Funding arb · Price arb /

SPCX

RWAall SPCX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0235%/8h= +25.7% APRpaid last 24h +0.075%

Price spread now: Phoenix against BloFin−0.039%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs+$4as in the Funding arb table

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

costs, in and out, $10k−$260.258% of the position

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.302%+$30 on $10k

Price spread, last 4 days (all we have)+0.005%$0 · spread now −0.039%, 7d avg −0.007%

Together, before fees+0.307%+$31 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.032% cheaper against BloFin than usual: you would sell low and buy high (spread −0.039% now, against its 7-day average of −0.007%). If the spread goes back, that is −$3 on $10k: about 11 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin SPCX-USDT	152.61	−0.0025	get 0.0025% / 8h	1h 51m	$1.9M	$1.2M	75x
Short	Phoenix SPCX	152.55	0.0210	get 0.0026% / 1h	51m 54s	$443K	$266K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now −0.039%Rate

Funding earned: $49.28
Price spread: −0.039% → −0.007%: −$3.2
Slippage, 4 orders: −$6.75
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $20.33
Costs to cover: 0.258%
Break-even: 4.1 days

Slippage from BloFin: live order book, 1 min ago; Phoenix: live order book, 55 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 BloFin live order book, 1 min ago	0.65 bp	6.7 bp −$7	7.4 bp −$74	10.8 bp −$1,080	15.5 bp −$7,735
Sell Phoenix live order book, 55 min ago	0.33 bp	6.9 bp −$7	21.1 bp −$211	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 −0.0187% / S +0.0435%	1h	152.51	−0.062%	$90K	—	20x	as long as short
BloFin SPCX-USDTlong	−0.0025%	8h	152.61	long leg	$1.9M	$1.2M	75x
Bybit SPCXUSDT	0.0000%	8h	152.61	0.000%	$30.6M	$42.7M	100x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.58	−0.020%	$96.2M	$31.8M	100x	as long as short
Bitget SPCXUSDT	0.0000%	8h	152.63	+0.013%	$31.2M	$66.0M	75x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.53	+13.052%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.61	0.000%	$300K	$2.7M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.84	+0.151%	$8K	$897K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.64	+0.020%	$1.3M	$1.8M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0019%	1h	152.52	−0.057%	$7K	$8K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH SPCX	+0.0032%	1h	152.48	−0.085%	$2.5M	$7.2M	20x	as long as short
QFEX SPCX-USD	+0.0038%	1h	152.57	−0.026%	$1.2M	$5.5M	10x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.54	−0.046%	$105K	$297K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.55	−0.039%	—	$1.2M	10x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	152.56	−0.033%	$487K	$1.2M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.56	−0.033%	$1.7M	$96K	20x	as long as short
Phemex SPCXUSDT	+0.0050%	8h	152.53	−0.052%	$530K	$383K	50x	as long as short
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.44	−0.111%	$3.2M	$2.3M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0064%	8h	152.60	−0.008%	$101	—	5x	as long as short
RISEx SPCX/USDC	+0.0072%	1h	152.59	−0.014%	$408K	$505K	20x	as long as short
Variational Omni SPCX	+0.0073%	8h	152.63	+0.012%	$6.0M	$2.8M	—	as long as short
Lighter SPCX	+0.0080%	1h	152.50	−0.072%	$1.6M	$7.3M	20x	as long as short
tradeXYZ xyz:SPCX	+0.0085%	1h	152.52	−0.059%	$130.1M	$129.0M	20x	as long as short
Extended SPCX-USD	+0.0096%	1h	152.58	−0.021%	$732K	$4.6M	10x	as long as short
Binance SPCXUSDT	+0.0096%	8h	152.62	+0.007%	$250.1M	$1.36B	75x	as long as short
Pacifica SPCX	+0.0100%	1h	152.49	−0.079%	$169K	$118K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.48	−0.085%	$13.0M	$5.5M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.54	−0.046%	$58K	$272K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.60	−0.007%	$15K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.58	−0.017%	$88	—	10x	as long as short
OKX SPCX-USDT-SWAP	+0.0110%	8h	152.63	+0.013%	$39.6M	$166.9M	75x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0192%	1h	152.62	+0.007%	$726K	$932K	10x	as long as short
Nado SPCX-PERP	+0.0208%	1h	152.45	−0.104%	$613K	$801K	20x	as long as short
Phoenix SPCXshort	+0.0210%	1h	152.55	−0.039%	$443K	$266K	15x
Bullet SPCX-USD	+0.0245%	1h	152.60	−0.004%	$11K	$192K	10x	as long as short
Aster SPCXUSD1	+0.0354%	8h	152.72	+0.074%	$18.9M	$25.5M	20x	as long as short
edgeX SPCXUSDC	+0.0371%	4h	152.59	−0.016%	$1.7M	$891K	20x	as long as short
Injective SPCX/USDC PERP	+0.0440%	1h	152.89	+0.183%	$9K	$28K	5.5x	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0537%	1h	152.56	−0.033%	$89K	$1.3M	10x	as long as short