Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0178%/8h= −19.5% APRpaid last 24h −0.015%

Price spread now: Phemex against Bullet−0.028%7-day average −0.063% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$490.489% of the position

Long on Bullet Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.133%−$13 on $10k

Price spread, last 4 days (all we have)−0.024%−$2 · spread now −0.028%, 7d avg −0.063%

Together, before fees−0.158%−$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.035% dearer against Bullet than usual: you sell high and buy low (spread −0.028% now, against its 7-day average of −0.063%): +$4 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet SPCX-USD	152.55	0.0228	pay 0.0029% / 1h	26m 04s	$12K	$193K	10x
Short	Phemex SPCXUSDT	152.51	0.0050	get 0.0050% / 8h	3h 26m	$532K	$393K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bullet. 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 BulletbpFee PhemexbpOrdersPrice spread, now −0.028%Rate

Funding earned: −$37.47
Price spread: −0.028% → −0.063%: $3.51
Slippage, 4 orders: −$28.91
Fee Bullet: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$82.87
Costs to cover: 0.489%
Break-even: never at this rate

Slippage from Bullet: live order book, 28 min ago; Phemex: live order book, 26 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 Bullet live order book, 28 min ago	0.65 bp	5.7 bp −$6	19.9 bp −$199	doesn't fit	doesn't fit
Sell Phemex live order book, 26 min ago	1.63 bp	13.0 bp −$13	doesn't fit	doesn't fit	doesn't fit

SPCX on 39 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 −0.0265% / S +0.0494%	1h	152.47	−0.058%	$90K	—	20x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.53	−0.015%	$96.3M	$31.4M	100x	as long as short
Bitget SPCXUSDT	0.0000%	8h	152.57	+0.011%	$31.5M	$65.6M	75x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.53	+13.095%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.68	+0.083%	$300K	$2.9M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.82	+0.175%	$8K	$923K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.61	+0.037%	$1.3M	$1.7M	75x	as long as short
Bybit SPCXUSDT	+0.0019%	8h	152.51	−0.028%	$30.7M	$42.7M	100x	as long as short
Aftermath Perps SPCXUSD	+0.0032%	1h	152.50	−0.036%	$7K	$8K	10x	as long as short
Lighter RH SPCX	+0.0032%	1h	152.45	−0.067%	$2.5M	$7.4M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin SPCX-USDT	+0.0034%	8h	152.57	+0.011%	$1.9M	$1.3M	75x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.50	−0.035%	$105K	$297K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.55	−0.002%	—	$1.2M	10x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	152.51	−0.028%	$494K	$1.2M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.51	−0.028%	$1.7M	$98K	20x	as long as short
Phemex SPCXUSDTshort	+0.0050%	8h	152.51	−0.028%	$532K	$393K	50x
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.44	−0.074%	$3.2M	$2.4M	10x	as long as short
QFEX SPCX-USD	+0.0050%	1h	152.53	−0.015%	$1.2M	$5.8M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0055%	8h	152.56	+0.003%	$101	—	5x	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0078%	1h	152.51	−0.028%	$84K	$1.2M	10x	as long as short
Pacifica SPCX	+0.0100%	1h	152.45	−0.067%	$169K	$120K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.48	−0.048%	$13.0M	$5.5M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.48	−0.048%	$58K	$271K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.55	−0.002%	$14K	$7K	10x	as long as short
Lighter SPCX	+0.0104%	1h	152.48	−0.048%	$1.6M	$7.4M	20x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.55	−0.002%	$88	—	10x	as long as short
Variational Omni SPCX	+0.0141%	8h	152.53	−0.017%	$6.0M	$2.9M	—	as long as short
Extended SPCX-USD	+0.0152%	1h	152.48	−0.047%	$736K	$3.8M	10x	as long as short
OKX SPCX-USDT-SWAP	+0.0153%	8h	152.55	−0.002%	$39.4M	$166.3M	75x	as long as short
Binance SPCXUSDT	+0.0153%	8h	152.52	−0.019%	$249.8M	$1.36B	75x	as long as short
tradeXYZ xyz:SPCX	+0.0176%	1h	152.40	−0.100%	$134.9M	$125.3M	20x	as long as short
Nado SPCX-PERP	+0.0214%	1h	152.48	−0.048%	$613K	$799K	20x	as long as short
RISEx SPCX/USDC	+0.0217%	1h	152.59	+0.028%	$408K	$517K	20x	as long as short
Bullet SPCX-USDlong	+0.0228%	1h	152.55	long leg	$12K	$193K	10x
Coinbase International SPCX-PERP-INTX	+0.0248%	1h	152.44	−0.074%	$739K	$944K	10x	as long as short
Phoenix SPCX	+0.0261%	1h	152.53	−0.015%	$443K	$264K	15x	as long as short
Aster SPCXUSD1	+0.0429%	8h	152.63	+0.053%	$18.9M	$24.0M	20x	as long as short
Injective SPCX/USDC PERP	+0.0440%	1h	153.19	+0.418%	$9K	$28K	5.5x	as long as short
edgeX SPCXUSDC	+0.0832%	4h	152.58	+0.016%	$1.7M	$891K	20x	as long as short