Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.1165%/8h= +127.6% APRpaid last 24h +0.222%

Price spread now: Kraken Futures against SunX+0.576%7-day average +0.239% · you sell dearer than you buy

Net, funding: paid 7d − costs−$275as in the Funding arb table

Net, price: spread back to 7d avg − costs−$306as in the Price arb table

costs, in and out, $10k−$3403.399% of the position

Long on SunX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.648%+$65 on $10k

Price spread, last 4 days (all we have)−0.302%−$30 · spread now +0.576%, 7d avg +0.239%

Together, before fees+0.346%+$35 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$35 a day on $10k at the current rate, and Kraken Futures is 0.337% dearer against SunX than usual: you sell high and buy low: +$34 more if the spread goes back to its 7-day average of +0.239%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.648% in total (about 33.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX SPX-USDT	0.5095	0.0100	pay 0.0050% / 4h	13m 21s	$8K	$1.8M	20x
Short	Kraken Futures PF_SPXUSD	0.5124	0.1265	get 0.0158% / 1h	13m 21s	$256K	$552K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.576%Rate

Funding earned: $244.75
Price spread: +0.576% → +0.239%: $33.7
Slippage, 4 orders: −$321.86
Fee SunX: 4 bp × 2 orders: −$8
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$61.4
Costs to cover: 3.399%
Break-even: 8.8 days

Slippage from SunX: live order book, 12 min ago; Kraken Futures: live order book, 25 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, 12 min ago	34.45 bp	110.7 bp −$111	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 25 min ago	33.22 bp	48.0 bp −$48	151.3 bp −$1,513	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	−2.277%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5119	+0.465%	$141K	$407K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5117	+0.432%	$10.3M	$8.3M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5113	+0.358%	$137K	$93K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5116	+0.412%	$5.1M	$23.8M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5109	+0.275%	$11.8M	$17.8M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5114	+0.373%	$976K	$3.4M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5109	+0.275%	$1.0M	$659K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5115	+0.393%	$11.7M	$5.1M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5112	+0.334%	$3.7M	$5.5M	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	0.5110	+0.294%	$2.6M	$1.5M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5110	+0.294%	—	$6.9M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5092	−0.065%	$949K	$1.6M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5102	+0.137%	$26K	$248K	25x	as long as short
SunX SPX-USDTlong	+0.0100%	4h	0.5095	long leg	$8K	$1.8M	20x
Extended SPX-USD	+0.0104%	1h	0.5116	+0.408%	$33K	$302K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0142%	4h	0.5124	+0.569%	$20K	$599	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5103	+0.157%	$253K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSDshort	+0.1265%	1h	0.5124	+0.576%	$256K	$552K	20x