Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.021%

Price spread now: Injective against Orderly−1.464%7-day average — · you buy dearer than you sell

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

Long on Orderly 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 1.464% cheaper against Orderly than usual: you would sell low and buy high (−$146 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	Orderly PERP_SPX_USDC	0.5053	0.0100	pay 0.0050% / 4h	1h 25m	$20K	$711	10x
Short	Injective SPX/USDC PERP	0.4979	0.0033	get 0.0004% / 1h	25m 21s	$9	$4K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.464%Rate

Funding earned: −$14
Price spread: −1.464% → 0.000%: −$146.45
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$166.47
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell Injective no order-book sample	—	—	—	—	—

Orderly and 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	−0.1242%	1h	0.5048	−0.103%	$234K	$552K	20x	as long as short
Injective SPX/USDC PERPshort	+0.0033%	1h	0.4979	−1.464%	$9	$4K	5.5x
Variational Omni SPX	+0.0056%	4h	0.5024	−0.576%	$848K	$1.3M	—	as long as short
Lighter SPX	+0.0096%	1h	0.5053	−0.006%	$116K	$319K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5050	−0.063%	$9.8M	$7.3M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5044	−0.179%	$127K	$104K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5045	−0.166%	$5.1M	$20.0M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5039	−0.277%	$11.7M	$15.5M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5049	−0.079%	$988K	$2.7M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5038	−0.297%	$1.0M	$477K	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_USDT	+0.0100%	4h	0.5041	−0.237%	$11.3M	$4.6M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5043	−0.198%	$3.8M	$5.2M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5048	−0.099%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5046	−0.139%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5035	−0.356%	$45K	$248K	25x	as long as short
Orderly PERP_SPX_USDClong	+0.0100%	4h	0.5053	long leg	$20K	$711	10x
SunX SPX-USDT	+0.0100%	4h	0.5028	−0.495%	$8K	$1.6M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5048	−0.108%	$34K	$228K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5049	−0.079%	$256K	$953K	75x	as long as short