Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.019%

Price spread now: Bybit against OKX0.000%7-day average −0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$139as in the Funding arb table

Net, price: spread back to 7d avg − costs−$127as in the Price arb table

costs, in and out, $10k−$1321.320% of the position

Long on OKX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.066%−$7 on $10k

Price spread, last 7 days−0.061%−$6 · spread now 0.000%, 7d avg −0.050%

Together, before fees−0.127%−$13 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: Bybit is 0.050% dearer against OKX than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.050%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX SPX-USDT-SWAP	0.4980	0.0100	pay 0.0050% / 4h	2h 06m	$966K	$2.6M	20x
Short	Bybit SPXUSDT	0.4980	0.0100	get 0.0050% / 4h	2h 06m	$11.6M	$15.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against OKX. 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 OKXbpFee BybitbpOrdersPrice spread, now 0.000%Rate

Funding earned: $0
Price spread: 0.000% → −0.050%: $5.01
Slippage, 4 orders: −$111.03
Fee OKX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$127.02
Costs to cover: 1.320%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; Bybit: live order book, 2 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 OKX live order book, 5 min ago	4.99 bp	49.9 bp −$50	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	2.00 bp	18.9 bp −$19	62.0 bp −$620	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
Kraken Futures PF_SPXUSD	−0.0416%	1h	0.4992	+0.250%	$231K	$560K	20x	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−0.020%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.4988	+0.163%	$115K	$319K	5x	as long as short
Variational Omni SPX	+0.0100%	4h	0.5010	+0.600%	$874K	$1.3M	—	as long as short
Hyperliquid SPX	+0.0100%	1h	0.4984	+0.088%	$9.7M	$7.3M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.4995	+0.296%	$123K	$99K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.4984	+0.080%	$4.9M	$19.6M	75x	as long as short
Bybit SPXUSDTshort	+0.0100%	4h	0.4980	0.000%	$11.6M	$15.5M	50x
OKX SPX-USDT-SWAPlong	+0.0100%	4h	0.4980	long leg	$966K	$2.6M	20x
Gate SPX_USDT	+0.0100%	4h	0.4983	+0.060%	$1.0M	$479K	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SPX_USDT	+0.0100%	4h	0.4983	+0.060%	$11.4M	$4.6M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.4989	+0.181%	$3.7M	$5.2M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.4985	+0.100%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.4983	+0.060%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5001	+0.422%	$45K	$248K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5001	+0.422%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.4993	+0.261%	$8K	$1.6M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.4981	+0.028%	$34K	$226K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.4996	+0.321%	$251K	$907K	75x	as long as short