Funding arb · Price arb /

SPCX

RWAall SPCX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0262%/8h= −28.6% APRpaid last 24h −0.050%

Price spread now: SunX against Phoenix+0.131%7-day average +0.055% · you sell dearer than you buy

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$730.728% of the position

Long on Phoenix Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.086%−$9 on $10k

Price spread, last 4 days (all we have)−0.085%−$8 · spread now +0.131%, 7d avg +0.055%

Together, before fees−0.171%−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.076% dearer against Phoenix than usual: you sell high and buy low (spread +0.131% now, against its 7-day average of +0.055%): +$8 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 23 hours. At the pace of the last 7 days (−0.086% in total) that is about 6.1 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.086% in total (about -4.5% 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	153.04	0.0262	pay 0.0033% / 1h	13m 03s	$445K	$267K	15x
Short	SunX SPCX-USDT	153.24	0	get 0.0000% / 8h	5h 13m	$8K	$937K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.131%Rate

Funding earned: −$54.92
Price spread: +0.131% → +0.055%: $7.56
Slippage, 4 orders: −$57.78
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$120.13
Costs to cover: 0.728%
Break-even: never at this rate

Slippage from Phoenix: live order book, 49 min ago; SunX: live order book, 20 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, 49 min ago	0.33 bp	7.8 bp −$8	24.0 bp −$240	doesn't fit	doesn't fit
Sell SunX live order book, 20 min ago	21.88 bp	34.3 bp −$34	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 −0.0333% / S +0.0531%	1h	153.00	−0.023%	$88K	—	20x	as long as short
Gate SPCX_USDT	0.0000%	8h	153.01	−0.020%	$96.2M	$31.3M	100x	as long as short
Bitget SPCXUSDT	0.0000%	8h	153.06	+0.013%	$31.7M	$65.5M	75x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.52	+12.732%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.94	−0.065%	$302K	$3.0M	20x	as long as short
SunX SPCX-USDTshort	0.0000%	8h	153.24	+0.131%	$8K	$937K	10x
HTX SPCX-USDT	0.0000%	8h	153.07	+0.020%	$1.3M	$1.7M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0026%	1h	152.96	−0.049%	$7K	$8K	10x	as long as short
Bybit SPCXUSDT	+0.0028%	8h	153.03	−0.007%	$30.8M	$42.9M	100x	as long as short
Lighter RH SPCX	+0.0032%	1h	152.97	−0.046%	$2.5M	$7.2M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus SPCX-USD	+0.0040%	1h	152.96	−0.052%	$105K	$297K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	153.03	−0.007%	—	$1.2M	10x	as long as short
QFEX SPCX-USD	+0.0048%	1h	153.02	−0.013%	$1.2M	$6.5M	10x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	152.99	−0.033%	$499K	$1.2M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	153.01	−0.020%	$1.7M	$93K	20x	as long as short
Phemex SPCXUSDT	+0.0050%	8h	153.00	−0.026%	$534K	$398K	50x	as long as short
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.93	−0.072%	$3.2M	$2.5M	10x	as long as short
Lighter SPCX	+0.0064%	1h	153.00	−0.026%	$1.6M	$7.2M	20x	as long as short
BloFin SPCX-USDT	+0.0066%	8h	153.05	+0.007%	$1.9M	$1.4M	75x	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0077%	1h	152.98	−0.039%	$73K	$1.2M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0079%	8h	153.06	+0.010%	$101	—	5x	as long as short
Pacifica SPCX	+0.0100%	1h	152.96	−0.052%	$169K	$129K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.95	−0.059%	$13.0M	$5.4M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.93	−0.072%	$58K	$271K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	153.04	0.000%	$15K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	153.02	−0.011%	$89	—	10x	as long as short
Variational Omni SPCX	+0.0172%	8h	153.04	−0.003%	$6.0M	$3.1M	—	as long as short
Bullet SPCX-USD	+0.0173%	1h	153.05	+0.004%	$11K	$190K	10x	as long as short
OKX SPCX-USDT-SWAP	+0.0176%	8h	153.06	+0.013%	$39.5M	$167.5M	75x	as long as short
Extended SPCX-USD	+0.0184%	1h	153.00	−0.026%	$734K	$3.8M	10x	as long as short
Binance SPCXUSDT	+0.0186%	8h	153.04	0.000%	$252.5M	$1.37B	75x	as long as short
tradeXYZ xyz:SPCX	+0.0194%	1h	153.01	−0.020%	$142.1M	$119.2M	20x	as long as short
RISEx SPCX/USDC	+0.0199%	1h	153.06	+0.016%	$410K	$540K	20x	as long as short
Nado SPCX-PERP	+0.0227%	1h	152.95	−0.059%	$622K	$826K	20x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0256%	1h	153.01	−0.020%	$738K	$980K	10x	as long as short
Phoenix SPCXlong	+0.0262%	1h	153.04	long leg	$445K	$267K	15x
Aster SPCXUSD1	+0.0415%	8h	153.11	+0.048%	$18.9M	$17.7M	20x	as long as short
Injective SPCX/USDC PERP	+0.0440%	1h	153.28	+0.157%	$9K	$27K	5.5x	as long as short
edgeX SPCXUSDC	+0.0841%	4h	153.04	−0.003%	$1.7M	$893K	20x	as long as short