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: SunX against Hyperliquid−0.237%7-day average −0.292% · you buy dearer than you sell

Net, funding: paid 7d − costs−$263as in the Funding arb table

Net, price: spread back to 7d avg − costs−$241as in the Price arb table

costs, in and out, $10k−$2472.469% of the position

Long on Hyperliquid Short on SunX

What this pair did over the last

the charts below follow

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

Price spread, last 3 days (all we have)−0.273%−$27 · spread now −0.237%, 7d avg −0.292%

Together, before fees−0.434%+ Points / potential airdropHyperliquid: Season 2 · farm board−$43 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: SunX is 0.055% dearer against Hyperliquid than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.292%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SPX	0.5059	0.0100	pay 0.0013% / 1h	51m 14s	$9.7M	$7.6M	5x
Short	SunX SPX-USDT	0.5047	0.0100	get 0.0050% / 4h	51m 14s	$8K	$1.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.237%Rate

Funding earned: $0
Price spread: −0.237% → −0.292%: $5.5
Slippage, 4 orders: −$229.86
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee SunX: 4 bp × 2 orders: −$8
Net: −$241.36
Costs to cover: 2.469%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 min ago; SunX: live order book, 4 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, 11 min ago	1.91 bp	11.8 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 4 min ago	31.78 bp	113.8 bp −$114	doesn't fit	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	−0.1177%	1h	0.5064	+0.101%	$240K	$560K	20x	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−1.581%	$9	$4K	5.5x	as long as short
Variational Omni SPX	+0.0062%	4h	0.5034	−0.488%	$847K	$1.3M	—	as long as short
Lighter SPX	+0.0096%	1h	0.5058	−0.026%	$116K	$318K	5x	as long as short
Hyperliquid SPXlong	+0.0100%	1h	0.5059	long leg	$9.7M	$7.6M	5x
Aster SPXUSDT	+0.0100%	4h	0.5044	−0.291%	$128K	$108K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5058	−0.026%	$4.9M	$20.9M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5052	−0.138%	$11.5M	$16.0M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5060	+0.020%	$967K	$2.8M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5053	−0.119%	$1.0M	$496K	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	0.5058	−0.020%	$11.3M	$4.7M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5055	−0.079%	$3.8M	$5.3M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5055	−0.079%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5058	−0.020%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5046	−0.257%	$45K	$246K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5064	+0.099%	$20K	$711	10x	as long as short
SunX SPX-USDTshort	+0.0100%	4h	0.5047	−0.237%	$8K	$1.7M	20x
Extended SPX-USD	+0.0104%	1h	0.5056	−0.069%	$34K	$228K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5037	−0.435%	$243K	$987K	75x	as long as short