Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0146%/8h= −16.0% APRpaid last 24h −0.018%

Price spread now: Phemex against Nado+0.050%7-day average −0.044% · 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−$29as in the Price arb table

costs, in and out, $10k−$390.385% of the position

Long on Nado Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.085%−$8 on $10k

Price spread, last 3 days (all we have)−0.131%−$13 · spread now +0.050%, 7d avg −0.044%

Together, before fees−0.216%+ Points / potential airdropNado: Active · farm board−$22 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.095% dearer against Nado than usual: you sell high and buy low (spread +0.050% now, against its 7-day average of −0.044%): +$9 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado SPCX-PERP	152.54	0.0196	pay 0.0025% / 1h	59m 00s	$625K	$877K	20x
Short	Phemex SPCXUSDT	152.62	0.0050	get 0.0050% / 8h	1h 59m	$540K	$406K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Nado. 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 NadobpFee PhemexbpOrdersPrice spread, now +0.050%Rate

Funding earned: −$30.72
Price spread: +0.050% → −0.044%: $9.48
Slippage, 4 orders: −$19.53
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$59.77
Costs to cover: 0.385%
Break-even: never at this rate

Slippage from Nado: live order book, 24 min ago; Phemex: live order book, 23 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 Nado live order book, 24 min ago	0.33 bp	6.2 bp −$6	22.2 bp −$222	doesn't fit	doesn't fit
Sell Phemex live order book, 23 min ago	2.29 bp	13.7 bp −$14	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 −0.0335% / S +0.0533%	1h	152.62	+0.047%	$88K	—	20x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.64	+0.063%	$96.5M	$30.8M	100x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.50	+13.083%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.65	+0.070%	$302K	$3.1M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.81	+0.175%	$8K	$990K	10x	as long as short
Deribit SPCX_USDC-PERPETUAL	0.0000%	1h	152.60	+0.037%	$70K	$1.1M	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.61	+0.044%	$1.3M	$1.7M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0025%	1h	152.61	+0.044%	$7K	$10K	10x	as long as short
Lighter RH SPCX	+0.0032%	1h	152.57	+0.017%	$2.4M	$7.5M	20x	as long as short
Bullet SPCX-USD	+0.0032%	1h	152.63	+0.056%	$12K	$189K	10x	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	157.25	+3.085%	$9K	$27K	5.5x	as long as short
Lighter SPCX	+0.0040%	1h	152.58	+0.024%	$1.6M	$7.1M	20x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.68	+0.090%	—	$1.1M	10x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	152.61	+0.044%	$489K	$1.1M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.62	+0.050%	$1.7M	$79K	20x	as long as short
Phemex SPCXUSDTshort	+0.0050%	8h	152.62	+0.050%	$540K	$406K	50x
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.46	−0.055%	$3.2M	$2.6M	10x	as long as short
edgeX SPCXUSDC	+0.0054%	4h	152.62	+0.051%	$1.7M	$894K	20x	as long as short
QFEX SPCX-USD	+0.0066%	1h	152.61	+0.044%	$1.2M	$7.6M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0089%	8h	152.62	+0.052%	$101	—	5x	as long as short
BloFin SPCX-USDT	+0.0096%	8h	152.64	+0.063%	$1.9M	$1.4M	75x	as long as short
Pacifica SPCX	+0.0100%	1h	152.55	+0.004%	$175K	$135K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.51	−0.022%	$13.0M	$5.3M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.65	+0.070%	$58K	$270K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.65	+0.070%	$15K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.65	+0.068%	$89	—	10x	as long as short
tradeXYZ xyz:SPCX	+0.0140%	1h	152.61	+0.044%	$129.8M	$107.4M	20x	as long as short
Bybit SPCXUSDT	+0.0153%	8h	152.67	+0.083%	$30.7M	$42.3M	100x	as long as short
OKX SPCX-USDT-SWAP	+0.0187%	8h	152.64	+0.063%	$38.9M	$168.1M	75x	as long as short
Variational Omni SPCX	+0.0195%	8h	152.62	+0.050%	$6.1M	$4.2M	—	as long as short
Nado SPCX-PERPlong	+0.0196%	1h	152.54	long leg	$625K	$877K	20x
Binance SPCXUSDT	+0.0216%	8h	152.63	+0.057%	$256.1M	$1.38B	75x	as long as short
Extended SPCX-USD	+0.0216%	1h	152.61	+0.041%	$715K	$3.6M	10x	as long as short
Arcus SPCX-USD	+0.0227%	1h	152.57	+0.017%	$106K	$296K	5x	as long as short
Aster SPCXUSD1	+0.0246%	8h	152.69	+0.096%	$19.0M	$21.3M	20x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0256%	1h	152.71	+0.109%	$741K	$947K	10x	as long as short
Phoenix SPCX	+0.0262%	1h	152.69	+0.096%	$445K	$191K	15x	as long as short
Bitget SPCXUSDT	+0.0339%	8h	152.63	+0.057%	$31.1M	$66.5M	75x	as long as short
RISEx SPCX/USDC	+0.0543%	1h	152.68	+0.086%	$403K	$542K	20x	as long as short