Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0230%/8h= −25.2% APRpaid last 24h −0.051%

Price spread now: Phemex against Coinbase International+0.092%7-day average −0.056% · you sell dearer than you buy

Net, funding: paid 7d − costs−$107as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$720.724% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.348%−$35 on $10k

Price spread, last 4 days (all we have)−0.249%−$25 · spread now +0.092%, 7d avg −0.056%

Together, before fees−0.597%−$60 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.148% dearer against Coinbase International than usual: you sell high and buy low (spread +0.092% now, against its 7-day average of −0.056%): +$15 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International SPCX-PERP-INTX	152.67	0.0280	pay 0.0035% / 1h	0m 30s	$687K	$1.0M	10x
Short	Phemex SPCXUSDT	152.81	0.0050	get 0.0050% / 8h	7h 00m	$532K	$363K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now +0.092%Rate

Funding earned: −$48.3
Price spread: +0.092% → −0.056%: $14.81
Slippage, 4 orders: −$50.37
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$105.85
Costs to cover: 0.724%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; Phemex: live order book, 32 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 Coinbase International live order book, 3 min ago	3.28 bp	8.4 bp −$8	11.9 bp −$119	doesn't fit	doesn't fit
Sell Phemex live order book, 32 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	152.75	+0.049%	$90K	—	20x	as long as short
BloFin SPCX-USDT	−0.0022%	8h	152.80	+0.085%	$1.9M	$1.2M	75x	as long as short
Bybit SPCXUSDT	0.0000%	8h	152.79	+0.079%	$30.5M	$43.3M	100x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.76	+0.059%	$96.1M	$32.8M	100x	as long as short
Bitget SPCXUSDT	0.0000%	8h	152.78	+0.072%	$31.0M	$66.7M	75x	as long as short
StandX SPCX-USD	0.0000%	1h	152.72	+0.033%	$302K	$2.6M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	153.04	+0.242%	$8K	$841K	10x	as long as short
Deribit SPCX_USDC-PERPETUAL	0.0000%	1h	152.81	+0.092%	$82K	$1.4M	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.92	+0.164%	$1.3M	$1.7M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0015%	1h	152.63	−0.025%	$7K	$7K	10x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter SPCX	+0.0032%	1h	152.73	+0.039%	$1.6M	$7.4M	20x	as long as short
Lighter RH SPCX	+0.0032%	1h	152.70	+0.020%	$2.5M	$7.3M	20x	as long as short
QFEX SPCX-USD	+0.0035%	1h	152.73	+0.039%	$1.2M	$5.4M	10x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.67	0.000%	$103K	$295K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.80	+0.085%	—	$1.2M	10x	as long as short
tradeXYZ xyz:SPCX	+0.0050%	1h	152.72	+0.033%	$129.7M	$130.2M	20x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	152.78	+0.072%	$489K	$1.1M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.78	+0.072%	$1.7M	$99K	20x	as long as short
Phemex SPCXUSDTshort	+0.0050%	8h	152.81	+0.092%	$532K	$363K	50x
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.57	−0.066%	$3.1M	$2.2M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0056%	8h	152.74	+0.049%	$101	—	5x	as long as short
Variational Omni SPCX	+0.0081%	8h	152.78	+0.070%	$5.9M	$2.7M	—	as long as short
Bullet SPCX-USD	+0.0089%	1h	152.79	+0.077%	$11K	$191K	10x	as long as short
Nado SPCX-PERP	+0.0091%	1h	152.77	+0.065%	$635K	$809K	20x	as long as short
Extended SPCX-USD	+0.0096%	1h	152.74	+0.044%	$723K	$5.4M	10x	as long as short
Binance SPCXUSDT	+0.0097%	8h	152.79	+0.076%	$253.0M	$1.37B	75x	as long as short
Pacifica SPCX	+0.0100%	1h	152.72	+0.033%	$169K	$117K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.66	−0.007%	$13.0M	$5.9M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.70	+0.020%	$58K	$271K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.76	+0.059%	$15K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.77	+0.068%	$89	—	10x	as long as short
OKX SPCX-USDT-SWAP	+0.0105%	8h	152.81	+0.092%	$39.4M	$168.7M	75x	as long as short
RISEx SPCX/USDC	+0.0190%	1h	152.81	+0.092%	$382K	$507K	20x	as long as short
Phoenix SPCX	+0.0210%	1h	152.77	+0.066%	$449K	$268K	15x	as long as short
Coinbase International SPCX-PERP-INTXlong	+0.0280%	1h	152.67	long leg	$687K	$1.0M	10x
Aster SPCXUSD1	+0.0398%	8h	152.91	+0.157%	$19.0M	$30.7M	20x	as long as short
Injective SPCX/USDC PERP	+0.0440%	1h	152.78	+0.072%	$9K	$28K	5.5x	as long as short
edgeX SPCXUSDC	+0.0726%	4h	152.71	+0.029%	$1.7M	$890K	20x	as long as short