Funding arb · Price arb /

SPX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1066%/8h= −116.8% APRpaid last 24h −0.141%

Price spread now: BloFin against Kraken Futures+0.155%7-day average −0.061% · you sell dearer than you buy

Net, funding: paid 7d − costs−$188as in the Funding arb table

Net, price: spread back to 7d avg − costs−$140as in the Price arb table

costs, in and out, $10k−$1621.620% of the position

Long on Kraken Futures Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.263%−$26 on $10k

Price spread, last 4 days (all we have)−0.238%−$24 · spread now +0.155%, 7d avg −0.061%

Together, before fees−0.501%−$50 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.216% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.155% now, against its 7-day average of −0.061%): +$22 on $10k if it goes back. Holding the pair costs −$32 a day in funding at the current rate, which eats that in about 16 hours. At the pace of the last 7 days (−0.263% in total) that is about 5.7 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.263% in total (about -13.7% 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	0.5227	0.1406	pay 0.0176% / 1h	8m 45s	$255K	$553K	20x
Short	BloFin SPX-USDT	0.5235	0.0340	get 0.0170% / 4h	2h 08m	$248K	$1.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.155%Rate

Funding earned: −$223.94
Price spread: +0.155% → −0.061%: $21.59
Slippage, 4 orders: −$140.04
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$364.38
Costs to cover: 1.620%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 39 min ago; BloFin: live order book, 3 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, 39 min ago	44.99 bp	50.0 bp −$50	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	0.96 bp	22.9 bp −$23	58.4 bp −$584	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	−4.743%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5234	+0.128%	$155K	$393K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5237	+0.193%	$10.7M	$8.0M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5232	+0.105%	$139K	$92K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5231	+0.078%	$5.3M	$23.0M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5224	−0.055%	$11.9M	$17.4M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5224	−0.055%	$986K	$3.3M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5230	+0.059%	$1.1M	$645K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5230	+0.059%	$12.0M	$5.2M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5230	+0.059%	$3.8M	$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	0.5228	+0.021%	$2.7M	$1.5M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5227	+0.002%	—	$7.0M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5209	−0.341%	$970K	$1.5M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5219	−0.151%	$27K	$254K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5233	+0.117%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5226	−0.027%	$34K	$259K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0207%	4h	0.5243	+0.308%	$21K	$599	10x	as long as short
BloFin SPX-USDTshort	+0.0340%	4h	0.5235	+0.155%	$248K	$1.1M	75x
Kraken Futures PF_SPXUSDlong	+0.1406%	1h	0.5227	long leg	$255K	$553K	20x