Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Extended against OKX+0.063%7-day average +0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$129as in the Funding arb table

Net, price: spread back to 7d avg − costs−$128as in the Price arb table

costs, in and out, $10k−$1301.299% of the position

Long on OKX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.008%+$1 on $10k

Price spread, last 4 days (all we have)−0.061%−$6 · spread now +0.063%, 7d avg +0.040%

Together, before fees−0.053%+ Points / potential airdropExtended: Active · farm board−$5 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: Extended is 0.022% dearer against OKX than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX SPX-USDT-SWAP	0.5131	0.0100	pay 0.0050% / 4h	1h 56m	$960K	$2.9M	20x
Short	Extended SPX-USD	0.5134	0.0104	get 0.0013% / 1h	56m 14s	$35K	$252K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now +0.063%Rate

Funding earned: $0.84
Price spread: +0.063% → +0.040%: $2.25
Slippage, 4 orders: −$114.87
Fee OKX: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$126.78
Costs to cover: 1.299%
Break-even: 1063.5 days

Slippage from OKX: live order book, 6 min ago; Extended: live order book, 6 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, 6 min ago	4.86 bp	36.6 bp −$37	doesn't fit	doesn't fit	doesn't fit
Sell Extended live order book, 6 min ago	3.89 bp	31.1 bp −$31	209.4 bp −$2,094	doesn't fit	doesn't fit

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	−2.962%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5141	+0.195%	$139K	$358K	5x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5143	+0.234%	$5.2M	$21.1M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5132	+0.019%	$11.7M	$16.0M	50x	as long as short
OKX SPX-USDT-SWAPlong	+0.0100%	4h	0.5131	long leg	$960K	$2.9M	20x
Gate SPX_USDT	+0.0100%	4h	0.5128	−0.058%	$1.0M	$549K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5142	+0.214%	$11.7M	$4.7M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5119	−0.234%	$3.7M	$5.3M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5129	−0.039%	$2.7M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5137	+0.117%	—	$6.9M	—	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni SPX	+0.0100%	4h	0.5139	+0.158%	$890K	$1.4M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5124	−0.136%	$46K	$244K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5133	+0.039%	$8K	$1.7M	20x	as long as short
Extended SPX-USDshort	+0.0104%	1h	0.5134	+0.063%	$35K	$252K	10x
Aster SPXUSDT	+0.0118%	4h	0.5107	−0.472%	$130K	$111K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0153%	4h	0.5141	+0.195%	$20K	$599	10x	as long as short
Hyperliquid SPX	+0.0169%	1h	0.5145	+0.279%	$10.3M	$7.5M	5x	as long as short
Kraken Futures PF_SPXUSD	+0.1403%	1h	0.5143	+0.240%	$255K	$541K	20x	as long as short