Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0153%/8h= −16.8% APRpaid last 24h −0.025%

Price spread now: Injective against Orderly−4.507%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Injective is 4.507% cheaper against Orderly than usual: you would sell low and buy high (−$451 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_SPX_USDC	0.5214	0.0187	pay 0.0093% / 4h	1h 54m	$21K	$599	10x
Short	Injective SPX/USDC PERP	0.4979	0.0033	get 0.0004% / 1h	54m 45s	$9	$4K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Orderly. 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 OrderlybpFee InjectivebpOrdersPrice spread, now −4.507%Rate

Funding earned: −$32.18
Price spread: −4.507% → 0.000%: −$450.71
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$488.91
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Injective: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—
Sell Injective no order-book sample	—	—	—	—	—

Orderly and Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 PERPshort	+0.0033%	1h	0.4979	−4.507%	$9	$4K	5.5x
Lighter SPX	+0.0096%	1h	0.5209	−0.102%	$153K	$394K	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5202	−0.221%	$139K	$92K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5204	−0.185%	$5.3M	$23.4M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5200	−0.269%	$11.9M	$17.6M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5200	−0.269%	$996K	$3.4M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5203	−0.211%	$1.0M	$636K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5204	−0.192%	$11.9M	$5.2M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5202	−0.230%	$3.8M	$5.4M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5202	−0.230%	$2.7M	$1.5M	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SPX-USDT	+0.0100%	4h	0.5211	−0.058%	—	$7.0M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5185	−0.564%	$966K	$1.5M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5220	+0.115%	$27K	$254K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5203	−0.211%	$8K	$1.8M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5200	−0.265%	$34K	$264K	10x	as long as short
Orderly PERP_SPX_USDClong	+0.0187%	4h	0.5214	long leg	$21K	$599	10x
Hyperliquid SPX	+0.0311%	1h	0.5210	−0.077%	$10.6M	$8.1M	5x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5207	−0.134%	$260K	$1.1M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1585%	1h	0.5224	+0.191%	$258K	$555K	20x	as long as short