Funding arb · Price arb /

SPCX

RWAall SPCX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h −0.037%

Price spread now: Phemex against Deribit+0.007%7-day average −0.058% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$480.482% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.114%−$11 on $10k

Price spread, last 3 days (all we have)−0.083%−$8 · spread now +0.007%, 7d avg −0.058%

Together, before fees−0.197%−$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Phemex is 0.064% dearer against Deribit than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.058%. Mind the row above: over the last 5 days funding on this pair cost −0.114%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit SPCX_USDC-PERPETUAL	152.94	0	get 0.0000% / 1h	46m 46s	$72K	$1.1M	10x
Short	Phemex SPCXUSDT	152.95	0.0050	get 0.0050% / 8h	6h 46m	$534K	$405K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now +0.007%Rate

Funding earned: $10.5
Price spread: +0.007% → −0.058%: $6.42
Slippage, 4 orders: −$29.23
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$31.31
Costs to cover: 0.482%
Break-even: 27.9 days

Slippage from Deribit: live order book, 2 min ago; Phemex: live order book, 21 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 Deribit live order book, 2 min ago	5.23 bp	9.2 bp −$9	10.9 bp −$109	doesn't fit	doesn't fit
Sell Phemex live order book, 21 min ago	1.96 bp	20.4 bp −$20	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 −0.0340% / S +0.0536%	1h	152.96	+0.010%	$88K	—	20x	as long as short
Gate SPCX_USDT	0.0000%	8h	153.00	+0.039%	$96.3M	$31.2M	100x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.52	+12.805%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.94	0.000%	$302K	$3.1M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	153.28	+0.222%	$8K	$949K	10x	as long as short
Deribit SPCX_USDC-PERPETUALlong	0.0000%	1h	152.94	long leg	$72K	$1.1M	10x
HTX SPCX-USDT	0.0000%	8h	153.06	+0.078%	$1.3M	$1.7M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0025%	1h	152.90	−0.026%	$7K	$8K	10x	as long as short
Lighter SPCX	+0.0032%	1h	152.97	+0.020%	$1.6M	$7.2M	20x	as long as short
Lighter RH SPCX	+0.0032%	1h	152.95	+0.007%	$2.5M	$7.2M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective SPCX/USDC PERP	+0.0033%	1h	153.32	+0.248%	$9K	$27K	5.5x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.94	0.000%	$105K	$297K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	153.04	+0.065%	—	$1.2M	10x	as long as short
QFEX SPCX-USD	+0.0049%	1h	153.02	+0.052%	$1.2M	$7.0M	10x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	152.98	+0.026%	$489K	$1.1M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.96	+0.013%	$1.7M	$87K	20x	as long as short
Phemex SPCXUSDTshort	+0.0050%	8h	152.95	+0.007%	$534K	$405K	50x
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.84	−0.065%	$3.2M	$2.6M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0085%	8h	153.03	+0.060%	$101	—	5x	as long as short
Pacifica SPCX	+0.0100%	1h	152.92	−0.013%	$169K	$133K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.92	−0.013%	$13.0M	$5.5M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.94	0.000%	$58K	$271K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	153.01	+0.046%	$15K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	153.01	+0.043%	$89	—	10x	as long as short
Bybit SPCXUSDT	+0.0106%	8h	153.02	+0.052%	$30.9M	$42.9M	100x	as long as short
BloFin SPCX-USDT	+0.0116%	8h	153.03	+0.059%	$1.9M	$1.4M	75x	as long as short
Bullet SPCX-USD	+0.0168%	1h	153.00	+0.039%	$11K	$189K	10x	as long as short
tradeXYZ xyz:SPCX	+0.0179%	1h	152.99	+0.033%	$142.4M	$119.7M	20x	as long as short
OKX SPCX-USDT-SWAP	+0.0205%	8h	153.03	+0.059%	$39.4M	$168.9M	75x	as long as short
Variational Omni SPCX	+0.0220%	8h	152.98	+0.027%	$6.0M	$3.5M	—	as long as short
Bitget SPCXUSDT	+0.0221%	8h	153.08	+0.092%	$31.8M	$66.6M	75x	as long as short
Extended SPCX-USD	+0.0232%	1h	152.97	+0.020%	$734K	$3.8M	10x	as long as short
Binance SPCXUSDT	+0.0232%	8h	153.02	+0.052%	$252.9M	$1.37B	75x	as long as short
Nado SPCX-PERP	+0.0277%	1h	152.96	+0.013%	$620K	$844K	20x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0288%	1h	153.14	+0.131%	$728K	$986K	10x	as long as short
Phoenix SPCX	+0.0314%	1h	153.02	+0.052%	$445K	$270K	15x	as long as short
Aster SPCXUSD1	+0.0392%	8h	153.12	+0.115%	$19.0M	$17.7M	20x	as long as short
RISEx SPCX/USDC	+0.0410%	1h	153.06	+0.075%	$408K	$539K	20x	as long as short
edgeX SPCXUSDC	+0.0426%	4h	153.00	+0.042%	$1.7M	$894K	20x	as long as short