Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0261%/8h= −28.6% APRpaid last 24h −0.014%

Price spread now: Bitget against Phoenix+0.039%7-day average −0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$260.259% of the position

Long on Phoenix Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.009%−$1 on $10k

Price spread, last 4 days (all we have)−0.341%−$34 · spread now +0.039%, 7d avg −0.001%

Together, before fees−0.350%−$35 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.040% dearer against Phoenix than usual: you sell high and buy low (spread +0.039% now, against its 7-day average of −0.001%): +$4 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 12 hours. At the pace of the last 7 days (−0.009% in total) that is about 32 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.009% in total (about -0.5% 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	Phoenix SPCX	153.01	0.0261	pay 0.0033% / 1h	59m 07s	$445K	$264K	15x
Short	Bitget SPCXUSDT	153.07	0	get 0.0000% / 8h	3h 59m	$31.7M	$65.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Phoenix. 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 PhoenixbpFee BitgetbpOrdersPrice spread, now +0.039%Rate

Funding earned: −$54.88
Price spread: +0.039% → −0.001%: $4.03
Slippage, 4 orders: −$6.92
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$76.77
Costs to cover: 0.259%
Break-even: never at this rate

Slippage from Phoenix: live order book, 58 min ago; Bitget: 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 Phoenix live order book, 58 min ago	0.33 bp	7.0 bp −$7	22.2 bp −$222	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	0.33 bp	6.6 bp −$7	8.3 bp −$83	25.9 bp −$2,587	38.0 bp −$19.0K

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 −0.0214% / S +0.0456%	1h	153.00	−0.010%	$91K	—	20x	as long as short
Bybit SPCXUSDT	0.0000%	8h	153.05	+0.026%	$30.7M	$42.9M	100x	as long as short
Gate SPCX_USDT	0.0000%	8h	153.01	0.000%	$96.3M	$31.1M	100x	as long as short
Bitget SPCXUSDTshort	0.0000%	8h	153.07	+0.039%	$31.7M	$65.3M	75x
GRVT SPCX_USDT_Perp	0.0000%	8h	172.53	+12.758%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.91	−0.065%	$302K	$2.9M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	153.26	+0.163%	$7K	$938K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	153.09	+0.052%	$1.3M	$1.7M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0027%	1h	153.04	+0.018%	$8K	$8K	10x	as long as short
BloFin SPCX-USDT	+0.0028%	8h	153.03	+0.013%	$1.9M	$1.4M	75x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter SPCX	+0.0032%	1h	152.96	−0.033%	$1.6M	$7.3M	20x	as long as short
Lighter RH SPCX	+0.0032%	1h	152.93	−0.052%	$2.5M	$7.2M	20x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.95	−0.039%	$105K	$297K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.97	−0.026%	—	$1.2M	10x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	152.98	−0.020%	$499K	$1.2M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	153.00	−0.007%	$1.7M	$95K	20x	as long as short
Phemex SPCXUSDT	+0.0050%	8h	153.02	+0.007%	$532K	$391K	50x	as long as short
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.84	−0.111%	$3.2M	$2.5M	10x	as long as short
QFEX SPCX-USD	+0.0050%	1h	153.00	−0.007%	$1.2M	$5.9M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0080%	8h	153.02	+0.007%	$101	—	5x	as long as short
Pacifica SPCX	+0.0100%	1h	152.93	−0.052%	$169K	$129K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.95	−0.039%	$13.0M	$5.5M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	153.04	+0.020%	$58K	$271K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	153.04	+0.020%	$15K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	153.01	0.000%	$89	—	10x	as long as short
Variational Omni SPCX	+0.0132%	8h	153.00	−0.008%	$6.0M	$2.9M	—	as long as short
Extended SPCX-USD	+0.0144%	1h	152.98	−0.018%	$734K	$3.8M	10x	as long as short
Binance SPCXUSDT	+0.0148%	8h	153.02	+0.010%	$248.0M	$1.36B	75x	as long as short
OKX SPCX-USDT-SWAP	+0.0152%	8h	153.08	+0.046%	$39.6M	$166.6M	75x	as long as short
RISEx SPCX/USDC	+0.0217%	1h	153.03	+0.015%	$409K	$525K	20x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0248%	1h	153.10	+0.059%	$738K	$926K	10x	as long as short
Bullet SPCX-USD	+0.0261%	1h	153.03	+0.013%	$12K	$192K	10x	as long as short
Phoenix SPCXlong	+0.0261%	1h	153.01	long leg	$445K	$264K	15x
Nado SPCX-PERP	+0.0283%	1h	152.87	−0.090%	$616K	$815K	20x	as long as short
tradeXYZ xyz:SPCX	+0.0320%	1h	152.98	−0.020%	$141.4M	$119.2M	20x	as long as short
Aster SPCXUSD1	+0.0415%	8h	153.14	+0.083%	$19.0M	$21.5M	20x	as long as short
Injective SPCX/USDC PERP	+0.0440%	1h	153.32	+0.203%	$9K	$28K	5.5x	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0470%	1h	152.98	−0.020%	$84K	$1.2M	10x	as long as short
edgeX SPCXUSDC	+0.0914%	4h	153.00	−0.004%	$1.7M	$893K	20x	as long as short