Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.020%

Price spread now: Bitget against Injective+1.486%7-day average — · you sell dearer than you buy

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

Long on Injective Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Bitget is 1.486% dearer against Injective than usual: you sell high and buy low: +$149 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective SPX/USDC PERP	0.4979	0.0033	pay 0.0004% / 1h	33m 15s	$9	$4K	5.5x
Short	Bitget SPXUSDT	0.5053	0.0100	get 0.0050% / 4h	1h 33m	$2.6M	$1.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Injective. 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 InjectivebpFee BitgetbpOrdersPrice spread, now +1.486%Rate

Funding earned: $14
Price spread: +1.486% → 0.000%: $148.62
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bitget: 6 bp × 2 orders: −$12
Net: $150.6
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Bitget: live order book, 4 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 Injective no order-book sample	—	—	—	—	—
Sell Bitget live order book, 4 min ago	6.90 bp	26.0 bp −$26	89.8 bp −$898	doesn't fit	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1241%	1h	0.5050	+1.416%	$234K	$552K	20x	as long as short
Injective SPX/USDC PERPlong	+0.0033%	1h	0.4979	long leg	$9	$4K	5.5x
Variational Omni SPX	+0.0064%	4h	0.5057	+1.565%	$885K	$1.3M	—	as long as short
Lighter SPX	+0.0096%	1h	0.5054	+1.510%	$116K	$319K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5057	+1.565%	$9.8M	$7.3M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5046	+1.353%	$127K	$103K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5053	+1.481%	$5.1M	$20.0M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5047	+1.366%	$11.8M	$15.5M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5050	+1.426%	$988K	$2.7M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5047	+1.366%	$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	0.5054	+1.506%	$11.4M	$4.6M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5051	+1.446%	$3.8M	$5.2M	50x	as long as short
Bitget SPXUSDTshort	+0.0100%	4h	0.5053	+1.486%	$2.6M	$1.4M	50x
BingX SPX-USDT	+0.0100%	4h	0.5052	+1.466%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5052	+1.466%	$45K	$248K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5059	+1.607%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5044	+1.305%	$8K	$1.6M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5050	+1.419%	$34K	$228K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5049	+1.406%	$257K	$933K	75x	as long as short