Funding arb · Price arb /

SPX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.1836%/8hpaid last 24h −0.086%

Price spread now: Binance against Kraken Futures+0.015%7-day average −0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$208as in the Funding arb table

Net, price: spread back to 7d avg − costs−$132as in the Price arb table

costs, in and out, $10k−$1401.398% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.681%−$68 on $10k

Price spread, last 3 days (all we have)−0.002%$0 · spread now +0.015%, 7d avg −0.064%

Together, before fees−0.684%−$68 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.079% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.015% now, against its 7-day average of −0.064%): +$8 on $10k if it goes back. Holding the pair costs −$55 a day in funding at the current rate, which eats that in about 3 hours. At the pace of the last 7 days (−0.681% in total) that is about 19 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.681% in total (about -35.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SPXUSD	0.5104	0.1936	pay 0.0242% / 1h	31m 16s	$236K	$552K	20x
Short	Binance SPXUSDT	0.5105	0.0100	get 0.0050% / 4h	31m 16s	$5.2M	$18.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Kraken Futures. 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 Kraken FuturesbpFee BinancebpOrdersPrice spread, now +0.015%Rate

Funding earned: −$385.55
Price spread: +0.015% → −0.064%: $7.88
Slippage, 4 orders: −$119.78
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$517.45
Costs to cover: 1.398%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 1 min ago; Binance: 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 Kraken Futures live order book, 1 min ago	25.45 bp	54.9 bp −$55	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 7 min ago	0.98 bp	16.0 bp −$16	44.8 bp −$448	416.0 bp −$41.6K	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
Variational Omni SPX	−0.0064%	4h	0.5078	−0.523%	$887K	$1.2M	—	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−2.453%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5109	+0.101%	$126K	$311K	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5114	+0.185%	$124K	$90K	10x	as long as short
Binance SPXUSDTshort	+0.0100%	4h	0.5105	+0.015%	$5.2M	$18.8M	75x
Bybit SPXUSDT	+0.0100%	4h	0.5095	−0.181%	$11.8M	$15.1M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5100	−0.083%	$1.0M	$2.5M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5105	+0.015%	$1.1M	$468K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5104	−0.004%	$12.0M	$4.5M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5102	−0.044%	$3.8M	$5.1M	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	0.5108	+0.074%	$2.6M	$1.3M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5103	−0.024%	—	$6.8M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5106	+0.035%	$46K	$246K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5099	−0.102%	$8K	$1.6M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5102	−0.041%	$35K	$232K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0113%	4h	0.5111	+0.133%	$20K	$200	10x	as long as short
Hyperliquid SPX	+0.0213%	1h	0.5110	+0.121%	$10.2M	$6.7M	5x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5106	+0.035%	$270K	$961K	75x	as long as short
Kraken Futures PF_SPXUSDlong	+0.1936%	1h	0.5104	long leg	$236K	$552K	20x