Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.020%

Price spread now: Injective against SunX−0.817%7-day average — · you buy dearer than you sell

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

Long on SunX 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 −$2 a day on $10k at the current rate, and Injective is 0.817% cheaper against SunX than usual: you would sell low and buy high (−$82 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	SunX SPX-USDT	0.5020	0.0100	pay 0.0050% / 4h	48m 51s	$8K	$1.7M	20x
Short	Injective SPX/USDC PERP	0.4979	0.0033	get 0.0004% / 1h	48m 51s	$9	$4K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.817%Rate

Funding earned: −$14
Price spread: −0.817% → 0.000%: −$81.67
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$103.69
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 11 min ago; 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 SunX live order book, 11 min ago	31.55 bp	106.5 bp −$106	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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 exchanges

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
Variational Omni SPX	+0.0024%	4h	0.5045	+0.501%	$937K	$1.7M	—	as long as short
Injective SPX/USDC PERPshort	+0.0033%	1h	0.4979	−0.817%	$9	$4K	5.5x
Lighter SPX	+0.0096%	1h	0.5040	+0.404%	$124K	$378K	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5042	+0.441%	$131K	$102K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5040	+0.396%	$5.2M	$23.5M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5040	+0.398%	$11.8M	$17.5M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5047	+0.538%	$972K	$3.3M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5035	+0.299%	$1.0M	$665K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5043	+0.458%	$10.4M	$4.9M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5035	+0.299%	$3.6M	$5.5M	50x	as long as short

Show all 19 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SPXUSDT	+0.0100%	4h	0.5039	+0.378%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5043	+0.458%	—	$7.0M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5057	+0.737%	$27K	$249K	25x	as long as short
SunX SPX-USDTlong	+0.0100%	4h	0.5020	long leg	$8K	$1.7M	20x
Extended SPX-USD	+0.0104%	1h	0.5045	+0.504%	$43K	$333K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0141%	4h	0.5038	+0.359%	$20K	$511	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5040	+0.398%	$255K	$935K	75x	as long as short
Hyperliquid SPX	+0.0683%	1h	0.5049	+0.586%	$10.5M	$8.5M	5x	as long as short
Kraken Futures PF_SPXUSD	+0.1020%	1h	0.5041	+0.420%	$272K	$543K	20x	as long as short