SPX

Alert

Spread before costs (cost unknown: a leg has no order-book sample)−0.844%

7d average—if it closes, per $10,000$84funding while held, a day+$11.09

Long on Variational Omni Short on Orderly

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni SPX	0.5250	−0.0270	get 0.0135% / 4h	3h 25m	$1.2M	$726K	—
Short	Orderly PERP_SPX_USDC	0.5206	0.0100	get 0.0050% / 4h	3h 25m	$20K	$200	10x

Price spread history

latest

Range statsloading…

How often the spread is this wide

share of time at each level, last 7D

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

Profit calculator

Position, each leg$Hold forhoursFee Variational OmnibpFee OrderlybpOrdersClose when spread is

Spread captured: −$84.35
Funding while held: $11.09
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$79.26
Spread needed to break even: 0.060%

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Orderly: no order-book sample. Net counts fees only.

Cost of waiting

funding view

Funding /8h: +0.0370%
Per $10,000 a day: +$11.09
Average in range /8h: —

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 Variational Omni RFQ quote, 5 min ago	4.75 bp	doesn't fit	69.4 bp −$694	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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 price on every exchange

against the cheapest. Click to use as the short leg.

Injective0.4979cheapest

OKX0.5177+3.977%Extended0.5180+4.039%Bybit0.5181+4.057%BingX0.5182+4.077%Binance0.5183+4.097%SunX0.5184+4.117%KuCoin0.5185+4.137%MEXC0.5187+4.178%Gate0.5189+4.218%Bitget0.5190+4.238%Hyperliquid0.5193+4.294%Lighter0.5204+4.521%

Orderly0.5206+4.559%

Kraken Futures0.5212+4.675%Aster0.5221+4.866%BloFin0.5226+4.961%ApeX Omni0.5236+5.162%

Variational Omni0.5250+5.449%

SPX on 19 venues

cheapest first. Swap a leg.

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Injective SPX/USDC PERP	−5.167%	+0.0033%	1h	$9	$4K	5.5x	as long as short
OKX SPX-USDT-SWAP	−1.396%	+0.0100%	4h	$1.0M	$2.2M	20x	as long as short
Extended SPX-USD	−1.337%	+0.0104%	1h	$35K	$219K	10x	as long as short
Bybit SPXUSDT	−1.320%	+0.0100%	4h	$12.3M	$12.9M	50x	as long as short
BingX SPX-USDT	−1.301%	+0.0100%	4h	—	$6.7M	—	as long as short
Binance SPXUSDT	−1.282%	+0.0100%	4h	$5.1M	$15.8M	75x	as long as short
SunX SPX-USDT	−1.263%	+0.0100%	4h	$8K	$1.4M	20x	as long as short
KuCoin SPXUSDTM	−1.244%	−0.0032%	4h	$3.8M	$5.0M	50x	as long as short
MEXC SPX_USDT	−1.205%	+0.0100%	4h	$9.8M	$4.3M	100x	as long as short
Gate SPX_USDT	−1.167%	+0.0034%	4h	$1.0M	$381K	50x	as long as short

Show all 19 venues

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Bitget SPXUSDT	−1.148%	+0.0100%	4h	$2.8M	$1.1M	50x	as long as short
Hyperliquid SPX	−1.095%	+0.0100%	1h	$9.6M	$5.4M	5x	as long as short
Lighter SPX	−0.880%	+0.0096%	1h	$143K	$254K	5x	as long as short
Orderly PERP_SPX_USDCshort	−0.844%	+0.0100%	4h	$20K	$200	10x
Kraken Futures PF_SPXUSD	−0.734%	+0.1260%	1h	$264K	$319K	20x	as long as short
Aster SPXUSDT	−0.553%	+0.0100%	4h	$138K	$82K	10x	as long as short
BloFin SPX-USDT	−0.463%	+0.0340%	4h	$269K	$930K	75x	as long as short
ApeX Omni SPXUSDT	−0.272%	+0.0100%	1h	$50K	$247K	25x	as long as short
Variational Omni SPXlong	0.000%	−0.0270%	4h	$1.2M	$726K	—