Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.1165%/8h= +127.5% APRpaid last 24h +0.222%

Price spread now: Kraken Futures against MEXC+0.245%7-day average +0.059% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$115as in the Price arb table

costs, in and out, $10k−$1331.333% of the position

Long on MEXC Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.648%+$65 on $10k

Price spread, last 4 days (all we have)−0.212%−$21 · spread now +0.245%, 7d avg +0.059%

Together, before fees+0.437%+$44 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$35 a day on $10k at the current rate, and Kraken Futures is 0.186% dearer against MEXC than usual: you sell high and buy low: +$19 more if the spread goes back to its 7-day average of +0.059%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.648% in total (about 33.8% 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	MEXC SPX_USDT	0.5115	0.0100	pay 0.0050% / 4h	10m 41s	$11.7M	$5.1M	100x
Short	Kraken Futures PF_SPXUSD	0.5128	0.1265	get 0.0158% / 1h	10m 41s	$256K	$552K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against MEXC. 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 MEXCbpFee Kraken FuturesbpOrdersPrice spread, now +0.245%Rate

Funding earned: $244.59
Price spread: +0.245% → +0.059%: $18.57
Slippage, 4 orders: −$119.34
Fee MEXC: 2 bp × 2 orders: −$4
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $129.81
Costs to cover: 1.333%
Break-even: 3.3 days

Slippage from MEXC: live order book, 3 min ago; Kraken Futures: live order book, 27 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 MEXC live order book, 3 min ago	2.93 bp	10.1 bp −$10	21.3 bp −$213	119.8 bp −$12.0K	doesn't fit
Sell Kraken Futures live order book, 27 min ago	33.22 bp	48.0 bp −$48	151.3 bp −$1,513	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	−2.659%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5119	+0.080%	$141K	$407K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5118	+0.061%	$10.3M	$8.3M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5115	−0.009%	$137K	$93K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5115	+0.004%	$5.1M	$23.8M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5110	−0.098%	$11.8M	$17.8M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5119	+0.078%	$975K	$3.4M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5114	−0.020%	$1.0M	$660K	50x	as long as short
MEXC SPX_USDTlong	+0.0100%	4h	0.5115	long leg	$11.7M	$5.1M	100x
KuCoin SPXUSDTM	+0.0100%	4h	0.5113	−0.039%	$3.7M	$5.5M	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SPXUSDT	+0.0100%	4h	0.5119	+0.078%	$2.6M	$1.5M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5114	−0.020%	—	$7.0M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5109	−0.120%	$951K	$1.6M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5114	−0.020%	$26K	$249K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5107	−0.156%	$8K	$1.8M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5115	−0.004%	$33K	$299K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0138%	4h	0.5125	+0.196%	$20K	$599	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5117	+0.039%	$253K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSDshort	+0.1265%	1h	0.5128	+0.245%	$256K	$552K	20x