Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0064%/8h= −7.0% APRpaid last 24h −0.006%

Price spread now: ApeX Omni against Orderly+0.277%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 5 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

The price spread pays, funding is against you. ApeX Omni is 0.277% dearer against Orderly than usual: you sell high and buy low (spread +0.277% now, against zero (this spread has no 7-day history yet)): +$28 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 14 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_SPX_USDC	0.5049	0.0164	pay 0.0082% / 4h	2h 27m	$20K	$599	10x
Short	ApeX Omni SPXUSDT	0.5063	0.0100	get 0.0013% / 1h	27m 02s	$26K	$254K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Orderly. 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 OrderlybpFee ApeX OmnibpOrdersPrice spread, now +0.277%Rate

Funding earned: −$13.52
Price spread: +0.277% → 0.000%: $27.73
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$1.79
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; ApeX Omni: live order book, 20 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell ApeX Omni live order book, 20 min ago	7.84 bp	15.9 bp −$16	102.5 bp −$1,025	doesn't fit	doesn't fit

Orderly: 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
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−1.386%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5044	−0.099%	$137K	$380K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5042	−0.139%	$10.2M	$7.9M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5049	+0.003%	$135K	$130K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5041	−0.154%	$5.0M	$22.5M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5030	−0.376%	$11.5M	$17.1M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5031	−0.357%	$926K	$3.1M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5037	−0.238%	$1.0M	$600K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5042	−0.139%	$11.8M	$5.1M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5043	−0.119%	$3.6M	$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	0.5043	−0.119%	$2.6M	$1.5M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5036	−0.257%	—	$6.9M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5046	−0.055%	$930K	$1.5M	—	as long as short
ApeX Omni SPXUSDTshort	+0.0100%	1h	0.5063	+0.277%	$26K	$254K	25x
SunX SPX-USDT	+0.0100%	4h	0.5036	−0.257%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5041	−0.167%	$33K	$257K	10x	as long as short
Orderly PERP_SPX_USDClong	+0.0164%	4h	0.5049	long leg	$20K	$599	10x
BloFin SPX-USDT	+0.0340%	4h	0.5039	−0.198%	$247K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1456%	1h	0.5050	+0.030%	$247K	$543K	20x	as long as short