Funding arb · Price arb /

SPX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.1349%/8h= +147.7% APRpaid last 24h +0.229%

Price spread now: Kraken Futures against KuCoin+0.168%7-day average +0.111% · you sell dearer than you buy

Net, funding: paid 7d − costs−$183as in the Funding arb table

Net, price: spread back to 7d avg − costs−$243as in the Price arb table

costs, in and out, $10k−$2482.483% of the position

Long on KuCoin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.656%+$66 on $10k

Price spread, last 4 days (all we have)−0.188%−$19 · spread now +0.168%, 7d avg +0.111%

Together, before fees+0.468%+$47 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$40 a day on $10k at the current rate, and Kraken Futures is 0.056% dearer against KuCoin than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.111%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.656% in total (about 34.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin SPXUSDTM	0.5066	0.0100	pay 0.0050% / 4h	2h 24m	$3.7M	$5.4M	50x
Short	Kraken Futures PF_SPXUSD	0.5074	0.1449	get 0.0181% / 1h	24m 03s	$248K	$538K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against KuCoin. 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 KuCoinbpFee Kraken FuturesbpOrdersPrice spread, now +0.168%Rate

Funding earned: $283.21
Price spread: +0.168% → +0.111%: $5.64
Slippage, 4 orders: −$226.33
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $40.52
Costs to cover: 2.483%
Break-even: 6.0 days

Slippage from KuCoin: live order book, 4 min ago; Kraken Futures: live order book, 24 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 KuCoin live order book, 4 min ago	1.98 bp	79.7 bp −$80	502.3 bp −$5,023	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 24 min ago	44.99 bp	67.5 bp −$67	171.9 bp −$1,719	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
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−1.717%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5069	+0.065%	$138K	$380K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5067	+0.012%	$10.3M	$7.9M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5059	−0.147%	$135K	$130K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5060	−0.118%	$5.0M	$22.5M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5059	−0.138%	$11.6M	$17.1M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5052	−0.276%	$932K	$3.1M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5061	−0.099%	$1.0M	$606K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5066	0.000%	$11.8M	$5.2M	100x	as long as short
KuCoin SPXUSDTMlong	+0.0100%	4h	0.5066	long leg	$3.7M	$5.4M	50x

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SPXUSDT	+0.0100%	4h	0.5057	−0.178%	$2.6M	$1.5M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5060	−0.118%	—	$6.9M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5032	−0.678%	$927K	$1.5M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5042	−0.474%	$26K	$255K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5056	−0.197%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5054	−0.245%	$33K	$258K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0167%	4h	0.5070	+0.079%	$20K	$599	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5058	−0.158%	$248K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSDshort	+0.1449%	1h	0.5074	+0.168%	$248K	$538K	20x