Funding arb · Price arb /

SPCX

RWAall SPCX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0210%/8h= +23.0% APRpaid last 24h +0.049%

Price spread now: Phoenix against Bybit−0.204%7-day average +0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$290.288% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.069%+$7 on $10k

Price spread, last 4 days (all we have)+0.706%+$71 · spread now −0.204%, 7d avg +0.016%

Together, before fees+0.775%+$77 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.220% cheaper against Bybit than usual: you would sell low and buy high (spread −0.204% now, against its 7-day average of +0.016%). If the spread goes back, that is −$22 on $10k: about 3.5 days of funding at the current rate (+$6 a day). At the pace of the last 7 days (+0.069% in total) that is about 22 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.069% in total (about 3.6% 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	Bybit SPCXUSDT	152.31	0	get 0.0000% / 8h	7h 21m	$30.4M	$43.3M	100x
Short	Phoenix SPCX	152.00	0.0210	get 0.0026% / 1h	21m 00s	$446K	$268K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now −0.204%Rate

Funding earned: $44.14
Price spread: −0.204% → +0.016%: −$21.96
Slippage, 4 orders: −$10.82
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$6.64
Costs to cover: 0.288%
Break-even: 8.1 days

Slippage from Bybit: live order book, 3 min ago; Phoenix: live order book, 11 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 Bybit live order book, 3 min ago	0.99 bp	7.4 bp −$7	10.7 bp −$107	33.3 bp −$3,331	doesn't fit
Sell Phoenix live order book, 11 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	152.21	−0.069%	$90K	—	20x	as long as short
BloFin SPCX-USDT	−0.0016%	8h	152.27	−0.026%	$1.9M	$1.2M	75x	as long as short
Bybit SPCXUSDTlong	0.0000%	8h	152.31	long leg	$30.4M	$43.3M	100x
Gate SPCX_USDT	0.0000%	8h	152.26	−0.033%	$96.2M	$32.4M	100x	as long as short
Bitget SPCXUSDT	0.0000%	8h	152.34	+0.020%	$31.0M	$66.5M	75x	as long as short
StandX SPCX-USD	0.0000%	1h	152.30	−0.007%	$300K	$2.6M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.29	−0.013%	$8K	$848K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.35	+0.026%	$1.3M	$1.7M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0020%	1h	152.07	−0.156%	$7K	$7K	10x	as long as short
edgeX SPCXUSDC	+0.0029%	4h	152.16	−0.100%	$1.7M	$890K	20x	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	152.24	−0.046%	$1.6M	$7.4M	20x	as long as short
Lighter RH SPCX	+0.0032%	1h	152.21	−0.066%	$2.5M	$7.3M	20x	as long as short
QFEX SPCX-USD	+0.0035%	1h	152.23	−0.053%	$1.2M	$5.4M	10x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.23	−0.053%	$102K	$293K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.25	−0.039%	—	$1.2M	10x	as long as short
tradeXYZ xyz:SPCX	+0.0050%	1h	152.20	−0.072%	$129.7M	$129.7M	20x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	152.18	−0.085%	$488K	$1.2M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.26	−0.033%	$1.7M	$99K	20x	as long as short
Phemex SPCXUSDT	+0.0050%	8h	152.23	−0.053%	$530K	$364K	50x	as long as short
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.10	−0.138%	$3.1M	$2.2M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0061%	8h	152.30	−0.004%	$101	—	5x	as long as short
Variational Omni SPCX	+0.0077%	8h	151.99	−0.213%	$5.9M	$2.8M	—	as long as short
Pacifica SPCX	+0.0100%	1h	152.17	−0.092%	$168K	$117K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.17	−0.092%	$13.0M	$5.7M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.05	−0.171%	$58K	$271K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.30	−0.007%	$14K	$7K	10x	as long as short
Binance SPCXUSDT	+0.0104%	8h	152.30	−0.005%	$253.9M	$1.37B	75x	as long as short
Extended SPCX-USD	+0.0104%	1h	152.26	−0.030%	$725K	$5.3M	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.25	−0.038%	$88	—	10x	as long as short
Nado SPCX-PERP	+0.0111%	1h	152.19	−0.080%	$635K	$812K	20x	as long as short
OKX SPCX-USDT-SWAP	+0.0115%	8h	152.33	+0.013%	$39.3M	$167.9M	75x	as long as short
Bullet SPCX-USD	+0.0134%	1h	152.29	−0.016%	$10K	$192K	10x	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0144%	1h	152.25	−0.039%	$84K	$1.4M	10x	as long as short
RISEx SPCX/USDC	+0.0190%	1h	152.27	−0.023%	$381K	$507K	20x	as long as short
Phoenix SPCXshort	+0.0210%	1h	152.00	−0.204%	$446K	$268K	15x
Coinbase International SPCX-PERP-INTX	+0.0280%	1h	152.03	−0.184%	$693K	$997K	10x	as long as short
Aster SPCXUSD1	+0.0387%	8h	152.42	+0.071%	$18.9M	$30.7M	20x	as long as short
Injective SPCX/USDC PERP	+0.0440%	1h	152.51	+0.131%	$9K	$28K	5.5x	as long as short