Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0185%/8h= +20.2% APRpaid last 24h +0.026%

Price spread now: Nado against Phemex−0.096%7-day average +0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$400.400% of the position

Long on Phemex Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.090%+$9 on $10k

Price spread, last 3 days (all we have)+0.172%+$17 · spread now −0.096%, 7d avg +0.041%

Together, before fees+0.262%+ Points / potential airdropNado: Active · farm board+$26 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.138% cheaper against Phemex than usual: you would sell low and buy high (spread −0.096% now, against its 7-day average of +0.041%). If the spread goes back, that is −$14 on $10k: about 2.5 days of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex SPCXUSDT	153.09	0.0050	pay 0.0050% / 8h	7h 28m	$534K	$414K	50x
Short	Nado SPCX-PERP	152.94	0.0235	get 0.0029% / 1h	28m 31s	$604K	$848K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.096%Rate

Funding earned: $38.77
Price spread: −0.096% → +0.041%: −$13.76
Slippage, 4 orders: −$20.98
Fee Phemex: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$14.97
Costs to cover: 0.400%
Break-even: 9.7 days

Slippage from Phemex: live order book, 44 min ago; Nado: live order book, 45 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, 44 min ago	0.65 bp	13.7 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Nado live order book, 45 min ago	0.33 bp	6.9 bp −$7	14.8 bp −$148	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 −0.0313% / S +0.0517%	1h	153.03	−0.036%	$88K	—	20x	as long as short
Gate SPCX_USDT	0.0000%	8h	153.06	−0.020%	$96.4M	$31.2M	100x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.52	+12.690%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.91	−0.118%	$302K	$3.1M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	153.29	+0.131%	$8K	$957K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	153.08	−0.007%	$1.3M	$1.7M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0027%	1h	152.94	−0.097%	$7K	$8K	10x	as long as short
Lighter RH SPCX	+0.0032%	1h	152.99	−0.065%	$2.5M	$7.4M	20x	as long as short
Injective SPCX/USDC PERP	+0.0033%	1h	157.25	+2.717%	$9K	$27K	5.5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	153.06	−0.020%	—	$1.2M	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter SPCX	+0.0048%	1h	153.00	−0.059%	$1.6M	$7.4M	20x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	153.05	−0.026%	$1.7M	$86K	20x	as long as short
Phemex SPCXUSDTlong	+0.0050%	8h	153.09	long leg	$534K	$414K	50x
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.85	−0.157%	$3.2M	$2.6M	10x	as long as short
Polymarket Perps SPCX-USD	+0.0051%	1h	153.04	−0.033%	$489K	$1.1M	10x	as long as short
QFEX SPCX-USD	+0.0063%	1h	153.04	−0.033%	$1.2M	$7.3M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0100%	8h	153.08	−0.006%	$101	—	5x	as long as short
Pacifica SPCX	+0.0100%	1h	152.94	−0.098%	$173K	$129K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.96	−0.085%	$13.0M	$5.5M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	153.02	−0.046%	$58K	$271K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	153.08	−0.007%	$15K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	153.05	−0.024%	$89	—	10x	as long as short
BloFin SPCX-USDT	+0.0106%	8h	153.09	0.000%	$1.9M	$1.4M	75x	as long as short
Bybit SPCXUSDT	+0.0181%	8h	153.11	+0.013%	$30.9M	$42.8M	100x	as long as short
Arcus SPCX-USD	+0.0194%	1h	152.98	−0.072%	$105K	$297K	5x	as long as short
OKX SPCX-USDT-SWAP	+0.0209%	8h	153.12	+0.020%	$39.2M	$169.0M	75x	as long as short
Variational Omni SPCX	+0.0210%	8h	153.02	−0.045%	$6.0M	$3.5M	—	as long as short
Extended SPCX-USD	+0.0224%	1h	153.06	−0.021%	$734K	$4.0M	10x	as long as short
Binance SPCXUSDT	+0.0227%	8h	153.09	−0.002%	$253.2M	$1.38B	75x	as long as short
Nado SPCX-PERPshort	+0.0235%	1h	152.94	−0.096%	$604K	$848K	20x
tradeXYZ xyz:SPCX	+0.0246%	1h	153.04	−0.033%	$143.1M	$119.4M	20x	as long as short
Bullet SPCX-USD	+0.0247%	1h	153.08	−0.006%	$11K	$188K	10x	as long as short
edgeX SPCXUSDC	+0.0257%	4h	153.02	−0.048%	$1.7M	$894K	20x	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0273%	1h	153.01	−0.052%	$71K	$1.1M	10x	as long as short
Phoenix SPCX	+0.0314%	1h	153.04	−0.033%	$445K	$271K	15x	as long as short
Bitget SPCXUSDT	+0.0317%	8h	153.11	+0.013%	$31.3M	$66.4M	75x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0328%	1h	153.01	−0.052%	$731K	$979K	10x	as long as short
Aster SPCXUSD1	+0.0355%	8h	153.08	−0.009%	$19.0M	$18.6M	20x	as long as short
RISEx SPCX/USDC	+0.0409%	1h	153.09	+0.003%	$401K	$535K	20x	as long as short