Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.091%

Price spread now: Variational Omni against ApeX Omni−0.233%88s7-day average −0.178% · you buy dearer than you sell

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

Long on ApeX Omni Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.169%−$17 on $10k

Price spread, last 3 days (all we have)+0.020%+$2 · spread now −0.233%, 7d avg −0.178%

Together, before fees−0.149%+ Points / potential airdropVariational Omni: Active · farm board−$15 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: Variational Omni is 0.055% cheaper against ApeX Omni than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.178%. The two prices were read 88 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni SPXUSDT	0.5037	0.0100	pay 0.0013% / 1h	14m 07s	$45K	$248K	25x
Short	Variational Omni SPX	0.5025	0.0100	get 0.0050% / 4h	2h 14m	$876K	$1.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against ApeX Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ApeX OmnibpFee Variational OmnibpOrdersPrice spread, now −0.233%Rate

Funding earned: $0
Price spread: −0.233% → −0.178%: −$5.46
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$15.46
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: ApeX Omni: live order book, 7 min ago; Variational Omni: RFQ quote, 5 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 ApeX Omni live order book, 7 min ago	6.94 bp	14.6 bp −$15	103.7 bp −$1,037	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	6.95 bp	doesn't fit	66.5 bp −$665	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
Kraken Futures PF_SPXUSD	−0.0412%	1h	0.5036	−0.013%	$233K	$560K	20x	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−1.151%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5038	+0.014%	$116K	$319K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5034	−0.066%	$9.8M	$7.2M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5028	−0.188%	$124K	$97K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5030	−0.139%	$5.0M	$19.5M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5028	−0.179%	$11.7M	$15.5M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5032	−0.099%	$976K	$2.6M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5029	−0.159%	$1.0M	$477K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5033	−0.079%	$11.5M	$4.6M	100x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SPXUSDTM	+0.0100%	4h	0.5031	−0.119%	$3.8M	$5.2M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5036	−0.020%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5033	−0.079%	—	$6.9M	—	as long as short
Variational Omni SPXshort	+0.0100%	4h	0.5025	−0.233%	$876K	$1.3M	—
ApeX Omni SPXUSDTlong	+0.0100%	1h	0.5037	long leg	$45K	$248K	25x
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5038	+0.020%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5015	−0.437%	$8K	$1.6M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5030	−0.143%	$34K	$226K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5029	−0.159%	$250K	$913K	75x	as long as short