Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0017%/8h= +1.8% APRpaid last 24h +0.006%

Price spread now: Phemex against Injective−2.957%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.118%−$12 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Phemex is 2.957% cheaper against Injective than usual: you would sell low and buy high (spread −2.957% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$296 on $10k: about 20 months of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.118%, 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	Injective SPCX/USDC PERP	157.25	0.0033	pay 0.0004% / 1h	19m 15s	$9K	$27K	5.5x
Short	Phemex SPCXUSDT	152.60	0.0050	get 0.0050% / 8h	1h 19m	$538K	$403K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. 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 InjectivebpFee PhemexbpOrdersPrice spread, now −2.957%Rate

Funding earned: $3.5
Price spread: −2.957% → 0.000%: −$295.71
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$304.23
Costs to cover: 0.120%
Break-even: 615.5 days

Slippage unknown: Injective: no order-book sample; Phemex: live order book, 63 min ago. Net counts fees only.

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 Injective no order-book sample	—	—	—	—	—
Sell Phemex live order book, 63 min ago	2.29 bp	13.7 bp −$14	doesn't fit	doesn't fit	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 −0.0272% / S +0.0488%	1h	152.57	−2.973%	$88K	—	20x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.58	−2.970%	$96.5M	$30.9M	100x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.52	+9.708%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.63	−2.938%	$302K	$3.1M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.80	−2.830%	$8K	$978K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.60	−2.957%	$1.3M	$1.7M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0025%	1h	152.59	−2.963%	$7K	$10K	10x	as long as short
Lighter SPCX	+0.0032%	1h	152.52	−3.008%	$1.7M	$7.2M	20x	as long as short
Lighter RH SPCX	+0.0032%	1h	152.52	−3.008%	$2.5M	$7.6M	20x	as long as short
Injective SPCX/USDC PERPlong	+0.0033%	1h	157.25	long leg	$9K	$27K	5.5x

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest SPCX-USD-PERP	+0.0046%	1h	152.55	−2.989%	—	$1.1M	10x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	152.56	−2.983%	$488K	$1.1M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.58	−2.970%	$1.7M	$79K	20x	as long as short
Phemex SPCXUSDTshort	+0.0050%	8h	152.60	−2.957%	$538K	$403K	50x
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.44	−3.059%	$3.2M	$2.6M	10x	as long as short
QFEX SPCX-USD	+0.0066%	1h	152.58	−2.970%	$1.2M	$7.6M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0067%	8h	152.59	−2.964%	$101	—	5x	as long as short
BloFin SPCX-USDT	+0.0076%	8h	152.61	−2.951%	$1.9M	$1.4M	75x	as long as short
Bullet SPCX-USD	+0.0094%	1h	152.60	−2.957%	$11K	$188K	10x	as long as short
Pacifica SPCX	+0.0100%	1h	152.51	−3.014%	$175K	$133K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.50	−3.021%	$13.0M	$5.5M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.53	−3.002%	$58K	$270K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.62	−2.944%	$15K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.61	−2.951%	$89	—	10x	as long as short
Bybit SPCXUSDT	+0.0137%	8h	152.60	−2.957%	$30.8M	$42.4M	100x	as long as short
tradeXYZ xyz:SPCX	+0.0147%	1h	152.56	−2.983%	$130.2M	$107.6M	20x	as long as short
Variational Omni SPCX	+0.0175%	8h	152.60	−2.960%	$6.0M	$3.9M	—	as long as short
OKX SPCX-USDT-SWAP	+0.0181%	8h	152.62	−2.944%	$38.9M	$168.4M	75x	as long as short
Extended SPCX-USD	+0.0192%	1h	152.57	−2.974%	$739K	$3.6M	10x	as long as short
Binance SPCXUSDT	+0.0196%	8h	152.61	−2.953%	$255.4M	$1.38B	75x	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0209%	1h	152.53	−3.002%	$70K	$1.1M	10x	as long as short
Arcus SPCX-USD	+0.0227%	1h	152.53	−3.002%	$106K	$296K	5x	as long as short
Nado SPCX-PERP	+0.0236%	1h	152.48	−3.030%	$624K	$872K	20x	as long as short
Aster SPCXUSD1	+0.0246%	8h	152.67	−2.914%	$19.0M	$21.8M	20x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0256%	1h	152.71	−2.887%	$741K	$947K	10x	as long as short
Phoenix SPCX	+0.0314%	1h	152.60	−2.957%	$445K	$196K	15x	as long as short
Bitget SPCXUSDT	+0.0316%	8h	152.60	−2.957%	$31.0M	$66.5M	75x	as long as short
edgeX SPCXUSDC	+0.0386%	4h	152.60	−2.960%	$1.7M	$893K	20x	as long as short
RISEx SPCX/USDC	+0.0543%	1h	152.65	−2.928%	$402K	$548K	20x	as long as short