Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.001%

Price spread now: ApeX Omni against SunX−0.175%73s7-day average +0.174% · you buy dearer than you sell

Net, funding: paid 7d − costs−$248as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$2492.487% of the position

Long on SunX Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.009%+$1 on $10k

Price spread, last 3 days (all we have)+0.525%+$53 · spread now −0.175%, 7d avg +0.174%

Together, before fees+0.534%+$53 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: ApeX Omni is 0.349% cheaper against SunX than usual: you would sell low and buy high, −$35 on $10k if it goes back to its 7-day average of +0.174%. The two prices were read 73 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX SPX-USDT	0.5133	0.0100	pay 0.0050% / 4h	1h 55m	$8K	$1.7M	20x
Short	ApeX Omni SPXUSDT	0.5124	0.0100	get 0.0013% / 1h	55m 47s	$46K	$244K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against SunX. 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 SunXbpFee ApeX OmnibpOrdersPrice spread, now −0.175%Rate

Funding earned: $0
Price spread: −0.175% → +0.174%: −$34.95
Slippage, 4 orders: −$230.66
Fee SunX: 4 bp × 2 orders: −$8
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$283.61
Costs to cover: 2.487%
Break-even: never at this rate

Slippage from SunX: live order book, 9 min ago; ApeX Omni: 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 SunX live order book, 9 min ago	32.30 bp	107.3 bp −$107	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 6 min ago	5.83 bp	13.6 bp −$14	88.9 bp −$889	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	−3.000%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5117	−0.308%	$138K	$358K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5128	−0.105%	$10.3M	$7.5M	5x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5123	−0.187%	$5.2M	$21.1M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5109	−0.468%	$11.6M	$16.0M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5108	−0.487%	$957K	$2.9M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5123	−0.195%	$1.0M	$551K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5133	0.000%	$11.7M	$4.7M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5127	−0.117%	$3.8M	$5.3M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5123	−0.195%	$2.7M	$1.4M	50x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SPX-USDT	+0.0100%	4h	0.5127	−0.117%	—	$6.9M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5135	+0.042%	$882K	$1.4M	—	as long as short
ApeX Omni SPXUSDTshort	+0.0100%	1h	0.5124	−0.175%	$46K	$244K	25x
SunX SPX-USDTlong	+0.0100%	4h	0.5133	long leg	$8K	$1.7M	20x
Extended SPX-USD	+0.0104%	1h	0.5122	−0.219%	$35K	$252K	10x	as long as short
Aster SPXUSDT	+0.0132%	4h	0.5124	−0.182%	$130K	$111K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0153%	4h	0.5141	+0.156%	$20K	$599	10x	as long as short
Kraken Futures PF_SPXUSD	+0.1403%	1h	0.5143	+0.200%	$255K	$541K	20x	as long as short