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 −0.052%

Price spread now: HTX against Phoenix+0.039%7-day average +0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

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

costs, in and out, $10k−$330.326% of the position

Long on Phoenix Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.090%−$9 on $10k

Price spread, last 4 days (all we have)−0.003%$0 · spread now +0.039%, 7d avg +0.003%

Together, before fees−0.093%−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.036% dearer against Phoenix than usual: you sell high and buy low (spread +0.039% now, against its 7-day average of +0.003%): +$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 11 hours. At the pace of the last 7 days (−0.090% in total) that is about 2.8 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.090% in total (about -4.7% 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	153.09	0.0261	pay 0.0033% / 1h	16m 45s	$445K	$268K	15x
Short	HTX SPCX-USDT	153.15	0	get 0.0000% / 8h	4h 16m	$1.3M	$1.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.039%Rate

Funding earned: −$54.88
Price spread: +0.039% → +0.003%: $3.58
Slippage, 4 orders: −$13.58
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$83.89
Costs to cover: 0.326%
Break-even: never at this rate

Slippage from Phoenix: live order book, 41 min ago; HTX: live order book, 2 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, 41 min ago	0.33 bp	7.0 bp −$7	22.2 bp −$222	doesn't fit	doesn't fit
Sell HTX live order book, 2 min ago	1.63 bp	11.3 bp −$11	12.7 bp −$127	17.3 bp −$1,732	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 −0.0253% / S +0.0486%	1h	153.04	−0.029%	$91K	—	20x	as long as short
Bybit SPCXUSDT	0.0000%	8h	153.09	0.000%	$30.8M	$42.9M	100x	as long as short
Gate SPCX_USDT	0.0000%	8h	153.08	−0.007%	$96.3M	$31.3M	100x	as long as short
Bitget SPCXUSDT	0.0000%	8h	153.14	+0.033%	$31.7M	$65.3M	75x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.53	+12.698%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	153.00	−0.059%	$302K	$2.9M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	153.34	+0.163%	$8K	$939K	10x	as long as short
HTX SPCX-USDTshort	0.0000%	8h	153.15	+0.039%	$1.3M	$1.7M	75x
Aftermath Perps SPCXUSD	+0.0022%	1h	153.04	−0.034%	$8K	$8K	10x	as long as short
BloFin SPCX-USDT	+0.0026%	8h	153.09	0.000%	$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	153.04	−0.033%	$1.6M	$7.3M	20x	as long as short
Lighter RH SPCX	+0.0032%	1h	153.01	−0.052%	$2.5M	$7.3M	20x	as long as short
Arcus SPCX-USD	+0.0040%	1h	153.02	−0.046%	$105K	$297K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	153.09	0.000%	—	$1.2M	10x	as long as short
QFEX SPCX-USD	+0.0046%	1h	153.05	−0.026%	$1.2M	$6.0M	10x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	153.03	−0.039%	$499K	$1.2M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	153.06	−0.020%	$1.7M	$97K	20x	as long as short
Phemex SPCXUSDT	+0.0050%	8h	153.10	+0.007%	$533K	$393K	50x	as long as short
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.91	−0.118%	$3.2M	$2.5M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0061%	8h	153.10	+0.008%	$101	—	5x	as long as short
Pacifica SPCX	+0.0100%	1h	152.99	−0.065%	$169K	$130K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	153.01	−0.052%	$13.0M	$5.4M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	153.12	+0.020%	$58K	$271K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	153.09	0.000%	$15K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	153.07	−0.011%	$89	—	10x	as long as short
tradeXYZ xyz:SPCX	+0.0107%	1h	153.05	−0.026%	$141.4M	$119.0M	20x	as long as short
Bullet SPCX-USD	+0.0110%	1h	153.09	0.000%	$11K	$191K	10x	as long as short
Nado SPCX-PERP	+0.0131%	1h	153.00	−0.060%	$617K	$821K	20x	as long as short
Variational Omni SPCX	+0.0133%	8h	153.09	−0.002%	$6.0M	$3.0M	—	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0142%	1h	153.04	−0.033%	$78K	$1.2M	10x	as long as short
Extended SPCX-USD	+0.0144%	1h	153.07	−0.015%	$734K	$3.8M	10x	as long as short
Binance SPCXUSDT	+0.0146%	8h	153.12	+0.018%	$251.1M	$1.37B	75x	as long as short
OKX SPCX-USDT-SWAP	+0.0146%	8h	153.13	+0.026%	$39.5M	$166.8M	75x	as long as short
RISEx SPCX/USDC	+0.0191%	1h	153.12	+0.020%	$410K	$530K	20x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0256%	1h	153.10	+0.007%	$738K	$926K	10x	as long as short
Phoenix SPCXlong	+0.0261%	1h	153.09	long leg	$445K	$268K	15x
Aster SPCXUSD1	+0.0408%	8h	153.18	+0.057%	$19.0M	$21.1M	20x	as long as short
Injective SPCX/USDC PERP	+0.0440%	1h	153.50	+0.268%	$9K	$28K	5.5x	as long as short
edgeX SPCXUSDC	+0.0903%	4h	153.08	−0.009%	$1.7M	$893K	20x	as long as short