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Price arb /

SP500

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Spread before costs (cost unknown: a leg has no order-book sample)+0.348%
7d average+0.275%if it closes, per $10,000$35funding while held, a day−$0.83
Long on Variational OmniShort on Popdex
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongVariational Omni US5007,729.50.0076pay 0.0076% / 8h6h 45m$17.5M$11.4M—
ShortPopdex US500USDT7,756.40.0048get 0.0006% / 1h45m 48s$547K$211K20x

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 daysBacktest 30 daysBacktest 90 daysopens the backtester with this pair and $10,000 a leg

Profit calculator

Spread captured
$34.78
Funding while held
−$0.83
Slippage, 4 orders
no order book: not counted
Fee Variational Omni: 0 bp × 2 orders
$0
Fee Popdex: 3.2 bp × 2 orders
−$6.4
Net
$27.54
Spread needed to break even
0.064%
Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Popdex: live order book, 60 min ago. Net counts fees only.

Cost of waiting

funding view
Funding /8h
−0.0028%
Per $10,000 a day
−$0.83
Average in range /8h
—

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Variational Omni RFQ quote, 5 min ago1.90 bpdoesn't fit2.4 bp −$249.6 bp −$962doesn't fit
Sell Popdex live order book, 60 min ago0.58 bp3.8 bp −$43.9 bp −$397.1 bp −$708doesn't fit

SP500 price on every exchange

against the cheapest. Click to use as the short leg.
Injective7,650.9cheapestMarkets by Kinetiq7,727.6+1.002%
Variational Omni7,729.5+1.028%
Bitget7,745.2+1.233%Aftermath Perps7,751.4+1.313%Ondo Perps7,753.5+1.341%Paradex7,755.1+1.361%OKX7,755.3+1.365%SoDEX7,755.7+1.370%Pacifica7,755.8+1.371%Lighter7,755.9+1.372%Polymarket Perps7,756+1.374%QFEX7,756.1+1.375%
Popdex7,756.4+1.379%
Bullet7,757.3+1.390%tradeXYZ7,757.6+1.395%Extended7,758.9+1.411%Vest7,822.6+2.245%

SP500 on 18 venues

cheapest first. Swap a leg.
Exchangevs long legFunding /8hEveryOIVol 24hMax lev
Injective US500/USDC PERP−1.017%−0.0220%1h$7K$56K52xas long as short
Markets by Kinetiq mkts:US500−0.025%+0.0046%1h$1.6M$8.0M25xas long as short
Variational Omni US500long0.000%+0.0076%8h$17.5M$11.4M—
Bitget SP500USDT+0.203%0.0000%8h$7.2M$752K50xas long as short
Aftermath Perps US500USD+0.283%+0.0300%1h$458$15K10xas long as short
Ondo Perps US500-USD.P+0.310%+0.0050%1h$9.6M$6.2M25xas long as short
Paradex US500-USD-PERP+0.330%+0.0050%8h$43K—5xas long as short
OKX US500-USDT-SWAP+0.334%0.0000%8h$151K$292K20xas long as short
SoDEX US500-USD+0.339%+0.0050%1h$1.1M$87K20xas long as short
Pacifica SP500+0.340%+0.0100%1h$267K$163K20xas long as short
Show all 18 venues
Exchangevs long legFunding /8hEveryOIVol 24hMax lev
Lighter US500+0.341%+0.0032%1h$3.0M$23.8M50xas long as short
Polymarket Perps SP500-USD+0.343%+0.0050%1h$7.6M$1.5M50xas long as short
QFEX US500-USD+0.344%+0.0010%1h$11.7M$2.9M30xas long as short
Popdex US500USDTshort+0.348%+0.0048%1h$547K$211K20x
Bullet US500-USD+0.359%0.0000%1h$14K$109K10xas long as short
tradeXYZ xyz:SP500+0.363%+0.0050%1h$432.8M$236.0M50xas long as short
Extended SPX500m-USD+0.380%+0.0032%1h$3.3M$13.6M25xas long as short
Vest SPX-USD-PERP+1.205%+0.0046%1h—$3.5M50xas long as short