Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0176%/8h= +19.3% APRpaid last 24h +0.025%

Price spread now: Orderly against Injective+3.475%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 Orderly

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 +$5 a day on $10k at the current rate, and Orderly is 3.475% dearer against Injective than usual: you sell high and buy low: +$347 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	27m 16s	$9	$4K	5.5x
Short	Orderly PERP_SPX_USDC	0.5152	0.0210	get 0.0105% / 4h	3h 27m	$20K	$599	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +3.475%Rate

Funding earned: $37.06
Price spread: +3.475% → 0.000%: $347.46
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: $378.5
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; 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 Injective no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Injective and 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
Injective SPX/USDC PERPlong	+0.0033%	1h	0.4979	long leg	$9	$4K	5.5x
Lighter SPX	+0.0096%	1h	0.5149	+3.416%	$150K	$370K	5x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5145	+3.327%	$5.2M	$22.2M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5132	+3.073%	$11.7M	$16.9M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5135	+3.133%	$935K	$3.1M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5142	+3.274%	$1.0M	$588K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5144	+3.314%	$11.8M	$5.0M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5140	+3.234%	$3.7M	$5.3M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5148	+3.394%	$2.7M	$1.5M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5144	+3.314%	—	$6.9M	—	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni SPX	+0.0100%	4h	0.5176	+3.948%	$963K	$1.5M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5176	+3.957%	$26K	$254K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5135	+3.133%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5138	+3.184%	$36K	$250K	10x	as long as short
Orderly PERP_SPX_USDCshort	+0.0210%	4h	0.5152	+3.475%	$20K	$599	10x
Aster SPXUSDT	+0.0213%	4h	0.5152	+3.482%	$137K	$129K	10x	as long as short
Hyperliquid SPX	+0.0295%	1h	0.5152	+3.481%	$10.5M	$7.8M	5x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5151	+3.455%	$254K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1220%	1h	0.5156	+3.556%	$252K	$558K	20x	as long as short