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% APRnext payment +$0.00 per $10,000 · paid last 24h −0.077%

Price spread now: ApeX Omni against Hyperliquid−0.220%105s7-day average −0.089% · you buy dearer than you sell

Net, funding: paid 7d − costs−$80as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$640.644% of the position

Long on Hyperliquid Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.152%−$15 on $10k

Price spread, last 3 days (all we have)+0.891%+$89 · spread now −0.220%, 7d avg −0.089%

Together, before fees+0.739%+ Points / potential airdropHyperliquid: Season 2 · farm board+$74 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: ApeX Omni is 0.131% cheaper against Hyperliquid than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of −0.089%. The two prices were read 105 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	Hyperliquid SPX	0.5045	0.0100	pay 0.0013% / 1h	23m 36s	$9.9M	$7.2M	5x
Short	ApeX Omni SPXUSDT	0.5034	0.0100	get 0.0013% / 1h	23m 36s	$45K	$248K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Hyperliquid. 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 HyperliquidbpFee ApeX OmnibpOrdersPrice spread, now −0.220%Rate

Funding earned: $0
Price spread: −0.220% → −0.089%: −$13.15
Slippage, 4 orders: −$45.42
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$77.57
Costs to cover: 0.644%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; ApeX Omni: live order book, 63 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 Hyperliquid live order book, 9 min ago	3.49 bp	16.3 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 63 min ago	7.82 bp	16.4 bp −$16	93.7 bp −$937	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	0.5043	−0.033%	$233K	$560K	20x	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−1.310%	$9	$4K	5.5x	as long as short
Variational Omni SPX	+0.0070%	4h	0.5027	−0.362%	$845K	$1.3M	—	as long as short
Lighter SPX	+0.0096%	1h	0.5043	−0.044%	$116K	$319K	5x	as long as short
Hyperliquid SPXlong	+0.0100%	1h	0.5045	long leg	$9.9M	$7.2M	5x
Aster SPXUSDT	+0.0100%	4h	0.5038	−0.139%	$124K	$97K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5039	−0.119%	$5.0M	$19.5M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5035	−0.200%	$11.7M	$15.5M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5037	−0.161%	$980K	$2.6M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5040	−0.101%	$1.0M	$476K	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	0.5039	−0.121%	$11.6M	$4.5M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5041	−0.081%	$3.8M	$5.2M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5045	−0.002%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5038	−0.141%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDTshort	+0.0100%	1h	0.5034	−0.220%	$45K	$248K	25x
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5056	+0.216%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5019	−0.517%	$8K	$1.6M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5038	−0.134%	$34K	$226K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5032	−0.260%	$251K	$914K	75x	as long as short