Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.020%

Price spread now: Extended against Bybit+0.069%7-day average +0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs−$96as in the Funding arb table

Net, price: spread back to 7d avg − costs−$100as in the Price arb table

costs, in and out, $10k−$1031.033% of the position

Long on Bybit Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.075%+$7 on $10k

Price spread, last 4 days (all we have)−0.095%−$9 · spread now +0.069%, 7d avg +0.039%

Together, before fees−0.020%+ Points / potential airdropExtended: Active · farm board−$2 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: Extended is 0.030% dearer against Bybit than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.039%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SPXUSDT	0.5010	0.0100	pay 0.0050% / 4h	2h 10m	$11.6M	$15.5M	50x
Short	Extended SPX-USD	0.5013	0.0104	get 0.0013% / 1h	10m 14s	$34K	$226K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Bybit. 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 BybitbpFee ExtendedbpOrdersPrice spread, now +0.069%Rate

Funding earned: $0.84
Price spread: +0.069% → +0.039%: $2.96
Slippage, 4 orders: −$87.3
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$99.5
Costs to cover: 1.033%
Break-even: 836.2 days

Slippage from Bybit: live order book, 8 min ago; Extended: live order book, 12 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 Bybit live order book, 8 min ago	4.97 bp	20.8 bp −$21	92.3 bp −$923	doesn't fit	doesn't fit
Sell Extended live order book, 12 min ago	3.28 bp	26.4 bp −$26	199.5 bp −$1,995	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	−0.0414%	1h	0.5016	+0.113%	$232K	$560K	20x	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−0.619%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5017	+0.146%	$115K	$319K	5x	as long as short
Variational Omni SPX	+0.0100%	4h	0.5010	−0.002%	$874K	$1.3M	—	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5015	+0.096%	$9.8M	$7.2M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5021	+0.225%	$124K	$97K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5015	+0.097%	$4.9M	$19.5M	75x	as long as short
Bybit SPXUSDTlong	+0.0100%	4h	0.5010	long leg	$11.6M	$15.5M	50x
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5010	0.000%	$972K	$2.6M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5017	+0.140%	$1.0M	$478K	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SPX_USDT	+0.0100%	4h	0.5015	+0.100%	$11.5M	$4.6M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5018	+0.160%	$3.8M	$5.2M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5017	+0.140%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5011	+0.020%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5028	+0.359%	$45K	$248K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5022	+0.240%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5006	−0.080%	$8K	$1.6M	20x	as long as short
Extended SPX-USDshort	+0.0104%	1h	0.5013	+0.069%	$34K	$226K	10x
BloFin SPX-USDT	+0.0340%	4h	0.5017	+0.140%	$251K	$911K	75x	as long as short