Funding arb · Price arb /

SP500

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0018%/8h= −2.0% APRpaid last 24h −0.011%

Price spread now: Extended against Paradex+0.035%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Extended

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—+ Points / potential airdropParadex: Active · Extended: Active · farm boardneeds both histories

The price spread pays, funding is against you. Extended is 0.035% dearer against Paradex than usual: you sell high and buy low (spread +0.035% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 6.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex US500-USD-PERP	7,764.1	0.0050	pay 0.0050% / 8h	2h 45m	$43K	—	5x
Short	Extended SPX500m-USD	7,766.8	0.0032	get 0.0004% / 1h	45m 55s	$3.2M	$14.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Paradex. 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 ParadexbpFee ExtendedbpOrdersPrice spread, now +0.035%Rate

Funding earned: −$3.78
Price spread: +0.035% → 0.000%: $3.53
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$9.25
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; Extended: 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 Paradex no order-book sample	—	—	—	—	—
Sell Extended live order book, 3 min ago	0.64 bp	3.1 bp −$3	4.8 bp −$48	16.1 bp −$1,613	doesn't fit

Paradex: 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	7,664.8	−1.279%	$7K	$105	52x	as long as short
QFEX US500-USD	−0.0033%	1h	7,766.1	+0.026%	$11.9M	$3.2M	30x	as long as short
OKX US500-USDT-SWAP	0.0000%	8h	7,766.8	+0.035%	$141K	$231K	20x	as long as short
Bitget SP500USDT	0.0000%	8h	7,769.4	+0.068%	$7.2M	$776K	50x	as long as short
Variational Omni US500	0.0000%	8h	7,740	−0.310%	$17.5M	$9.6M	—	as long as short
Bullet US500-USD	0.0000%	1h	7,765.9	+0.023%	$12K	$105K	10x	as long as short
Lighter US500	+0.0032%	1h	7,764.2	+0.001%	$2.1M	$27.9M	50x	as long as short
Extended SPX500m-USDshort	+0.0032%	1h	7,766.8	+0.035%	$3.2M	$14.9M	25x
Markets by Kinetiq mkts:US500	+0.0046%	1h	7,737.9	−0.337%	$1.6M	$7.1M	25x	as long as short
Vest SPX-USD-PERP	+0.0046%	1h	7,831.6	+0.870%	—	$4.3M	50x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex US500USDT	+0.0048%	1h	7,767.7	+0.046%	$584K	$486K	20x	as long as short
Paradex US500-USD-PERPlong	+0.0050%	8h	7,764.1	long leg	$43K	—	5x
tradeXYZ xyz:SP500	+0.0050%	1h	7,766	+0.024%	$431.5M	$235.7M	50x	as long as short
Polymarket Perps SP500-USD	+0.0050%	1h	7,764.6	+0.006%	$9.0M	$2.2M	50x	as long as short
SoDEX US500-USD	+0.0050%	1h	7,765.9	+0.023%	$1.1M	$69K	20x	as long as short
Ondo Perps US500-USD.P	+0.0050%	1h	7,766.9	+0.036%	$9.5M	$7.8M	25x	as long as short
Pacifica SP500	+0.0100%	1h	7,766.7	+0.033%	$261K	$177K	20x	as long as short
Aftermath Perps US500USD	+0.0244%	1h	7,764.9	+0.010%	$470	$26K	10x	as long as short