Funding arb · Price arb /

SPX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.036%

Price spread now: Variational Omni against KuCoin+0.131%7-day average −0.096% · you sell dearer than you buy

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

Long on KuCoin Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.155%−$16 on $10k

Price spread, last 4 days (all we have)+0.328%+$33 · spread now +0.131%, 7d avg −0.096%

Together, before fees+0.173%+ Points / potential airdropVariational Omni: Active · farm board+$17 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.227% dearer against KuCoin than usual: you sell high and buy low, +$23 on $10k if it goes back to its 7-day average of −0.096%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin SPXUSDTM	0.5106	0.0100	pay 0.0050% / 4h	1h 49m	$3.7M	$5.5M	50x
Short	Variational Omni SPX	0.5113	0.0100	get 0.0050% / 4h	1h 49m	$972K	$1.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against KuCoin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now +0.131%Rate

Funding earned: $0
Price spread: +0.131% → −0.096%: $22.68
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $10.68
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: KuCoin: live order book, 2 min ago; Variational Omni: RFQ quote, 3 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 KuCoin live order book, 2 min ago	4.88 bp	94.8 bp −$95	445.4 bp −$4,454	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	4.89 bp	doesn't fit	53.8 bp −$538	doesn't fit	doesn't fit

SPX on 19 exchanges

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
ApeX Omni SPXUSDT	−0.0035%	1h	0.5121	+0.294%	$26K	$249K	25x	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−2.487%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5109	+0.059%	$145K	$354K	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5108	+0.035%	$137K	$93K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5108	+0.033%	$5.4M	$23.9M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5103	−0.059%	$12.0M	$17.8M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5103	−0.059%	$990K	$3.5M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5101	−0.098%	$1.0M	$683K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5107	+0.020%	$11.0M	$4.9M	100x	as long as short
KuCoin SPXUSDTMlong	+0.0100%	4h	0.5106	long leg	$3.7M	$5.5M	50x

Show all 19 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SPXUSDT	+0.0100%	4h	0.5109	+0.059%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5106	0.000%	—	$7.0M	—	as long as short
Variational Omni SPXshort	+0.0100%	4h	0.5113	+0.131%	$972K	$1.7M	—
SunX SPX-USDT	+0.0100%	4h	0.5108	+0.039%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5105	−0.023%	$43K	$318K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0128%	4h	0.5113	+0.137%	$20K	$511	10x	as long as short
Hyperliquid SPX	+0.0183%	1h	0.5116	+0.188%	$10.7M	$8.9M	5x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5123	+0.333%	$265K	$966K	75x	as long as short
Kraken Futures PF_SPXUSD	+0.2481%	1h	0.5128	+0.435%	$276K	$548K	20x	as long as short