Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.015%

Price spread now: Phemex against ApeX Omni−0.007%77s7-day average −0.057% · you buy dearer than you sell

Net, funding: paid 7d − costs−$105as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$810.809% of the position

Long on ApeX Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.244%−$24 on $10k

Price spread, last 4 days (all we have)−0.295%−$29 · spread now −0.007%, 7d avg −0.057%

Together, before fees−0.539%−$54 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.050% dearer against ApeX Omni than usual: you sell high and buy low (spread −0.007% now, against its 7-day average of −0.057%): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.4 days. At the pace of the last 7 days (−0.244% in total) that is about 35 hours. The two prices were read 77 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni SPCXUSDT	151.97	0.0100	pay 0.0013% / 1h	25m 46s	$58K	$271K	50x
Short	Phemex SPCXUSDT	151.96	0.0050	get 0.0050% / 8h	7h 25m	$529K	$363K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against ApeX Omni. 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 ApeX OmnibpFee PhemexbpOrdersPrice spread, now −0.007%Rate

Funding earned: −$10.5
Price spread: −0.007% → −0.057%: $5.04
Slippage, 4 orders: −$58.92
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$86.37
Costs to cover: 0.809%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 6 min ago; Phemex: live order book, 7 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 ApeX Omni live order book, 6 min ago	7.56 bp	12.7 bp −$13	39.4 bp −$394	doesn't fit	doesn't fit
Sell Phemex live order book, 7 min ago	0.33 bp	13.7 bp −$14	doesn't fit	doesn't fit	doesn't fit

SPCX on 38 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
GMX SPCX/USD [ETH-USDC]	L −0.0187% / S +0.0435%	1h	151.91	−0.043%	$90K	—	20x	as long as short
BloFin SPCX-USDT	−0.0022%	8h	152.03	+0.039%	$1.9M	$1.2M	75x	as long as short
Bybit SPCXUSDT	0.0000%	8h	152.09	+0.079%	$30.4M	$43.3M	100x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.00	+0.020%	$96.1M	$32.3M	100x	as long as short
Bitget SPCXUSDT	0.0000%	8h	152.04	+0.046%	$30.9M	$66.9M	75x	as long as short
StandX SPCX-USD	0.0000%	1h	152.02	+0.033%	$299K	$2.6M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.20	+0.151%	$8K	$849K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.09	+0.079%	$1.3M	$1.7M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0021%	1h	151.99	+0.015%	$7K	$7K	10x	as long as short
Lighter SPCX	+0.0032%	1h	152.04	+0.046%	$1.6M	$7.4M	20x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH SPCX	+0.0032%	1h	152.00	+0.020%	$2.5M	$7.3M	20x	as long as short
QFEX SPCX-USD	+0.0035%	1h	152.05	+0.053%	$1.2M	$5.4M	10x	as long as short
Arcus SPCX-USD	+0.0040%	1h	151.99	+0.013%	$102K	$299K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.04	+0.046%	—	$1.2M	10x	as long as short
tradeXYZ xyz:SPCX	+0.0050%	1h	151.99	+0.013%	$129.5M	$129.7M	20x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	151.97	0.000%	$487K	$1.2M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	151.99	+0.013%	$1.7M	$99K	20x	as long as short
Phemex SPCXUSDTshort	+0.0050%	8h	151.96	−0.007%	$529K	$363K	50x
Ondo Perps SPCX-USD.P	+0.0050%	1h	151.93	−0.026%	$3.1M	$2.2M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0061%	8h	152.07	+0.069%	$100	—	5x	as long as short
Variational Omni SPCX	+0.0077%	8h	151.99	+0.010%	$5.9M	$2.8M	—	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0079%	1h	151.98	+0.007%	$85K	$1.4M	10x	as long as short
Extended SPCX-USD	+0.0096%	1h	151.99	+0.013%	$725K	$5.3M	10x	as long as short
Binance SPCXUSDT	+0.0099%	8h	152.08	+0.071%	$254.2M	$1.37B	75x	as long as short
Pacifica SPCX	+0.0100%	1h	151.97	0.000%	$168K	$117K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	151.97	0.000%	$12.9M	$5.7M	20x	as long as short
ApeX Omni SPCXUSDTlong	+0.0100%	1h	151.97	long leg	$58K	$271K	50x
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.04	+0.046%	$14K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.00	+0.018%	$88	—	10x	as long as short
Nado SPCX-PERP	+0.0112%	1h	151.99	+0.016%	$635K	$813K	20x	as long as short
OKX SPCX-USDT-SWAP	+0.0113%	8h	152.10	+0.086%	$39.2M	$167.8M	75x	as long as short
Bullet SPCX-USD	+0.0132%	1h	152.00	+0.020%	$10K	$192K	10x	as long as short
edgeX SPCXUSDC	+0.0156%	4h	152.05	+0.052%	$1.7M	$891K	20x	as long as short
RISEx SPCX/USDC	+0.0190%	1h	152.06	+0.059%	$380K	$507K	20x	as long as short
Phoenix SPCX	+0.0210%	1h	152.01	+0.026%	$447K	$268K	15x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0280%	1h	152.03	+0.039%	$693K	$997K	10x	as long as short
Aster SPCXUSD1	+0.0381%	8h	152.18	+0.140%	$18.9M	$30.7M	20x	as long as short
Injective SPCX/USDC PERP	+0.0440%	1h	152.51	+0.355%	$9K	$28K	5.5x	as long as short