Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0210%/8h= +22.9% APRpaid last 24h +0.059%

Price spread now: Phoenix against Gate+0.013%62s7-day average +0.041% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as 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−$360.359% of the position

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.100%+$10 on $10k

Price spread, last 4 days (all we have)+0.152%+$15 · spread now +0.013%, 7d avg +0.041%

Together, before fees+0.252%+$25 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.028% cheaper against Gate than usual: you would sell low and buy high (spread +0.013% now, against its 7-day average of +0.041%). If the spread goes back, that is −$3 on $10k: about 11 hours of funding at the current rate (+$6 a day). At the pace of the last 7 days (+0.100% in total) that is about 47 hours. The two prices were read 62 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.100% in total (about 5.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate SPCX_USDT	152.36	0	get 0.0000% / 8h	1h 36m	$96.1M	$31.8M	100x
Short	Phoenix SPCX	152.38	0.0210	get 0.0026% / 1h	36m 25s	$443K	$266K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Gate. 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 GatebpFee PhoenixbpOrdersPrice spread, now +0.013%Rate

Funding earned: $44.01
Price spread: +0.013% → +0.041%: −$2.82
Slippage, 4 orders: −$13.89
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $5.31
Costs to cover: 0.359%
Break-even: 6.2 days

Slippage from Gate: live order book, 3 min ago; Phoenix: live order book, 6 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 Gate live order book, 3 min ago	0.98 bp	11.6 bp −$12	18.0 bp −$180	47.5 bp −$4,753	84.6 bp −$42.3K
Sell Phoenix live order book, 6 min ago	0.33 bp	6.1 bp −$6	19.7 bp −$197	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 −0.0187% / S +0.0435%	1h	152.31	−0.030%	$90K	—	20x	as long as short
BloFin SPCX-USDT	−0.0013%	8h	152.43	+0.046%	$1.9M	$1.2M	75x	as long as short
Bybit SPCXUSDT	0.0000%	8h	152.41	+0.033%	$30.6M	$42.7M	100x	as long as short
Gate SPCX_USDTlong	0.0000%	8h	152.36	long leg	$96.1M	$31.8M	100x
Bitget SPCXUSDT	0.0000%	8h	152.42	+0.039%	$31.2M	$66.0M	75x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.52	+13.233%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.38	+0.013%	$300K	$2.7M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.70	+0.223%	$8K	$896K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.50	+0.092%	$1.3M	$1.8M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0023%	1h	152.39	+0.021%	$7K	$8K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH SPCX	+0.0032%	1h	152.36	0.000%	$2.5M	$7.3M	20x	as long as short
QFEX SPCX-USD	+0.0038%	1h	152.40	+0.026%	$1.2M	$5.5M	10x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.35	−0.007%	$103K	$299K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.35	−0.007%	—	$1.2M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.37	+0.007%	$1.7M	$97K	20x	as long as short
Phemex SPCXUSDT	+0.0050%	8h	152.39	+0.020%	$531K	$382K	50x	as long as short
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.26	−0.066%	$3.2M	$2.2M	10x	as long as short
RISEx SPCX/USDC	+0.0072%	1h	152.44	+0.053%	$408K	$498K	20x	as long as short
Variational Omni SPCX	+0.0085%	8h	152.43	+0.045%	$6.0M	$2.8M	—	as long as short
Paradex SPCX-USD-PERP	+0.0087%	8h	152.45	+0.057%	$101	—	5x	as long as short
tradeXYZ xyz:SPCX	+0.0092%	1h	152.32	−0.026%	$129.9M	$129.0M	20x	as long as short
Pacifica SPCX	+0.0100%	1h	152.33	−0.020%	$169K	$120K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.31	−0.033%	$13.0M	$5.5M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.44	+0.053%	$58K	$272K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.41	+0.033%	$14K	$7K	10x	as long as short
Extended SPCX-USD	+0.0104%	1h	152.37	+0.008%	$733K	$3.9M	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.40	+0.029%	$88	—	10x	as long as short
Polymarket Perps SPCX-USD	+0.0105%	1h	152.38	+0.013%	$487K	$1.2M	10x	as long as short
Binance SPCXUSDT	+0.0107%	8h	152.41	+0.033%	$251.5M	$1.36B	75x	as long as short
Lighter SPCX	+0.0112%	1h	152.34	−0.013%	$1.6M	$7.4M	20x	as long as short
OKX SPCX-USDT-SWAP	+0.0119%	8h	152.42	+0.039%	$39.5M	$166.6M	75x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0192%	1h	152.36	0.000%	$732K	$938K	10x	as long as short
Phoenix SPCXshort	+0.0210%	1h	152.38	+0.013%	$443K	$266K	15x
Nado SPCX-PERP	+0.0241%	1h	152.27	−0.061%	$626K	$808K	20x	as long as short
Bullet SPCX-USD	+0.0270%	1h	152.41	+0.031%	$11K	$192K	10x	as long as short
Aster SPCXUSD1	+0.0371%	8h	152.54	+0.119%	$18.8M	$27.1M	20x	as long as short
edgeX SPCXUSDC	+0.0430%	4h	152.41	+0.030%	$1.7M	$891K	20x	as long as short
Injective SPCX/USDC PERP	+0.0440%	1h	152.81	+0.295%	$9K	$28K	5.5x	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0604%	1h	152.37	+0.007%	$89K	$1.3M	10x	as long as short