Funding arb · Price arb /

SPCX

RWAall SPCX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0122%/8h= −13.4% APRpaid last 24h −0.034%

Price spread now: Bybit against Phoenix+0.059%115s7-day average −0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$280.281% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.044%−$4 on $10k

Price spread, last 3 days (all we have)−0.381%−$38 · spread now +0.059%, 7d avg −0.019%

Together, before fees−0.425%−$42 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.078% dearer against Phoenix than usual: you sell high and buy low (spread +0.059% now, against its 7-day average of −0.019%): +$8 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 2.1 days. At the pace of the last 7 days (−0.044% in total) that is about 13 days. The two prices were read 115 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix SPCX	152.58	0.0262	pay 0.0033% / 1h	27m 35s	$370K	$191K	15x
Short	Bybit SPCXUSDT	152.67	0.0140	get 0.0140% / 8h	2h 27m	$30.8M	$42.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.059%Rate

Funding earned: −$25.64
Price spread: +0.059% → −0.019%: $7.81
Slippage, 4 orders: −$10.12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$45.95
Costs to cover: 0.281%
Break-even: never at this rate

Slippage from Phoenix: live order book, 58 min ago; Bybit: live order book, 1 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	7.3 bp −$7	23.7 bp −$237	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.33 bp	8.3 bp −$8	13.4 bp −$134	25.7 bp −$2,566	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 −0.0271% / S +0.0488%	1h	152.56	−0.010%	$88K	—	20x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.62	+0.026%	$96.4M	$31.0M	100x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.50	+13.057%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.64	+0.039%	$302K	$3.1M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.78	+0.131%	$8K	$989K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.61	+0.020%	$1.3M	$1.7M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0024%	1h	152.51	−0.043%	$7K	$10K	10x	as long as short
Lighter RH SPCX	+0.0032%	1h	152.54	−0.026%	$2.4M	$7.7M	20x	as long as short
Injective SPCX/USDC PERP	+0.0033%	1h	157.25	+3.061%	$9K	$27K	5.5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.57	−0.007%	—	$1.0M	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps SPCX-USD	+0.0050%	1h	152.56	−0.013%	$489K	$1.1M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.62	+0.026%	$1.7M	$79K	20x	as long as short
Phemex SPCXUSDT	+0.0050%	8h	152.63	+0.033%	$542K	$402K	50x	as long as short
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.48	−0.066%	$3.1M	$2.6M	10x	as long as short
QFEX SPCX-USD	+0.0057%	1h	152.65	+0.046%	$1.2M	$7.6M	10x	as long as short
BloFin SPCX-USDT	+0.0066%	8h	152.63	+0.033%	$1.9M	$1.4M	75x	as long as short
Lighter SPCX	+0.0088%	1h	152.56	−0.013%	$1.6M	$7.3M	20x	as long as short
Paradex SPCX-USD-PERP	+0.0097%	8h	152.65	+0.048%	$101	—	5x	as long as short
Pacifica SPCX	+0.0100%	1h	152.59	+0.007%	$175K	$135K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.47	−0.072%	$13.0M	$5.2M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.64	+0.039%	$58K	$270K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.62	+0.026%	$15K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.63	+0.036%	$89	—	10x	as long as short
Bybit SPCXUSDTshort	+0.0140%	8h	152.67	+0.059%	$30.8M	$42.3M	100x
Variational Omni SPCX	+0.0157%	8h	152.60	+0.012%	$6.1M	$4.3M	—	as long as short
OKX SPCX-USDT-SWAP	+0.0160%	8h	152.65	+0.046%	$38.9M	$168.0M	75x	as long as short
tradeXYZ xyz:SPCX	+0.0184%	1h	152.57	−0.007%	$129.9M	$107.2M	20x	as long as short
Binance SPCXUSDT	+0.0191%	8h	152.66	+0.052%	$256.1M	$1.38B	75x	as long as short
Extended SPCX-USD	+0.0192%	1h	152.64	+0.041%	$715K	$3.6M	10x	as long as short
Bullet SPCX-USD	+0.0194%	1h	152.63	+0.035%	$12K	$190K	10x	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0209%	1h	152.56	−0.013%	$70K	$1.1M	10x	as long as short
Aster SPCXUSD1	+0.0219%	8h	152.68	+0.066%	$19.0M	$21.3M	20x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0232%	1h	152.16	−0.275%	$739K	$963K	10x	as long as short
Phoenix SPCXlong	+0.0262%	1h	152.58	long leg	$370K	$191K	15x
Arcus SPCX-USD	+0.0293%	1h	152.58	0.000%	$106K	$296K	5x	as long as short
Nado SPCX-PERP	+0.0311%	1h	152.46	−0.076%	$624K	$878K	20x	as long as short
Bitget SPCXUSDT	+0.0331%	8h	152.64	+0.039%	$31.2M	$66.3M	75x	as long as short
RISEx SPCX/USDC	+0.0462%	1h	152.67	+0.061%	$383K	$540K	20x	as long as short
edgeX SPCXUSDC	+0.0611%	4h	152.60	+0.012%	$1.7M	$894K	20x	as long as short