Funding arb · Price arb /

SPX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.064%

Price spread now: BingX against Hyperliquid−0.087%7-day average −0.164% · you buy dearer than you sell

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$730.726% of the position

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.161%−$16 on $10k

Price spread, last 7 days−0.060%−$6 · spread now −0.087%, 7d avg −0.164%

Together, before fees−0.221%+ Points / potential airdropHyperliquid: Season 2 · farm board−$22 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: BingX is 0.077% dearer against Hyperliquid than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.164%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SPX	0.5058	0.0100	pay 0.0013% / 1h	5m 03s	$9.9M	$7.7M	5x
Short	BingX SPX-USDT	0.5054	0.0100	get 0.0050% / 4h	5m 03s	—	$6.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.087%Rate

Funding earned: $0
Price spread: −0.087% → −0.164%: $7.71
Slippage, 4 orders: −$53.61
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$64.9
Costs to cover: 0.726%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; BingX: live order book, 7 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, 7 min ago	3.87 bp	17.5 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 7 min ago	6.94 bp	20.3 bp −$20	52.5 bp −$525	279.2 bp −$27.9K	1189.3 bp −$594.6K

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	−0.1177%	1h	0.5063	+0.100%	$241K	$555K	20x	as long as short
Variational Omni SPX	+0.0017%	4h	0.5042	−0.318%	$837K	$1.3M	—	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−1.570%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5058	−0.012%	$116K	$319K	5x	as long as short
Hyperliquid SPXlong	+0.0100%	1h	0.5058	long leg	$9.9M	$7.7M	5x
Aster SPXUSDT	+0.0100%	4h	0.5060	+0.022%	$128K	$110K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5059	+0.006%	$5.0M	$21.1M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5049	−0.186%	$11.5M	$16.1M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5051	−0.146%	$961K	$2.8M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5053	−0.107%	$1.0M	$506K	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	0.5056	−0.047%	$11.2M	$4.7M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5055	−0.067%	$3.7M	$5.3M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5057	−0.028%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDTshort	+0.0100%	4h	0.5054	−0.087%	—	$6.9M	—
ApeX Omni SPXUSDT	+0.0100%	1h	0.5054	−0.087%	$45K	$245K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5064	+0.111%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5044	−0.285%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5058	−0.018%	$34K	$228K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5060	+0.032%	$247K	$996K	75x	as long as short