Funding arb · Price arb /

SPX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0866%/8h= −94.9% APRpaid last 24h −0.150%

Price spread now: KuCoin against Kraken Futures−0.207%7-day average −0.116% · you buy dearer than you sell

Net, funding: paid 7d − costs−$342as in the Funding arb table

Net, price: spread back to 7d avg − costs−$289as in the Price arb table

costs, in and out, $10k−$2802.796% of the position

Long on Kraken Futures Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.625%−$63 on $10k

Price spread, last 3 days (all we have)+0.191%+$19 · spread now −0.207%, 7d avg −0.116%

Together, before fees−0.434%−$43 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$26 a day on $10k at the current rate, and KuCoin is 0.091% cheaper against Kraken Futures than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.116%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SPXUSD	0.5070	0.0966	pay 0.0121% / 1h	48m 01s	$246K	$555K	20x
Short	KuCoin SPXUSDTM	0.5059	0.0100	get 0.0050% / 4h	3h 48m	$3.7M	$5.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Kraken Futures. 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 Kraken FuturesbpFee KuCoinbpOrdersPrice spread, now −0.207%Rate

Funding earned: −$181.91
Price spread: −0.207% → −0.116%: −$9.1
Slippage, 4 orders: −$257.57
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$470.57
Costs to cover: 2.796%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 25 min ago; KuCoin: live order book, 10 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 Kraken Futures live order book, 25 min ago	30.70 bp	81.6 bp −$82	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 10 min ago	4.91 bp	73.5 bp −$73	303.4 bp −$3,034	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
Variational Omni SPX	+0.0015%	4h	0.5070	+0.004%	$840K	$1.3M	—	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−1.786%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5063	−0.134%	$126K	$314K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5060	−0.184%	$9.9M	$7.8M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5063	−0.129%	$128K	$110K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5059	−0.209%	$5.0M	$21.2M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5054	−0.306%	$11.5M	$16.1M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5051	−0.365%	$959K	$2.8M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5054	−0.306%	$1.0M	$507K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5057	−0.247%	$11.1M	$4.7M	100x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SPXUSDTMshort	+0.0100%	4h	0.5059	−0.207%	$3.7M	$5.3M	50x
Bitget SPXUSDT	+0.0100%	4h	0.5060	−0.188%	$2.6M	$1.5M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5060	−0.188%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5083	+0.266%	$46K	$246K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5069	−0.010%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5053	−0.326%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5055	−0.277%	$33K	$258K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5075	+0.108%	$249K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSDlong	+0.0966%	1h	0.5070	long leg	$246K	$555K	20x