Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0368%/8h= −40.3% APRpaid last 24h −0.061%

Price spread now: Gate against Phoenix+0.007%7-day average −0.041% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$340.338% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.103%−$10 on $10k

Price spread, last 4 days (all we have)−0.979%−$98 · spread now +0.007%, 7d avg −0.041%

Together, before fees−1.082%−$108 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.048% dearer against Phoenix than usual: you sell high and buy low (spread +0.007% now, against its 7-day average of −0.041%): +$5 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 10 hours. At the pace of the last 7 days (−0.103% in total) that is about 3.2 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.103% in total (about -5.4% 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	152.35	0.0368	pay 0.0046% / 1h	41m 12s	$443K	$266K	15x
Short	Gate SPCX_USDT	152.36	0	get 0.0000% / 8h	41m 12s	$96.2M	$31.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.007%Rate

Funding earned: −$77.2
Price spread: +0.007% → −0.041%: $4.75
Slippage, 4 orders: −$11.82
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$106.26
Costs to cover: 0.338%
Break-even: never at this rate

Slippage from Phoenix: live order book, 61 min ago; Gate: live order book, 3 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, 61 min ago	0.33 bp	6.4 bp −$6	20.3 bp −$203	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	0.66 bp	9.7 bp −$10	16.1 bp −$161	33.2 bp −$3,321	52.4 bp −$26.2K

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 −0.0234% / S +0.0471%	1h	152.28	−0.043%	$90K	—	20x	as long as short
Gate SPCX_USDTshort	0.0000%	8h	152.36	+0.007%	$96.2M	$31.8M	100x
Bitget SPCXUSDT	0.0000%	8h	152.39	+0.026%	$31.2M	$66.2M	75x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.53	+13.244%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.37	+0.013%	$300K	$2.6M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.60	+0.164%	$8K	$893K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.42	+0.046%	$1.3M	$1.8M	75x	as long as short
Bybit SPCXUSDT	+0.0014%	8h	152.38	+0.020%	$30.5M	$42.7M	100x	as long as short
BloFin SPCX-USDT	+0.0021%	8h	152.38	+0.020%	$1.9M	$1.2M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0027%	1h	152.24	−0.069%	$7K	$8K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH SPCX	+0.0032%	1h	152.29	−0.039%	$2.5M	$7.2M	20x	as long as short
Lighter SPCX	+0.0040%	1h	152.31	−0.026%	$1.6M	$7.3M	20x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.26	−0.059%	$103K	$298K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.33	−0.013%	—	$1.2M	10x	as long as short
tradeXYZ xyz:SPCX	+0.0050%	1h	152.28	−0.046%	$129.9M	$129.2M	20x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	152.32	−0.020%	$487K	$1.2M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.32	−0.020%	$1.7M	$99K	20x	as long as short
Phemex SPCXUSDT	+0.0050%	8h	152.34	−0.007%	$530K	$373K	50x	as long as short
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.19	−0.105%	$3.2M	$2.2M	10x	as long as short
QFEX SPCX-USD	+0.0070%	1h	152.32	−0.020%	$1.2M	$5.5M	10x	as long as short
Pacifica SPCX	+0.0100%	1h	152.26	−0.059%	$168K	$120K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.22	−0.085%	$13.0M	$5.6M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.32	−0.020%	$58K	$271K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.35	0.000%	$14K	$7K	10x	as long as short
Paradex SPCX-USD-PERP	+0.0102%	8h	152.34	−0.007%	$101	—	5x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.35	+0.001%	$88	—	10x	as long as short
Variational Omni SPCX	+0.0126%	8h	152.31	−0.029%	$5.9M	$2.8M	—	as long as short
Binance SPCXUSDT	+0.0141%	8h	152.36	+0.009%	$252.8M	$1.36B	75x	as long as short
Extended SPCX-USD	+0.0144%	1h	152.32	−0.016%	$724K	$3.8M	10x	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0144%	1h	152.30	−0.033%	$89K	$1.4M	10x	as long as short
Bullet SPCX-USD	+0.0154%	1h	152.37	+0.010%	$11K	$193K	10x	as long as short
OKX SPCX-USDT-SWAP	+0.0154%	8h	152.38	+0.020%	$39.7M	$166.8M	75x	as long as short
Nado SPCX-PERP	+0.0180%	1h	152.27	−0.052%	$627K	$803K	20x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0240%	1h	152.34	−0.007%	$728K	$930K	10x	as long as short
Phoenix SPCXlong	+0.0368%	1h	152.35	long leg	$443K	$266K	15x
Aster SPCXUSD1	+0.0406%	8h	152.46	+0.070%	$18.9M	$28.8M	20x	as long as short
Injective SPCX/USDC PERP	+0.0440%	1h	152.55	+0.131%	$9K	$28K	5.5x	as long as short
RISEx SPCX/USDC	+0.0445%	1h	152.39	+0.025%	$381K	$507K	20x	as long as short
edgeX SPCXUSDC	+0.0472%	4h	152.32	−0.019%	$1.7M	$890K	20x	as long as short