Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.1159%/8h= +127.0% APRpaid last 24h +0.238%

Price spread now: Kraken Futures against KuCoin+0.113%7-day average +0.113% · you sell dearer than you buy

Net, funding: paid 7d − costs−$163as in the Funding arb table

Net, price: spread back to 7d avg − costs−$230as in the Price arb table

costs, in and out, $10k−$2302.300% of the position

Long on KuCoin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.666%+$67 on $10k

Price spread, last 4 days (all we have)−0.083%−$8 · spread now +0.113%, 7d avg +0.113%

Together, before fees+0.583%+$58 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.113%, so right now this pair is about funding alone: +$35 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.666% in total (about 34.7% 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	KuCoin SPXUSDTM	0.5143	0.0100	pay 0.0050% / 4h	51m 39s	$3.7M	$5.5M	50x
Short	Kraken Futures PF_SPXUSD	0.5149	0.1259	get 0.0157% / 1h	51m 39s	$256K	$555K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.113%Rate

Funding earned: $243.49
Price spread: +0.113% → +0.113%: −$0.05
Slippage, 4 orders: −$207.99
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $13.45
Costs to cover: 2.300%
Break-even: 6.6 days

Slippage from KuCoin: live order book, 6 min ago; Kraken Futures: live order book, 51 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, 6 min ago	3.90 bp	79.3 bp −$79	480.2 bp −$4,802	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 51 min ago	37.89 bp	50.5 bp −$50	152.1 bp −$1,521	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	−3.189%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5144	+0.023%	$140K	$405K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5143	−0.002%	$10.4M	$8.3M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5144	+0.017%	$137K	$93K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5139	−0.071%	$5.2M	$23.7M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5135	−0.156%	$11.8M	$17.7M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5136	−0.136%	$969K	$3.4M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5142	−0.019%	$1.0M	$650K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5141	−0.039%	$11.8M	$5.1M	100x	as long as short
KuCoin SPXUSDTMlong	+0.0100%	4h	0.5143	long leg	$3.7M	$5.5M	50x

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SPXUSDT	+0.0100%	4h	0.5145	+0.039%	$2.7M	$1.5M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5136	−0.136%	—	$6.9M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5122	−0.407%	$991K	$1.6M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5145	+0.039%	$26K	$253K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5132	−0.214%	$8K	$1.8M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5135	−0.153%	$33K	$243K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0158%	4h	0.5147	+0.078%	$20K	$599	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5143	0.000%	$255K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSDshort	+0.1259%	1h	0.5149	+0.113%	$256K	$555K	20x