Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.012%

Price spread now: Bybit against Injective+2.551%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 Bybit

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 Bybit is 2.551% dearer against Injective than usual: you sell high and buy low: +$255 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	54m 52s	$9	$4K	5.5x
Short	Bybit SPXUSDT	0.5106	0.0100	get 0.0050% / 4h	3h 54m	$11.8M	$17.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +2.551%Rate

Funding earned: $14
Price spread: +2.551% → 0.000%: $255.07
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $258.05
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Bybit: 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 Bybit live order book, 4 min ago	2.94 bp	18.4 bp −$18	47.6 bp −$476	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
Injective SPX/USDC PERPlong	+0.0033%	1h	0.4979	long leg	$9	$4K	5.5x
Lighter SPX	+0.0096%	1h	0.5109	+2.613%	$140K	$405K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5115	+2.723%	$10.3M	$8.4M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5107	+2.569%	$136K	$93K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5105	+2.534%	$5.1M	$23.8M	75x	as long as short
Bybit SPXUSDTshort	+0.0100%	4h	0.5106	+2.551%	$11.8M	$17.8M	50x
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5114	+2.711%	$976K	$3.4M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5107	+2.571%	$1.0M	$641K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5114	+2.711%	$11.6M	$5.0M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5109	+2.611%	$3.7M	$5.5M	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	0.5109	+2.611%	$2.6M	$1.5M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5103	+2.490%	—	$7.0M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5103	+2.494%	$952K	$1.6M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5104	+2.511%	$26K	$249K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5090	+2.229%	$8K	$1.8M	20x	as long as short
Orderly PERP_SPX_USDC	+0.0101%	4h	0.5118	+2.792%	$20K	$599	10x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5114	+2.712%	$33K	$299K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5107	+2.571%	$252K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1471%	1h	0.5132	+3.068%	$259K	$554K	20x	as long as short