Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1043%/8h= −114.2% APRpaid last 24h −0.150%

Price spread now: Orderly against Kraken Futures+0.029%7-day average — · you sell dearer than you buy

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

Long on Kraken Futures 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—needs both histories

The price spread pays, funding is against you. Orderly is 0.029% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.029% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$31 a day in funding at the current rate, which eats that in about 2 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SPXUSD	0.5100	0.1171	pay 0.0146% / 1h	18m 57s	$252K	$545K	20x
Short	Orderly PERP_SPX_USDC	0.5101	0.0128	get 0.0064% / 4h	2h 18m	$20K	$599	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.029%Rate

Funding earned: −$219.06
Price spread: +0.029% → 0.000%: $2.88
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$232.18
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 49 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 Kraken Futures live order book, 49 min ago	42.81 bp	49.3 bp −$49	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 18 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	−2.364%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5097	−0.050%	$137K	$358K	5x	as long as short
Variational Omni SPX	+0.0100%	4h	0.5098	−0.029%	$882K	$1.4M	—	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5102	+0.058%	$10.2M	$7.7M	5x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5095	−0.086%	$5.2M	$21.2M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5094	−0.108%	$11.6M	$16.1M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5095	−0.089%	$952K	$2.9M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5088	−0.226%	$1.0M	$556K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5097	−0.050%	$11.5M	$4.9M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5089	−0.207%	$3.7M	$5.3M	50x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SPXUSDT	+0.0100%	4h	0.5094	−0.108%	$2.7M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5096	−0.069%	—	$6.8M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5106	+0.127%	$46K	$243K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5084	−0.305%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5091	−0.164%	$37K	$260K	10x	as long as short
Aster SPXUSDT	+0.0124%	4h	0.5091	−0.171%	$129K	$111K	10x	as long as short
Orderly PERP_SPX_USDCshort	+0.0128%	4h	0.5101	+0.029%	$20K	$599	10x
Kraken Futures PF_SPXUSDlong	+0.1171%	1h	0.5100	long leg	$252K	$545K	20x