Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0210%/8h= +23.0% APRpaid last 24h +0.065%

Price spread now: Phoenix against SunX−0.216%7-day average −0.063% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on SunX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.108%+$11 on $10k

Price spread, last 4 days (all we have)+0.170%+$17 · spread now −0.216%, 7d avg −0.063%

Together, before fees+0.278%+$28 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.153% cheaper against SunX than usual: you would sell low and buy high (spread −0.216% now, against its 7-day average of −0.063%). If the spread goes back, that is −$15 on $10k: about 2.4 days of funding at the current rate (+$6 a day). At the pace of the last 7 days (+0.108% in total) that is about 9.9 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.108% in total (about 5.6% 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	SunX SPCX-USDT	152.93	0	get 0.0000% / 8h	7h 09m	$8K	$842K	10x
Short	Phoenix SPCX	152.60	0.0210	get 0.0026% / 1h	9m 01s	$448K	$268K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against SunX. 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 SunXbpFee PhoenixbpOrdersPrice spread, now −0.216%Rate

Funding earned: $44.14
Price spread: −0.216% → −0.063%: −$15.31
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $13.82
Costs to cover: 0.150%
Break-even: 4.8 days

Slippage unknown: SunX: live order book, 33 min ago; Phoenix: live order book, 23 min ago. Net counts fees only.

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 SunX live order book, 33 min ago	272.13 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 23 min ago	0.33 bp	6.3 bp −$6	23.0 bp −$230	doesn't fit	doesn't fit

SPCX on 38 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 −0.0187% / S +0.0435%	1h	152.68	−0.167%	$90K	—	20x	as long as short
BloFin SPCX-USDT	−0.0010%	8h	152.78	−0.098%	$1.9M	$1.2M	75x	as long as short
Bybit SPCXUSDT	0.0000%	8h	152.74	−0.124%	$30.5M	$43.2M	100x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.71	−0.144%	$96.1M	$32.7M	100x	as long as short
Bitget SPCXUSDT	0.0000%	8h	152.76	−0.111%	$31.1M	$66.7M	75x	as long as short
StandX SPCX-USD	0.0000%	1h	152.50	−0.281%	$300K	$2.6M	20x	as long as short
SunX SPCX-USDTlong	0.0000%	8h	152.93	long leg	$8K	$842K	10x
HTX SPCX-USDT	0.0000%	8h	152.63	−0.196%	$1.3M	$1.7M	75x	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0012%	1h	152.74	−0.124%	$83K	$1.4M	10x	as long as short
Aftermath Perps SPCXUSD	+0.0017%	1h	152.46	−0.305%	$7K	$7K	10x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter SPCX	+0.0032%	1h	152.70	−0.150%	$1.6M	$7.4M	20x	as long as short
Lighter RH SPCX	+0.0032%	1h	152.68	−0.163%	$2.5M	$7.3M	20x	as long as short
QFEX SPCX-USD	+0.0035%	1h	152.67	−0.170%	$1.2M	$5.4M	10x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.61	−0.209%	$103K	$295K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.74	−0.124%	—	$1.2M	10x	as long as short
tradeXYZ xyz:SPCX	+0.0050%	1h	152.65	−0.183%	$129.7M	$129.8M	20x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	152.64	−0.190%	$489K	$1.2M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.71	−0.144%	$1.7M	$99K	20x	as long as short
Phemex SPCXUSDT	+0.0050%	8h	152.73	−0.131%	$531K	$365K	50x	as long as short
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.51	−0.275%	$3.1M	$2.2M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0058%	8h	152.71	−0.142%	$101	—	5x	as long as short
Variational Omni SPCX	+0.0090%	8h	152.68	−0.164%	$5.9M	$2.7M	—	as long as short
Nado SPCX-PERP	+0.0098%	1h	152.68	−0.163%	$633K	$809K	20x	as long as short
Pacifica SPCX	+0.0100%	1h	152.66	−0.177%	$169K	$117K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.66	−0.177%	$13.0M	$5.8M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.48	−0.294%	$58K	$271K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.71	−0.144%	$15K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.74	−0.121%	$89	—	10x	as long as short
Binance SPCXUSDT	+0.0110%	8h	152.74	−0.124%	$253.3M	$1.37B	75x	as long as short
Bullet SPCX-USD	+0.0111%	1h	152.71	−0.143%	$10K	$191K	10x	as long as short
Extended SPCX-USD	+0.0112%	1h	152.68	−0.163%	$723K	$5.4M	10x	as long as short
OKX SPCX-USDT-SWAP	+0.0116%	8h	152.77	−0.105%	$39.4M	$168.6M	75x	as long as short
RISEx SPCX/USDC	+0.0190%	1h	152.70	−0.149%	$382K	$507K	20x	as long as short
Phoenix SPCXshort	+0.0210%	1h	152.60	−0.216%	$448K	$268K	15x
Coinbase International SPCX-PERP-INTX	+0.0280%	1h	152.45	−0.314%	$689K	$1.0M	10x	as long as short
Aster SPCXUSD1	+0.0402%	8h	152.89	−0.026%	$19.0M	$30.7M	20x	as long as short
Injective SPCX/USDC PERP	+0.0440%	1h	152.78	−0.098%	$9K	$28K	5.5x	as long as short
edgeX SPCXUSDC	+0.0679%	4h	152.60	−0.217%	$1.7M	$889K	20x	as long as short