Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0264%/8h= +28.9% APRpaid last 24h +0.029%

Price spread now: Phoenix against Phemex−0.007%7-day average +0.062% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$400.396% of the position

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.117%+$12 on $10k

Price spread, last 3 days (all we have)+0.049%+$5 · spread now −0.007%, 7d avg +0.062%

Together, before fees+0.166%+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.069% cheaper against Phemex than usual: you would sell low and buy high (spread −0.007% now, against its 7-day average of +0.062%). If the spread goes back, that is −$7 on $10k: about 21 hours of funding at the current rate (+$8 a day). At the pace of the last 7 days (+0.117% in total) that is about 4.1 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.117% in total (about 6.1% 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	152.95	0.0050	pay 0.0050% / 8h	7h 36m	$534K	$415K	50x
Short	Phoenix SPCX	152.94	0.0314	get 0.0039% / 1h	36m 21s	$445K	$271K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.007%Rate

Funding earned: $55.43
Price spread: −0.007% → +0.062%: −$6.89
Slippage, 4 orders: −$20.63
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $8.92
Costs to cover: 0.396%
Break-even: 5.9 days

Slippage from Phemex: live order book, 36 min ago; Phoenix: live order book, 35 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, 36 min ago	0.65 bp	13.7 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 35 min ago	0.33 bp	5.1 bp −$5	15.6 bp −$156	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 −0.0303% / S +0.0510%	1h	152.93	−0.016%	$88K	—	20x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.91	−0.026%	$96.4M	$31.2M	100x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.52	+12.793%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.83	−0.078%	$302K	$3.1M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	153.26	+0.203%	$8K	$959K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.93	−0.013%	$1.3M	$1.7M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0027%	1h	152.92	−0.021%	$7K	$8K	10x	as long as short
Lighter SPCX	+0.0032%	1h	152.91	−0.026%	$1.6M	$7.4M	20x	as long as short
Lighter RH SPCX	+0.0032%	1h	152.89	−0.039%	$2.5M	$7.4M	20x	as long as short
Injective SPCX/USDC PERP	+0.0033%	1h	157.25	+2.811%	$9K	$27K	5.5x	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	152.93	−0.013%	—	$1.2M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.96	+0.007%	$1.7M	$86K	20x	as long as short
Phemex SPCXUSDTlong	+0.0050%	8h	152.95	long leg	$534K	$415K	50x
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.79	−0.105%	$3.2M	$2.6M	10x	as long as short
Polymarket Perps SPCX-USD	+0.0062%	1h	152.92	−0.020%	$488K	$1.1M	10x	as long as short
QFEX SPCX-USD	+0.0063%	1h	152.90	−0.033%	$1.2M	$7.4M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0098%	8h	152.96	+0.008%	$101	—	5x	as long as short
Pacifica SPCX	+0.0100%	1h	152.88	−0.046%	$173K	$129K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.86	−0.059%	$13.0M	$5.5M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.95	0.000%	$58K	$272K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.97	+0.013%	$15K	$7K	10x	as long as short
BloFin SPCX-USDT	+0.0100%	8h	153.01	+0.039%	$1.9M	$1.4M	75x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.97	+0.010%	$89	—	10x	as long as short
Bybit SPCXUSDT	+0.0175%	8h	152.93	−0.013%	$30.7M	$42.7M	100x	as long as short
Arcus SPCX-USD	+0.0194%	1h	152.91	−0.026%	$105K	$297K	5x	as long as short
Variational Omni SPCX	+0.0203%	8h	152.99	+0.027%	$6.0M	$3.5M	—	as long as short
OKX SPCX-USDT-SWAP	+0.0205%	8h	152.95	0.000%	$39.2M	$169.0M	75x	as long as short
Nado SPCX-PERP	+0.0218%	1h	152.85	−0.064%	$603K	$853K	20x	as long as short
Binance SPCXUSDT	+0.0221%	8h	152.95	0.000%	$252.9M	$1.38B	75x	as long as short
Extended SPCX-USD	+0.0224%	1h	152.93	−0.014%	$732K	$3.7M	10x	as long as short
Bullet SPCX-USD	+0.0249%	1h	152.94	−0.006%	$11K	$188K	10x	as long as short
tradeXYZ xyz:SPCX	+0.0250%	1h	152.92	−0.020%	$143.1M	$119.4M	20x	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0273%	1h	152.94	−0.007%	$71K	$1.1M	10x	as long as short
Phoenix SPCXshort	+0.0314%	1h	152.94	−0.007%	$445K	$271K	15x
Coinbase International SPCX-PERP-INTX	+0.0328%	1h	152.96	+0.007%	$733K	$981K	10x	as long as short
Bitget SPCXUSDT	+0.0333%	8h	152.98	+0.020%	$31.2M	$66.4M	75x	as long as short
Aster SPCXUSD1	+0.0342%	8h	153.04	+0.059%	$19.0M	$19.0M	20x	as long as short
RISEx SPCX/USDC	+0.0409%	1h	152.99	+0.026%	$401K	$535K	20x	as long as short
edgeX SPCXUSDC	+0.0623%	4h	152.94	−0.008%	$1.7M	$893K	20x	as long as short