Funding arb · Price arb /

SPX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.029%

Price spread now: Hyperliquid against SunX+0.577%7-day average +0.286% · you sell dearer than you buy

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

Long on SunX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.161%+$16 on $10k

Price spread, last 4 days (all we have)−0.126%−$13 · spread now +0.577%, 7d avg +0.286%

Together, before fees+0.035%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 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: Hyperliquid is 0.292% dearer against SunX than usual: you sell high and buy low, +$29 on $10k if it goes back to its 7-day average of +0.286%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX SPX-USDT	0.5143	0.0100	pay 0.0050% / 4h	2h 19m	$8K	$1.7M	20x
Short	Hyperliquid SPX	0.5173	0.0100	get 0.0013% / 1h	19m 07s	$10.5M	$7.9M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.577%Rate

Funding earned: $0
Price spread: +0.577% → +0.286%: $29.16
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $12.16
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: SunX: live order book, 6 min ago; Hyperliquid: live order book, 3 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 SunX live order book, 6 min ago	30.66 bp	104.2 bp −$104	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 3 min ago	3.15 bp	10.6 bp −$11	doesn't fit	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
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−3.189%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5163	+0.387%	$141K	$380K	5x	as long as short
Hyperliquid SPXshort	+0.0100%	1h	0.5173	+0.577%	$10.5M	$7.9M	5x
Aster SPXUSDT	+0.0100%	4h	0.5169	+0.506%	$138K	$130K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5166	+0.457%	$5.1M	$22.5M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5167	+0.467%	$11.8M	$17.2M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5174	+0.603%	$949K	$3.2M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5167	+0.467%	$1.0M	$607K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5164	+0.408%	$12.0M	$5.2M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5166	+0.447%	$3.7M	$5.4M	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SPXUSDT	+0.0100%	4h	0.5173	+0.583%	$2.7M	$1.5M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5175	+0.622%	—	$6.9M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5076	−1.301%	$935K	$1.5M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5052	−1.769%	$26K	$255K	25x	as long as short
SunX SPX-USDTlong	+0.0100%	4h	0.5143	long leg	$8K	$1.7M	20x
Extended SPX-USD	+0.0104%	1h	0.5150	+0.139%	$34K	$253K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0192%	4h	0.5160	+0.331%	$20K	$599	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5145	+0.039%	$251K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1420%	1h	0.5178	+0.681%	$254K	$539K	20x	as long as short