Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0213%/8h= −23.3% APRpaid last 24h −0.042%

Price spread now: Phemex against Phoenix+0.046%7-day average −0.060% · you sell dearer than you buy

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$500.501% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.136%−$14 on $10k

Price spread, last 4 days (all we have)−0.090%−$9 · spread now +0.046%, 7d avg −0.060%

Together, before fees−0.226%−$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.105% dearer against Phoenix than usual: you sell high and buy low (spread +0.046% now, against its 7-day average of −0.060%): +$11 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 40 hours. At the pace of the last 7 days (−0.136% in total) that is about 5.4 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.136% in total (about -7.1% 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	152.52	0.0263	pay 0.0033% / 1h	51m 13s	$443K	$266K	15x
Short	Phemex SPCXUSDT	152.59	0.0050	get 0.0050% / 8h	2h 51m	$531K	$388K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.046%Rate

Funding earned: −$44.63
Price spread: +0.046% → −0.060%: $10.54
Slippage, 4 orders: −$31.07
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$84.16
Costs to cover: 0.501%
Break-even: never at this rate

Slippage from Phoenix: live order book, 61 min ago; Phemex: live order book, 61 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	7.5 bp −$8	23.4 bp −$234	doesn't fit	doesn't fit
Sell Phemex live order book, 61 min ago	1.63 bp	13.0 bp −$13	doesn't fit	doesn't fit	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 −0.0224% / S +0.0463%	1h	152.44	−0.049%	$90K	—	20x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.56	+0.026%	$96.3M	$31.5M	100x	as long as short
Bitget SPCXUSDT	0.0000%	8h	152.62	+0.066%	$31.3M	$65.9M	75x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.53	+13.119%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.58	+0.039%	$300K	$2.8M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.78	+0.170%	$8K	$916K	10x	as long as short
Deribit SPCX_USDC-PERPETUAL	0.0000%	1h	152.51	−0.007%	$87K	$1.3M	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.63	+0.072%	$1.3M	$1.8M	75x	as long as short
Bybit SPCXUSDT	+0.0002%	8h	152.59	+0.046%	$30.6M	$42.7M	100x	as long as short
BloFin SPCX-USDT	+0.0013%	8h	152.59	+0.046%	$1.9M	$1.2M	75x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps SPCXUSD	+0.0025%	1h	152.40	−0.078%	$7K	$8K	10x	as long as short
Lighter RH SPCX	+0.0032%	1h	152.48	−0.026%	$2.5M	$7.2M	20x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.46	−0.039%	$105K	$297K	5x	as long as short
QFEX SPCX-USD	+0.0043%	1h	152.52	0.000%	$1.2M	$5.6M	10x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.54	+0.013%	—	$1.2M	10x	as long as short
Lighter SPCX	+0.0048%	1h	152.52	0.000%	$1.6M	$7.4M	20x	as long as short
tradeXYZ xyz:SPCX	+0.0050%	1h	152.46	−0.039%	$131.0M	$128.5M	20x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	152.51	−0.007%	$490K	$1.2M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.54	+0.013%	$1.7M	$99K	20x	as long as short
Phemex SPCXUSDTshort	+0.0050%	8h	152.59	+0.046%	$531K	$388K	50x
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.40	−0.079%	$3.2M	$2.3M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0063%	8h	152.60	+0.051%	$101	—	5x	as long as short
Pacifica SPCX	+0.0100%	1h	152.47	−0.033%	$169K	$119K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.45	−0.046%	$13.0M	$5.4M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.45	−0.046%	$58K	$271K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.55	+0.020%	$14K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.57	+0.034%	$88	—	10x	as long as short
Variational Omni SPCX	+0.0122%	8h	152.52	−0.001%	$6.0M	$2.9M	—	as long as short
Binance SPCXUSDT	+0.0133%	8h	152.59	+0.043%	$250.7M	$1.36B	75x	as long as short
Extended SPCX-USD	+0.0136%	1h	152.54	+0.011%	$731K	$4.6M	10x	as long as short
OKX SPCX-USDT-SWAP	+0.0142%	8h	152.60	+0.052%	$39.4M	$166.5M	75x	as long as short
Nado SPCX-PERP	+0.0159%	1h	152.51	−0.006%	$614K	$804K	20x	as long as short
RISEx SPCX/USDC	+0.0238%	1h	152.59	+0.049%	$408K	$522K	20x	as long as short
Bullet SPCX-USD	+0.0240%	1h	152.58	+0.041%	$12K	$193K	10x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0248%	1h	152.44	−0.052%	$739K	$931K	10x	as long as short
edgeX SPCXUSDC	+0.0251%	4h	152.54	+0.011%	$1.7M	$892K	20x	as long as short
Phoenix SPCXlong	+0.0263%	1h	152.52	long leg	$443K	$266K	15x
Aster SPCXUSD1	+0.0398%	8h	152.59	+0.043%	$18.9M	$24.3M	20x	as long as short
Injective SPCX/USDC PERP	+0.0440%	1h	152.67	+0.098%	$9K	$28K	5.5x	as long as short