Funding arb · Price arb /

SP500

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0295%/8hnext payment −$0.37 per $10,000 · paid last 24h −0.057%

Price spread now: QFEX against Aftermath Perps+0.036%7-day average — · you sell dearer than you buy

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

Long on Aftermath Perps Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 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

The price spread pays, funding is against you. QFEX is 0.036% dearer against Aftermath Perps than usual: you sell high and buy low (spread +0.036% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 10 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps US500USD	7,770.5	0.0307	pay 0.0038% / 1h	23m 38s	$459	$17K	10x
Short	QFEX US500-USD	7,773.3	0.0012	get 0.0002% / 1h	23m 38s	$11.7M	$3.1M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Aftermath Perps. 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 Aftermath PerpsbpFee QFEXbpOrdersPrice spread, now +0.036%Rate

Funding earned: −$61.93
Price spread: +0.036% → 0.000%: $3.55
Slippage, 4 orders: no order book: not counted
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$77.38
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Aftermath Perps: no order-book sample; QFEX: live order book, 9 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 Aftermath Perps no order-book sample	—	—	—	—	—
Sell QFEX live order book, 9 min ago	1.93 bp	6.9 bp −$7	10.7 bp −$107	doesn't fit	doesn't fit

Aftermath Perps: 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.

SP500 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 US500/USDC PERP	−0.0220%	1h	7,670.2	−1.291%	$7K	$103	52x	as long as short
OKX US500-USDT-SWAP	0.0000%	8h	7,770.8	+0.003%	$154K	$301K	20x	as long as short
Bitget SP500USDT	0.0000%	8h	7,776.5	+0.077%	$7.2M	$795K	50x	as long as short
Variational Omni US500	0.0000%	8h	7,747.9	−0.291%	$17.5M	$11.3M	—	as long as short
Bullet US500-USD	0.0000%	1h	7,774.6	+0.052%	$13K	$108K	10x	as long as short
QFEX US500-USDshort	+0.0012%	1h	7,773.3	+0.036%	$11.7M	$3.1M	30x
Lighter US500	+0.0032%	1h	7,772.9	+0.030%	$2.7M	$27.0M	50x	as long as short
Extended SPX500m-USD	+0.0032%	1h	7,776.1	+0.072%	$3.2M	$15.5M	25x	as long as short
Vest SPX-USD-PERP	+0.0046%	1h	7,840	+0.894%	—	$3.6M	50x	as long as short
Popdex US500USDT	+0.0048%	1h	7,773.7	+0.041%	$545K	$221K	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex US500-USD-PERP	+0.0050%	8h	7,772.9	+0.030%	$43K	—	5x	as long as short
tradeXYZ xyz:SP500	+0.0050%	1h	7,774.9	+0.056%	$437.8M	$260.4M	50x	as long as short
Polymarket Perps SP500-USD	+0.0050%	1h	7,772.7	+0.028%	$7.6M	$1.5M	50x	as long as short
SoDEX US500-USD	+0.0050%	1h	7,774.6	+0.052%	$1.1M	$85K	20x	as long as short
Ondo Perps US500-USD.P	+0.0050%	1h	7,776.9	+0.082%	$9.6M	$5.8M	25x	as long as short
Markets by Kinetiq mkts:US500	+0.0087%	1h	7,748.4	−0.285%	$1.6M	$7.9M	25x	as long as short
Pacifica SP500	+0.0100%	1h	7,775.1	+0.059%	$268K	$165K	20x	as long as short
Aftermath Perps US500USDlong	+0.0307%	1h	7,770.5	long leg	$459	$17K	10x