Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0041%/8h= −4.5% APRpaid last 24h −0.026%

Price spread now: Phemex against Bullet−0.026%49s7-day average −0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$440.440% of the position

Long on Bullet Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.140%−$14 on $10k

Price spread, last 4 days (all we have)−0.026%−$3 · spread now −0.026%, 7d avg −0.059%

Together, before fees−0.166%−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.033% dearer against Bullet than usual: you sell high and buy low (spread −0.026% now, against its 7-day average of −0.059%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.7 days. At the pace of the last 4 days (−0.140% in total) that is about 21 hours. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet SPCX-USD	152.66	0.0091	pay 0.0011% / 1h	26m 29s	$11K	$191K	10x
Short	Phemex SPCXUSDT	152.62	0.0050	get 0.0050% / 8h	5h 26m	$532K	$371K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bullet. 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 BulletbpFee PhemexbpOrdersPrice spread, now −0.026%Rate

Funding earned: −$8.64
Price spread: −0.026% → −0.059%: $3.33
Slippage, 4 orders: −$24.05
Fee Bullet: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$49.36
Costs to cover: 0.440%
Break-even: never at this rate

Slippage from Bullet: live order book, 21 min ago; Phemex: live order book, 19 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 Bullet live order book, 21 min ago	0.33 bp	8.0 bp −$8	20.7 bp −$207	doesn't fit	doesn't fit
Sell Phemex live order book, 19 min ago	1.97 bp	17.6 bp −$18	doesn't fit	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	152.57	−0.059%	$90K	—	20x	as long as short
BloFin SPCX-USDT	−0.0076%	8h	152.71	+0.033%	$1.9M	$1.2M	75x	as long as short
Bybit SPCXUSDT	0.0000%	8h	152.65	−0.007%	$30.0M	$43.3M	100x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.64	−0.013%	$96.2M	$32.8M	100x	as long as short
Bitget SPCXUSDT	0.0000%	8h	152.69	+0.020%	$31.0M	$67.0M	75x	as long as short
StandX SPCX-USD	0.0000%	1h	152.71	+0.033%	$306K	$2.6M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.86	+0.131%	$8K	$814K	10x	as long as short
Deribit SPCX_USDC-PERPETUAL	0.0000%	1h	152.59	−0.046%	$44K	$1.4M	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.74	+0.052%	$1.3M	$1.7M	75x	as long as short
Variational Omni SPCX	+0.0010%	8h	152.62	−0.027%	$5.9M	$2.7M	—	as long as short

Show all 38 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps SPCXUSD	+0.0020%	1h	152.60	−0.038%	$7K	$7K	10x	as long as short
QFEX SPCX-USD	+0.0030%	1h	152.61	−0.033%	$1.2M	$5.4M	10x	as long as short
Lighter SPCX	+0.0032%	1h	152.60	−0.039%	$1.6M	$7.5M	20x	as long as short
Lighter RH SPCX	+0.0032%	1h	152.59	−0.046%	$2.5M	$7.3M	20x	as long as short
Injective SPCX/USDC PERP	+0.0033%	1h	152.78	+0.079%	$9K	$28K	5.5x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.58	−0.052%	$103K	$292K	5x	as long as short
Binance SPCXUSDT	+0.0044%	8h	152.65	−0.005%	$251.7M	$1.38B	75x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.59	−0.046%	—	$1.2M	10x	as long as short
Extended SPCX-USD	+0.0048%	1h	152.60	−0.041%	$728K	$5.3M	10x	as long as short
tradeXYZ xyz:SPCX	+0.0050%	1h	152.56	−0.066%	$128.3M	$129.9M	20x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.63	−0.020%	$1.7M	$56K	20x	as long as short
Phemex SPCXUSDTshort	+0.0050%	8h	152.62	−0.026%	$532K	$371K	50x
Paradex SPCX-USD-PERP	+0.0050%	8h	152.61	−0.034%	$101	—	5x	as long as short
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.57	−0.059%	$3.0M	$2.1M	10x	as long as short
RISEx SPCX/USDC	+0.0051%	1h	152.68	+0.013%	$351K	$518K	20x	as long as short
OKX SPCX-USDT-SWAP	+0.0076%	8h	152.69	+0.020%	$39.5M	$168.6M	75x	as long as short
Bullet SPCX-USDlong	+0.0091%	1h	152.66	long leg	$11K	$191K	10x
Pacifica SPCX	+0.0100%	1h	152.56	−0.066%	$169K	$114K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.55	−0.072%	$13.0M	$6.3M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.54	−0.079%	$58K	$271K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.66	0.000%	$15K	$7K	10x	as long as short
Polymarket Perps SPCX-USD	+0.0100%	1h	152.65	−0.007%	$487K	$1.1M	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.64	−0.014%	$89	—	10x	as long as short
Nado SPCX-PERP	+0.0113%	1h	152.58	−0.053%	$632K	$805K	20x	as long as short
edgeX SPCXUSDC	+0.0130%	4h	152.63	−0.022%	$1.7M	$888K	20x	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 SPCX	+0.0209%	1h	152.64	−0.013%	$448K	$271K	15x	as long as short
Aster SPCXUSD1	+0.0397%	8h	152.81	+0.095%	$19.0M	$30.6M	20x	as long as short