Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0307%/8h= +33.6% APRpaid last 24h +0.092%

Price spread now: BloFin against Injective+2.249%7-day average — · you sell dearer than you buy

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

Long on Injective Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and BloFin is 2.249% dearer against Injective than usual: you sell high and buy low: +$225 more if the spread 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	Injective SPX/USDC PERP	0.4979	0.0033	pay 0.0004% / 1h	30m 29s	$9	$4K	5.5x
Short	BloFin SPX-USDT	0.5091	0.0340	get 0.0170% / 4h	3h 30m	$251K	$1.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Injective. 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 InjectivebpFee BloFinbpOrdersPrice spread, now +2.249%Rate

Funding earned: $64.4
Price spread: +2.249% → 0.000%: $224.94
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BloFin: 6 bp × 2 orders: −$12
Net: $277.32
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; BloFin: live order book, 2 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 Injective no order-book sample	—	—	—	—	—
Sell BloFin live order book, 2 min ago	8.84 bp	16.6 bp −$17	35.3 bp −$353	doesn't fit	doesn't fit

Injective: 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
Injective SPX/USDC PERPlong	+0.0033%	1h	0.4979	long leg	$9	$4K	5.5x
Variational Omni SPX	+0.0052%	4h	0.5087	+2.172%	$946K	$1.6M	—	as long as short
Lighter SPX	+0.0096%	1h	0.5087	+2.177%	$140K	$406K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5099	+2.408%	$10.6M	$8.5M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5088	+2.185%	$136K	$93K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5088	+2.198%	$5.1M	$23.9M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5091	+2.249%	$11.7M	$17.9M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5099	+2.410%	$975K	$3.4M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5090	+2.229%	$1.0M	$646K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5093	+2.290%	$11.5M	$5.0M	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	0.5092	+2.270%	$3.6M	$5.5M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5102	+2.470%	$2.6M	$1.5M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5099	+2.410%	—	$7.0M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5100	+2.430%	$26K	$250K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5100	+2.430%	$20K	$599	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5086	+2.149%	$8K	$1.8M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5080	+2.031%	$46K	$309K	10x	as long as short
BloFin SPX-USDTshort	+0.0340%	4h	0.5091	+2.249%	$251K	$1.0M	75x
Kraken Futures PF_SPXUSD	+0.1480%	1h	0.5100	+2.430%	$260K	$556K	20x	as long as short