Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0307%/8h= −33.6% APRpaid last 24h −0.092%

Price spread now: Injective against BloFin−1.814%234s7-day average — · you buy dearer than you sell

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

Long on BloFin 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 −$9 a day on $10k at the current rate, and Injective is 1.814% cheaper against BloFin than usual: you would sell low and buy high (−$181 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 234 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	BloFin SPX-USDT	0.5071	0.0340	pay 0.0170% / 4h	2h 43m	$257K	$1.1M	75x
Short	Injective SPX/USDC PERP	0.4979	0.0033	get 0.0004% / 1h	43m 29s	$9	$4K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BloFin. 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 BloFinbpFee InjectivebpOrdersPrice spread, now −1.814%Rate

Funding earned: −$64.4
Price spread: −1.814% → 0.000%: −$181.42
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$257.84
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 9 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 BloFin live order book, 9 min ago	3.95 bp	15.7 bp −$16	34.1 bp −$341	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 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 PERPshort	+0.0033%	1h	0.4979	−1.814%	$9	$4K	5.5x
Variational Omni SPX	+0.0081%	4h	0.5028	−0.853%	$841K	$1.3M	—	as long as short
Lighter SPX	+0.0096%	1h	0.5075	+0.075%	$137K	$358K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5074	+0.067%	$10.1M	$7.7M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5066	−0.099%	$129K	$111K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5075	+0.079%	$5.1M	$21.4M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5066	−0.099%	$11.5M	$16.1M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5070	−0.020%	$954K	$2.9M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5067	−0.079%	$1.0M	$544K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5071	0.000%	$11.2M	$4.8M	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	0.5071	0.000%	$3.7M	$5.4M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5067	−0.079%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5069	−0.039%	—	$6.8M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5038	−0.651%	$45K	$246K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5063	−0.158%	$8K	$1.7M	20x	as long as short
Orderly PERP_SPX_USDC	+0.0103%	4h	0.5070	−0.020%	$20K	$599	10x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5066	−0.094%	$37K	$261K	10x	as long as short
BloFin SPX-USDTlong	+0.0340%	4h	0.5071	long leg	$257K	$1.1M	75x
Kraken Futures PF_SPXUSD	+0.1175%	1h	0.5080	+0.171%	$248K	$553K	20x	as long as short