Funding arb · Price arb /

SPCX

RWAall SPCX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0209%/8h= +22.9% APRpaid last 24h +0.029%

Price spread now: Phoenix against Bitget−0.039%7-day average 0.000% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$280.277% of the position

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.032%+$3 on $10k

Price spread, last 4 days (all we have)+0.254%+$25 · spread now −0.039%, 7d avg 0.000%

Together, before fees+0.287%+$29 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.039% cheaper against Bitget than usual: you would sell low and buy high (spread −0.039% now, against its 7-day average of 0.000%). If the spread goes back, that is −$4 on $10k: about 15 hours of funding at the current rate (+$6 a day). At the pace of the last 7 days (+0.032% in total) that is about 8.4 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.032% in total (about 1.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget SPCXUSDT	152.74	0	get 0.0000% / 8h	5h 49m	$31.0M	$67.0M	75x
Short	Phoenix SPCX	152.68	0.0209	get 0.0026% / 1h	49m 29s	$448K	$271K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now −0.039%Rate

Funding earned: $43.98
Price spread: −0.039% → 0.000%: −$3.89
Slippage, 4 orders: −$8.74
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $12.35
Costs to cover: 0.277%
Break-even: 5.0 days

Slippage from Bitget: live order book, 3 min ago; Phoenix: 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 Bitget live order book, 3 min ago	0.33 bp	6.7 bp −$7	9.0 bp −$90	22.3 bp −$2,232	34.3 bp −$17.2K
Sell Phoenix live order book, 61 min ago	0.33 bp	6.5 bp −$6	24.6 bp −$246	doesn't fit	doesn't fit

SPCX on 38 exchanges

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	152.63	−0.069%	$90K	—	20x	as long as short
BloFin SPCX-USDT	−0.0058%	8h	152.75	+0.007%	$1.9M	$1.2M	75x	as long as short
Bybit SPCXUSDT	0.0000%	8h	152.73	−0.007%	$30.1M	$43.3M	100x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.69	−0.033%	$96.3M	$32.6M	100x	as long as short
Bitget SPCXUSDTlong	0.0000%	8h	152.74	long leg	$31.0M	$67.0M	75x
StandX SPCX-USD	0.0000%	1h	152.72	−0.013%	$306K	$2.6M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.95	+0.137%	$8K	$818K	10x	as long as short
Deribit SPCX_USDC-PERPETUAL	0.0000%	1h	152.60	−0.092%	$45K	$1.4M	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.81	+0.046%	$1.3M	$1.7M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0020%	1h	152.72	−0.010%	$7K	$7K	10x	as long as short

Show all 38 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX SPCX-USD	+0.0030%	1h	152.65	−0.059%	$1.2M	$5.4M	10x	as long as short
Variational Omni SPCX	+0.0032%	8h	152.70	−0.029%	$5.9M	$2.7M	—	as long as short
Lighter SPCX	+0.0032%	1h	152.64	−0.065%	$1.6M	$7.4M	20x	as long as short
Lighter RH SPCX	+0.0032%	1h	152.62	−0.079%	$2.5M	$7.2M	20x	as long as short
Injective SPCX/USDC PERP	+0.0033%	1h	152.78	+0.026%	$9K	$28K	5.5x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.63	−0.072%	$103K	$294K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.70	−0.026%	—	$1.2M	10x	as long as short
tradeXYZ xyz:SPCX	+0.0050%	1h	152.67	−0.046%	$128.4M	$129.6M	20x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.67	−0.046%	$1.7M	$101K	20x	as long as short
Phemex SPCXUSDT	+0.0050%	8h	152.64	−0.065%	$533K	$368K	50x	as long as short
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.58	−0.105%	$3.0M	$2.1M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0050%	8h	152.67	−0.045%	$101	—	5x	as long as short
RISEx SPCX/USDC	+0.0051%	1h	152.75	+0.003%	$351K	$510K	20x	as long as short
Bullet SPCX-USD	+0.0052%	1h	152.74	−0.003%	$12K	$191K	10x	as long as short
Binance SPCXUSDT	+0.0063%	8h	152.73	−0.007%	$251.8M	$1.38B	75x	as long as short
Extended SPCX-USD	+0.0064%	1h	152.67	−0.046%	$724K	$5.3M	10x	as long as short
OKX SPCX-USDT-SWAP	+0.0088%	8h	152.74	0.000%	$39.5M	$168.6M	75x	as long as short
Polymarket Perps SPCX-USD	+0.0094%	1h	152.74	0.000%	$488K	$1.1M	10x	as long as short
Nado SPCX-PERP	+0.0095%	1h	152.68	−0.043%	$633K	$806K	20x	as long as short
Pacifica SPCX	+0.0100%	1h	152.60	−0.092%	$169K	$118K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.65	−0.059%	$13.0M	$6.2M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.75	+0.007%	$58K	$271K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.73	−0.007%	$15K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.68	−0.040%	$89	—	10x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0136%	1h	152.70	−0.026%	$735K	$1.1M	10x	as long as short
Phoenix SPCXshort	+0.0209%	1h	152.68	−0.039%	$448K	$271K	15x
Aster SPCXUSD1	+0.0400%	8h	152.89	+0.097%	$19.0M	$30.6M	20x	as long as short
edgeX SPCXUSDC	+0.0436%	4h	152.70	−0.029%	$1.7M	$890K	20x	as long as short