Funding arb · Price arb /

SPCX

RWAall SPCX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0420%/8h= +46.0% APRpaid last 24h +0.031%

Price spread now: Deribit against Phemex+0.033%7-day average +0.059% · 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−$51as in the Price arb table

costs, in and out, $10k−$480.484% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.112%+$11 on $10k

Price spread, last 3 days (all we have)+0.046%+$5 · spread now +0.033%, 7d avg +0.059%

Together, before fees+0.158%+$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.026% cheaper against Phemex than usual: you would sell low and buy high (spread +0.033% now, against its 7-day average of +0.059%). If the spread goes back, that is −$3 on $10k: about 5 hours of funding at the current rate (+$13 a day). At the pace of the last 5 days (+0.112% in total) that is about 26 hours.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid 0.112% in total (about 8.8% 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	Phemex SPCXUSDT	152.87	0.0050	pay 0.0050% / 8h	25m 48s	$536K	$409K	50x
Short	Deribit SPCX_USDC-PERPETUAL	152.92	0.0470	get 0.0059% / 1h	25m 48s	$71K	$1.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Phemex. 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 PhemexbpFee DeribitbpOrdersPrice spread, now +0.033%Rate

Funding earned: $88.17
Price spread: +0.033% → +0.059%: −$2.58
Slippage, 4 orders: −$29.36
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $37.23
Costs to cover: 0.484%
Break-even: 4.0 days

Slippage from Phemex: live order book, 52 min ago; Deribit: live order book, 3 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 Phemex live order book, 52 min ago	1.64 bp	13.5 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 3 min ago	7.52 bp	11.0 bp −$11	15.3 bp −$153	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 −0.0275% / S +0.0490%	1h	152.91	+0.023%	$88K	—	20x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.92	+0.033%	$96.6M	$31.4M	100x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.51	+12.847%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.81	−0.039%	$302K	$3.1M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	153.10	+0.150%	$8K	$972K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.91	+0.026%	$1.3M	$1.7M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0032%	1h	152.82	−0.033%	$7K	$10K	10x	as long as short
Lighter RH SPCX	+0.0032%	1h	152.85	−0.013%	$2.5M	$7.6M	20x	as long as short
Injective SPCX/USDC PERP	+0.0033%	1h	157.25	+2.865%	$9K	$27K	5.5x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.90	+0.020%	$105K	$297K	5x	as long as short

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	152.88	+0.007%	—	$1.2M	10x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	152.89	+0.013%	$489K	$1.1M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.92	+0.033%	$1.7M	$79K	20x	as long as short
Phemex SPCXUSDTlong	+0.0050%	8h	152.87	long leg	$536K	$409K	50x
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.72	−0.098%	$3.2M	$2.8M	10x	as long as short
QFEX SPCX-USD	+0.0052%	1h	152.88	+0.007%	$1.2M	$7.6M	10x	as long as short
BloFin SPCX-USDT	+0.0074%	8h	152.92	+0.033%	$1.9M	$1.4M	75x	as long as short
Lighter SPCX	+0.0080%	1h	152.89	+0.013%	$1.6M	$7.4M	20x	as long as short
Paradex SPCX-USD-PERP	+0.0088%	8h	152.90	+0.018%	$101	—	5x	as long as short
Pacifica SPCX	+0.0100%	1h	152.83	−0.026%	$173K	$130K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.82	−0.033%	$13.0M	$5.5M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.92	+0.033%	$58K	$271K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.93	+0.039%	$15K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.94	+0.048%	$89	—	10x	as long as short
Bullet SPCX-USD	+0.0132%	1h	152.94	+0.045%	$11K	$188K	10x	as long as short
Bybit SPCXUSDT	+0.0149%	8h	152.92	+0.033%	$30.7M	$42.8M	100x	as long as short
Variational Omni SPCX	+0.0173%	8h	152.92	+0.031%	$6.0M	$3.5M	—	as long as short
Extended SPCX-USD	+0.0192%	1h	152.92	+0.035%	$734K	$3.6M	10x	as long as short
OKX SPCX-USDT-SWAP	+0.0193%	8h	152.92	+0.033%	$39.0M	$169.4M	75x	as long as short
Binance SPCXUSDT	+0.0195%	8h	152.93	+0.039%	$253.2M	$1.39B	75x	as long as short
tradeXYZ xyz:SPCX	+0.0257%	1h	152.86	−0.007%	$143.4M	$119.4M	20x	as long as short
Phoenix SPCX	+0.0261%	1h	152.82	−0.033%	$445K	$269K	15x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0280%	1h	152.97	+0.065%	$733K	$970K	10x	as long as short
Aster SPCXUSD1	+0.0289%	8h	153.01	+0.092%	$19.0M	$21.3M	20x	as long as short
Nado SPCX-PERP	+0.0291%	1h	152.80	−0.047%	$602K	$884K	20x	as long as short
Bitget SPCXUSDT	+0.0308%	8h	152.92	+0.033%	$31.2M	$67.2M	75x	as long as short
RISEx SPCX/USDC	+0.0339%	1h	152.96	+0.060%	$403K	$539K	20x	as long as short
Deribit SPCX_USDC-PERPETUALshort	+0.0470%	1h	152.92	+0.033%	$71K	$1.0M	10x
edgeX SPCXUSDC	+0.0807%	4h	152.87	+0.001%	$1.7M	$891K	20x	as long as short