SPX Funding Rate — perpetuals across 14 venues
TradFi perpetual · compared across 14 venues · net of estimated fees · updated every few minutes
SPX is a perpetual linked to the SPX index/ETF. Perpia compares its annualized funding across venues and the best delta-neutral spread.
Live annualized SPX perpetual funding across all 14 venues Perpia tracks. Right now SPX funding is positive on 12 and negative on 2, ranging from +11.4% on Extended to -41.4% on Variational — a spread of 52.8%. The widest delta-neutral trade is long Variational / short Extended at 50.7% net APR.
SPX funding trend & liquidity
168h of historyAverages are historical funding over the window shown. A current rate near the 7-day average may indicate the spread has persisted; a rate far above it is usually a short-lived spike. OI and volume are the smaller (binding) leg of the best pair — the ceiling on tradeable size.
SPX funding rate by venue
25 pairs scanned| Venue | Funding APR | Interval |
|---|---|---|
| Extended↗ | +11.4% | 1h |
| MEXC↗ | +10.9% | 4h |
| Binance↗ | +10.9% | 4h |
| BingX↗ | +10.9% | 4h |
| Bybit↗ | +10.9% | 4h |
| KuCoin↗ | +10.9% | 4h |
| OKX↗ | +10.9% | 4h |
| Bitget↗ | +10.9% | 4h |
| Hyperliquid↗ | +10.9% | 1h |
| Aster↗ | +10.9% | 1h |
| Lighter↗ | +10.5% | 8h |
| Ostium↗ | +4.1% | 1h |
| Gate.io↗ | -4.6% | 4h |
| Variational↗ | -41.4% | 4h |
Rates annualized; updated ~every few minutes from live venue data. Venue names link to that exchange's full funding table; ↗ opens the market on the exchange itself. Every spread between these two venues is on the Variational vs Extended page.
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SPX funding — FAQ
Is SPX funding positive right now?
SPX perpetual funding is positive on 12 of 14 venues Perpia tracks and negative on 2. The highest is +11.4% on Extended; the lowest is -41.4% on Variational.
What is the best SPX funding arbitrage right now?
Go long Variational and short Extended for about 50.7% net APR after fees — the widest delta-neutral SPX spread Perpia currently sees.
Which exchange has the highest SPX funding rate?
Extended, at +11.4% annualized. Funding shifts continuously, so check the live table above before trading.
How SPX funding arbitrage works
Funding arbitrage combines opposing positions on two venues — long the one paying the most negative funding, short the one paying the most positive — to reduce directional exposure and capture the difference between their funding payments. Fees, slippage, basis divergence and liquidation risk can reduce the result. See the methodology for how it is measured and the guide for the full walkthrough.
Markets related to SPX
Markets also quoted on both Extended and Variational — the same two exchanges you would already have funded for the SPX trade.
See every spread between them on the Extended vs Variational page.