Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0188%/8h= +20.6% APRpaid last 24h +0.006%

Price spread now: tradeXYZ against Phemex−0.007%7-day average +0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$540.536% of the position

Long on Phemex Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.018%+$2 on $10k

Price spread, last 3 days (all we have)+0.076%+$8 · spread now −0.007%, 7d avg +0.006%

Together, before fees+0.095%+ Points / potential airdroptradeXYZ: Active · farm board+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.006%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.018% in total (about 0.9% 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	152.98	0.0050	pay 0.0050% / 8h	5h 52m	$534K	$404K	50x
Short	tradeXYZ xyz:SPCX	152.97	0.0238	get 0.0030% / 1h	52m 11s	$142.1M	$119.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.007%Rate

Funding earned: $39.53
Price spread: −0.007% → +0.006%: −$1.24
Slippage, 4 orders: −$23.58
Fee Phemex: 6 bp × 2 orders: −$12
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$15.28
Costs to cover: 0.536%
Break-even: 9.7 days

Slippage from Phemex: live order book, 10 min ago; tradeXYZ: live order book, 8 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, 10 min ago	2.29 bp	14.5 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 8 min ago	0.33 bp	9.3 bp −$9	9.9 bp −$99	12.7 bp −$1,269	doesn't fit

SPCX on 38 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 −0.0333% / S +0.0531%	1h	152.97	−0.010%	$88K	—	20x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.97	−0.007%	$96.0M	$31.2M	100x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.52	+12.773%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.90	−0.052%	$302K	$3.0M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	153.27	+0.190%	$8K	$941K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	153.01	+0.020%	$1.3M	$1.7M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0025%	1h	152.95	−0.021%	$7K	$8K	10x	as long as short
Lighter RH SPCX	+0.0032%	1h	152.92	−0.039%	$2.5M	$7.2M	20x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.92	−0.039%	$105K	$297K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.97	−0.007%	—	$1.2M	10x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX SPCX-USD	+0.0048%	1h	152.98	0.000%	$1.2M	$6.6M	10x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	152.94	−0.026%	$499K	$1.2M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.97	−0.007%	$1.7M	$91K	20x	as long as short
Phemex SPCXUSDTlong	+0.0050%	8h	152.98	long leg	$534K	$404K	50x
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.86	−0.078%	$3.2M	$2.5M	10x	as long as short
Bitget SPCXUSDT	+0.0052%	8h	153.03	+0.033%	$31.7M	$66.1M	75x	as long as short
Bybit SPCXUSDT	+0.0063%	8h	153.02	+0.026%	$30.8M	$42.8M	100x	as long as short
Lighter SPCX	+0.0064%	1h	152.94	−0.026%	$1.6M	$7.2M	20x	as long as short
Paradex SPCX-USD-PERP	+0.0079%	8h	153.01	+0.017%	$101	—	5x	as long as short
Pacifica SPCX	+0.0100%	1h	152.89	−0.059%	$169K	$129K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.92	−0.039%	$13.0M	$5.4M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.93	−0.033%	$58K	$272K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	153.01	+0.020%	$15K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	153.00	+0.012%	$89	—	10x	as long as short
edgeX SPCXUSDC	+0.0128%	4h	152.98	0.000%	$1.7M	$892K	20x	as long as short
Bullet SPCX-USD	+0.0182%	1h	153.00	+0.015%	$11K	$189K	10x	as long as short
OKX SPCX-USDT-SWAP	+0.0190%	8h	153.03	+0.033%	$39.5M	$168.0M	75x	as long as short
Variational Omni SPCX	+0.0194%	8h	152.98	0.000%	$6.0M	$3.1M	—	as long as short
RISEx SPCX/USDC	+0.0199%	1h	153.02	+0.027%	$408K	$549K	20x	as long as short
Binance SPCXUSDT	+0.0205%	8h	152.99	+0.009%	$252.6M	$1.37B	75x	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0208%	1h	152.95	−0.020%	$72K	$1.2M	10x	as long as short
Extended SPCX-USD	+0.0208%	1h	152.96	−0.013%	$736K	$3.8M	10x	as long as short
tradeXYZ xyz:SPCXshort	+0.0238%	1h	152.97	−0.007%	$142.1M	$119.3M	20x
Nado SPCX-PERP	+0.0240%	1h	152.89	−0.060%	$622K	$832K	20x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0256%	1h	152.97	−0.007%	$738K	$968K	10x	as long as short
Phoenix SPCX	+0.0262%	1h	152.98	0.000%	$445K	$267K	15x	as long as short
Aster SPCXUSD1	+0.0411%	8h	153.09	+0.071%	$19.0M	$15.4M	20x	as long as short
Injective SPCX/USDC PERP	+0.0440%	1h	153.28	+0.196%	$9K	$27K	5.5x	as long as short