Funding arb · Price arb /

SPX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.008%

Price spread now: Bybit against KuCoin−0.178%7-day average −0.113% · you buy dearer than you sell

Net, funding: paid 7d − costs−$182as in the Funding arb table

Net, price: spread back to 7d avg − costs−$184as in the Price arb table

costs, in and out, $10k−$1781.777% of the position

Long on KuCoin Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.040%−$4 on $10k

Price spread, last 7 days+0.004%$0 · spread now −0.178%, 7d avg −0.113%

Together, before fees−0.037%−$4 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: Bybit is 0.065% cheaper against KuCoin than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.113%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin SPXUSDTM	0.5063	0.0100	pay 0.0050% / 4h	2h 29m	$3.7M	$5.4M	50x
Short	Bybit SPXUSDT	0.5054	0.0100	get 0.0050% / 4h	2h 29m	$11.5M	$17.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against KuCoin. 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 KuCoinbpFee BybitbpOrdersPrice spread, now −0.178%Rate

Funding earned: $0
Price spread: −0.178% → −0.113%: −$6.5
Slippage, 4 orders: −$154.69
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$184.19
Costs to cover: 1.777%
Break-even: never at this rate

Slippage from KuCoin: live order book, 4 min ago; Bybit: 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 KuCoin live order book, 4 min ago	2.96 bp	86.4 bp −$86	467.4 bp −$4,674	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	2.97 bp	20.0 bp −$20	60.7 bp −$607	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	−1.659%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5064	+0.020%	$138K	$380K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5068	+0.091%	$10.3M	$7.9M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5065	+0.047%	$135K	$130K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5065	+0.046%	$5.0M	$22.5M	75x	as long as short
Bybit SPXUSDTshort	+0.0100%	4h	0.5054	−0.178%	$11.5M	$17.1M	50x
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5055	−0.158%	$930K	$3.1M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5061	−0.040%	$1.0M	$600K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5061	−0.040%	$11.9M	$5.1M	100x	as long as short
KuCoin SPXUSDTMlong	+0.0100%	4h	0.5063	long leg	$3.7M	$5.4M	50x

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SPXUSDT	+0.0100%	4h	0.5060	−0.059%	$2.6M	$1.5M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5057	−0.119%	—	$6.9M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5046	−0.331%	$930K	$1.5M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5046	−0.336%	$26K	$255K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5056	−0.138%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5063	+0.003%	$33K	$257K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0167%	4h	0.5069	+0.119%	$20K	$599	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5068	+0.099%	$249K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1450%	1h	0.5070	+0.134%	$248K	$543K	20x	as long as short