Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0018%/8h= −2.0% APRpaid last 24h −0.001%

Price spread now: Lighter against Phemex−0.026%7-day average +0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$540.543% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.122%+$12 on $10k

Price spread, last 4 days (all we have)+0.122%+$12 · spread now −0.026%, 7d avg +0.040%

Together, before fees+0.244%+ Points / potential airdropLighter: Season 3 · farm board+$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Lighter is 0.066% cheaper against Phemex than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.040%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.122%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex SPCXUSDT	152.31	0.0050	pay 0.0050% / 8h	18m 12s	$530K	$370K	50x
Short	Lighter SPCX	152.27	0.0032	get 0.0004% / 1h	18m 12s	$1.6M	$7.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.026%Rate

Funding earned: −$3.78
Price spread: −0.026% → +0.040%: −$6.6
Slippage, 4 orders: −$42.27
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$64.65
Costs to cover: 0.543%
Break-even: never at this rate

Slippage from Phemex: live order book, 19 min ago; Lighter: live order book, 5 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, 19 min ago	0.33 bp	39.1 bp −$39	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	0.33 bp	0.7 bp −$1	1.2 bp −$12	9.5 bp −$945	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	152.22	−0.056%	$90K	—	20x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.30	−0.007%	$96.2M	$32.0M	100x	as long as short
Bitget SPCXUSDT	0.0000%	8h	152.33	+0.013%	$31.2M	$66.2M	75x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.53	+13.275%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.34	+0.020%	$300K	$2.6M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.54	+0.151%	$8K	$890K	10x	as long as short
Deribit SPCX_USDC-PERPETUAL	0.0000%	1h	152.25	−0.039%	$89K	$1.4M	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.38	+0.046%	$1.3M	$1.8M	75x	as long as short
BloFin SPCX-USDT	+0.0012%	8h	152.31	0.000%	$1.9M	$1.2M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0025%	1h	152.19	−0.077%	$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 SPCXshort	+0.0032%	1h	152.27	−0.026%	$1.6M	$7.4M	20x
Lighter RH SPCX	+0.0032%	1h	152.25	−0.039%	$2.5M	$7.3M	20x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.21	−0.066%	$102K	$298K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.31	0.000%	—	$1.2M	10x	as long as short
tradeXYZ xyz:SPCX	+0.0050%	1h	152.23	−0.053%	$129.7M	$129.3M	20x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	152.27	−0.026%	$488K	$1.2M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.28	−0.020%	$1.7M	$99K	20x	as long as short
Phemex SPCXUSDTlong	+0.0050%	8h	152.31	long leg	$530K	$370K	50x
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.13	−0.118%	$3.2M	$2.2M	10x	as long as short
QFEX SPCX-USD	+0.0070%	1h	152.26	−0.033%	$1.2M	$5.5M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0081%	8h	152.29	−0.010%	$101	—	5x	as long as short
Pacifica SPCX	+0.0100%	1h	152.21	−0.066%	$168K	$119K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.17	−0.092%	$13.0M	$5.6M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.14	−0.112%	$58K	$272K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.29	−0.013%	$14K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.30	−0.009%	$88	—	10x	as long as short
Variational Omni SPCX	+0.0120%	8h	152.29	−0.014%	$5.9M	$2.8M	—	as long as short
Extended SPCX-USD	+0.0128%	1h	152.28	−0.019%	$724K	$5.3M	10x	as long as short
Binance SPCXUSDT	+0.0131%	8h	152.32	+0.004%	$253.2M	$1.36B	75x	as long as short
Bullet SPCX-USD	+0.0132%	1h	152.31	0.000%	$11K	$192K	10x	as long as short
OKX SPCX-USDT-SWAP	+0.0145%	8h	152.32	+0.007%	$39.7M	$166.7M	75x	as long as short
Bybit SPCXUSDT	+0.0157%	8h	152.31	0.000%	$30.5M	$42.8M	100x	as long as short
Nado SPCX-PERP	+0.0160%	1h	152.25	−0.040%	$631K	$804K	20x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0240%	1h	152.34	+0.020%	$728K	$930K	10x	as long as short
Phoenix SPCX	+0.0368%	1h	152.23	−0.053%	$443K	$266K	15x	as long as short
edgeX SPCXUSDC	+0.0384%	4h	152.18	−0.085%	$1.7M	$890K	20x	as long as short
Aster SPCXUSD1	+0.0401%	8h	152.42	+0.069%	$18.9M	$29.7M	20x	as long as short
Injective SPCX/USDC PERP	+0.0440%	1h	152.58	+0.177%	$9K	$28K	5.5x	as long as short
RISEx SPCX/USDC	+0.0445%	1h	152.34	+0.020%	$381K	$507K	20x	as long as short