −0.036% → 0.000%: −$3.55
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$18.55
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 11 min ago; Orderly: no order-book sample. 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, 11 min ago	1.91 bp	11.8 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1177%	1h	0.5064	−0.033%	$240K	$560K	20x	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−1.713%	$9	$4K	5.5x	as long as short
Variational Omni SPX	+0.0062%	4h	0.5034	−0.621%	$847K	$1.3M	—	as long as short
Lighter SPX	+0.0096%	1h	0.5058	−0.160%	$116K	$318K	5x	as long as short
Hyperliquid SPXlong	+0.0100%	1h	0.5066	long leg	$9.8M	$7.6M	5x
Aster SPXUSDT	+0.0100%	4h	0.5046	−0.399%	$128K	$108K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5062	−0.084%	$4.9M	$20.9M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5055	−0.213%	$11.5M	$16.0M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5063	−0.055%	$968K	$2.8M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5055	−0.213%	$1.0M	$496K	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	0.5056	−0.193%	$11.3M	$4.7M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5054	−0.233%	$3.8M	$5.3M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5055	−0.213%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5059	−0.134%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5046	−0.391%	$45K	$246K	25x	as long as short
Orderly PERP_SPX_USDCshort	+0.0100%	4h	0.5064	−0.036%	$20K	$711	10x
SunX SPX-USDT	+0.0100%	4h	0.5047	−0.371%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5056	−0.203%	$34K	$228K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5037	−0.569%	$243K	$987K	75x	as long as short