Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.1043%/8h= +114.2% APRpaid last 24h +0.150%

Price spread now: Kraken Futures against Orderly−0.029%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 Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 5 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

Funding pays, the price is against you. Kraken Futures is 0.029% cheaper against Orderly than usual: you would sell low and buy high (spread −0.029% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 2 hours of funding at the current rate (+$31 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_SPX_USDC	0.5101	0.0128	pay 0.0064% / 4h	2h 19m	$20K	$599	10x
Short	Kraken Futures PF_SPXUSD	0.5100	0.1171	get 0.0146% / 1h	19m 06s	$252K	$545K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.029%Rate

Funding earned: $219.06
Price spread: −0.029% → 0.000%: −$2.88
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $200.18
Costs to cover: 0.160%
Break-even: 0.6 days

Slippage unknown: Orderly: no order-book sample; Kraken Futures: live order book, 49 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 Orderly no order-book sample	—	—	—	—	—
Sell Kraken Futures live order book, 49 min ago	42.81 bp	54.8 bp −$55	170.1 bp −$1,701	doesn't fit	doesn't fit

Orderly: 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 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	−2.392%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5097	−0.078%	$137K	$358K	5x	as long as short
Variational Omni SPX	+0.0100%	4h	0.5098	−0.058%	$882K	$1.4M	—	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5102	+0.029%	$10.2M	$7.7M	5x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5094	−0.129%	$5.2M	$21.2M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5087	−0.274%	$11.5M	$16.1M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5089	−0.235%	$952K	$2.9M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5086	−0.294%	$1.0M	$556K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5094	−0.137%	$11.5M	$4.9M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5089	−0.235%	$3.7M	$5.3M	50x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SPXUSDT	+0.0100%	4h	0.5094	−0.137%	$2.7M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5091	−0.196%	—	$6.8M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5106	+0.098%	$46K	$243K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5084	−0.333%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5085	−0.320%	$37K	$260K	10x	as long as short
Aster SPXUSDT	+0.0124%	4h	0.5092	−0.178%	$129K	$111K	10x	as long as short
Orderly PERP_SPX_USDClong	+0.0128%	4h	0.5101	long leg	$20K	$599	10x
Kraken Futures PF_SPXUSDshort	+0.1171%	1h	0.5100	−0.029%	$252K	$545K	20x