Funding arb · Price arb /

SPX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.020%

Price spread now: Injective against MEXC−0.140%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on MEXC Short on Injective

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 against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 0.140% cheaper against MEXC than usual: you would sell low and buy high (−$14 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC SPX_USDT	0.4986	0.0100	pay 0.0050% / 4h	1h 14m	$11.2M	$4.6M	100x
Short	Injective SPX/USDC PERP	0.4979	0.0033	get 0.0004% / 1h	14m 36s	$9	$4K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against MEXC. 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 MEXCbpFee InjectivebpOrdersPrice spread, now −0.140%Rate

Funding earned: −$14
Price spread: −0.140% → 0.000%: −$14.04
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$32.06
Costs to cover: 0.040%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 3 min ago; Injective: no order-book sample. 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 MEXC live order book, 3 min ago	1.01 bp	7.2 bp −$7	25.0 bp −$250	166.3 bp −$16.6K	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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
Kraken Futures PF_SPXUSD	−0.1257%	1h	0.4986	+0.008%	$232K	$554K	20x	as long as short
Variational Omni SPX	+0.0028%	4h	0.4958	−0.564%	$836K	$1.3M	—	as long as short
Injective SPX/USDC PERPshort	+0.0033%	1h	0.4979	−0.140%	$9	$4K	5.5x
Lighter SPX	+0.0096%	1h	0.4988	+0.036%	$115K	$319K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.4985	−0.010%	$9.6M	$7.5M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.4985	−0.020%	$125K	$107K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.4988	+0.040%	$4.9M	$20.5M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.4983	−0.060%	$11.6M	$15.8M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.4986	0.000%	$981K	$2.7M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.4985	−0.020%	$1.0M	$490K	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SPX_USDTlong	+0.0100%	4h	0.4986	long leg	$11.2M	$4.6M	100x
KuCoin SPXUSDTM	+0.0100%	4h	0.4986	0.000%	$3.7M	$5.2M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.4984	−0.040%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.4986	0.000%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.4967	−0.381%	$45K	$248K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.4990	+0.080%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.4969	−0.341%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.4983	−0.061%	$34K	$228K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.4967	−0.381%	$256K	$941K	75x	as long as short