Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.008%

Price spread now: Bybit against SunX−0.121%7-day average +0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$268as in the Funding arb table

Net, price: spread back to 7d avg − costs−$278as in the Price arb table

costs, in and out, $10k−$2632.625% of the position

Long on SunX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.058%−$6 on $10k

Price spread, last 4 days (all we have)+0.427%+$43 · spread now −0.121%, 7d avg +0.038%

Together, before fees+0.369%+$37 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 0.158% cheaper against SunX than usual: you would sell low and buy high, −$16 on $10k if it goes back to its 7-day average of +0.038%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX SPX-USDT	0.4978	0.0100	pay 0.0050% / 4h	46m 50s	$8K	$1.7M	20x
Short	Bybit SPXUSDT	0.4972	0.0100	get 0.0050% / 4h	46m 50s	$11.3M	$16.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against SunX. 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 SunXbpFee BybitbpOrdersPrice spread, now −0.121%Rate

Funding earned: $0
Price spread: −0.121% → +0.038%: −$15.82
Slippage, 4 orders: −$243.54
Fee SunX: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$278.36
Costs to cover: 2.625%
Break-even: never at this rate

Slippage from SunX: live order book, 8 min ago; Bybit: live order book, 2 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 SunX live order book, 8 min ago	32.90 bp	108.0 bp −$108	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	4.02 bp	18.7 bp −$19	57.1 bp −$571	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	+0.020%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.4982	+0.082%	$134K	$357K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.4983	+0.106%	$10.1M	$7.4M	5x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.4979	+0.028%	$5.0M	$21.3M	75x	as long as short
Bybit SPXUSDTshort	+0.0100%	4h	0.4972	−0.121%	$11.3M	$16.3M	50x
OKX SPX-USDT-SWAP	+0.0100%	4h	0.4984	+0.121%	$932K	$2.8M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.4977	−0.020%	$991K	$558K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.4980	+0.040%	$11.9M	$4.8M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.4980	+0.040%	$3.6M	$5.2M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.4983	+0.100%	$2.6M	$1.4M	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SPX-USDT	+0.0100%	4h	0.4976	−0.040%	—	$6.9M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.4985	+0.143%	$840K	$1.4M	—	as long as short
SunX SPX-USDTlong	+0.0100%	4h	0.4978	long leg	$8K	$1.7M	20x
Extended SPX-USD	+0.0104%	1h	0.4978	−0.006%	$32K	$249K	10x	as long as short
Aster SPXUSDT	+0.0125%	4h	0.4981	+0.065%	$133K	$122K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0151%	4h	0.4987	+0.181%	$20K	$599	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.4982	+0.080%	$250K	$987K	75x	as long as short
ApeX Omni SPXUSDT	+0.0400%	1h	0.4987	+0.181%	$25K	$254K	25x	as long as short
Kraken Futures PF_SPXUSD	+0.1295%	1h	0.4985	+0.141%	$242K	$549K	20x	as long as short