Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.043%

Price spread now: BloFin against Hyperliquid−0.064%7-day average −0.111% · you buy dearer than you sell

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

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.214%+$21 on $10k

Price spread, last 4 days (all we have)−0.205%−$20 · spread now −0.064%, 7d avg −0.111%

Together, before fees+0.009%+ Points / potential airdropHyperliquid: Season 2 · farm board+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and BloFin is 0.047% dearer against Hyperliquid than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.111%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SPX	0.5158	0.0100	pay 0.0013% / 1h	17m 14s	$10.5M	$7.9M	5x
Short	BloFin SPX-USDT	0.5155	0.0340	get 0.0170% / 4h	2h 17m	$245K	$1.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.064%Rate

Funding earned: $50.4
Price spread: −0.064% → −0.111%: $4.75
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: $34.15
Costs to cover: 0.210%
Break-even: 2.3 days

Slippage unknown: Hyperliquid: live order book, 5 min ago; BloFin: live order book, 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 Hyperliquid live order book, 5 min ago	3.15 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	3.93 bp	24.9 bp −$25	68.6 bp −$686	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
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−3.476%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5161	+0.062%	$141K	$380K	5x	as long as short
Hyperliquid SPXlong	+0.0100%	1h	0.5158	long leg	$10.5M	$7.9M	5x
Aster SPXUSDT	+0.0100%	4h	0.5169	+0.207%	$138K	$130K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5160	+0.024%	$5.1M	$22.6M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5155	−0.064%	$11.7M	$17.2M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5155	−0.064%	$944K	$3.2M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5167	+0.169%	$1.0M	$610K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5158	−0.006%	$11.9M	$5.2M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5168	+0.188%	$3.7M	$5.4M	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SPXUSDT	+0.0100%	4h	0.5166	+0.149%	$2.7M	$1.5M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5158	−0.006%	—	$6.9M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5076	−1.593%	$935K	$1.5M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5171	+0.246%	$26K	$254K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5147	−0.219%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5157	−0.032%	$34K	$254K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0192%	4h	0.5166	+0.149%	$20K	$599	10x	as long as short
BloFin SPX-USDTshort	+0.0340%	4h	0.5155	−0.064%	$245K	$1.0M	75x
Kraken Futures PF_SPXUSD	+0.1423%	1h	0.5168	+0.181%	$253K	$539K	20x	as long as short