Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0198%/8h= −21.7% APRpaid last 24h −0.044%

Price spread now: Phemex against Coinbase International+0.092%7-day average −0.058% · you sell dearer than you buy

Net, funding: paid 7d − costs−$79as in the Funding arb table

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

costs, in and out, $10k−$440.439% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.353%−$35 on $10k

Price spread, last 4 days (all we have)−0.116%−$12 · spread now +0.092%, 7d avg −0.058%

Together, before fees−0.469%−$47 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.150% dearer against Coinbase International than usual: you sell high and buy low (spread +0.092% now, against its 7-day average of −0.058%): +$15 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 2.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International SPCX-PERP-INTX	152.44	0.0248	pay 0.0031% / 1h	45m 15s	$739K	$931K	10x
Short	Phemex SPCXUSDT	152.58	0.0050	get 0.0050% / 8h	2h 45m	$531K	$388K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now +0.092%Rate

Funding earned: −$41.58
Price spread: +0.092% → −0.058%: $14.96
Slippage, 4 orders: −$21.88
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$70.49
Costs to cover: 0.439%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; Phemex: live order book, 2 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 Coinbase International live order book, 3 min ago	2.95 bp	8.0 bp −$8	11.3 bp −$113	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	0.65 bp	18.3 bp −$18	doesn't fit	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 −0.0224% / S +0.0463%	1h	152.46	+0.010%	$90K	—	20x	as long as short
Bybit SPCXUSDT	0.0000%	8h	152.59	+0.098%	$30.6M	$42.7M	100x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.55	+0.072%	$96.3M	$31.6M	100x	as long as short
Bitget SPCXUSDT	0.0000%	8h	152.60	+0.105%	$31.3M	$65.9M	75x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.53	+13.178%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.57	+0.085%	$300K	$2.8M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.78	+0.223%	$8K	$916K	10x	as long as short
Deribit SPCX_USDC-PERPETUAL	0.0000%	1h	152.53	+0.059%	$87K	$1.2M	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.62	+0.118%	$1.3M	$1.8M	75x	as long as short
BloFin SPCX-USDT	+0.0007%	8h	152.56	+0.079%	$1.9M	$1.2M	75x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps SPCXUSD	+0.0023%	1h	152.46	+0.014%	$7K	$8K	10x	as long as short
Lighter SPCX	+0.0032%	1h	152.52	+0.052%	$1.6M	$7.4M	20x	as long as short
Lighter RH SPCX	+0.0032%	1h	152.48	+0.026%	$2.5M	$7.3M	20x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.47	+0.020%	$105K	$297K	5x	as long as short
QFEX SPCX-USD	+0.0043%	1h	152.52	+0.052%	$1.2M	$5.6M	10x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.57	+0.085%	—	$1.2M	10x	as long as short
tradeXYZ xyz:SPCX	+0.0050%	1h	152.46	+0.013%	$131.0M	$128.6M	20x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	152.52	+0.052%	$490K	$1.2M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.54	+0.066%	$1.7M	$99K	20x	as long as short
Phemex SPCXUSDTshort	+0.0050%	8h	152.58	+0.092%	$531K	$388K	50x
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.39	−0.033%	$3.2M	$2.3M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0062%	8h	152.57	+0.088%	$101	—	5x	as long as short
Pacifica SPCX	+0.0100%	1h	152.46	+0.013%	$169K	$119K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.43	−0.007%	$13.0M	$5.4M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.57	+0.085%	$58K	$272K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.55	+0.072%	$14K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.56	+0.079%	$88	—	10x	as long as short
Nado SPCX-PERP	+0.0117%	1h	152.47	+0.020%	$614K	$803K	20x	as long as short
Variational Omni SPCX	+0.0119%	8h	152.53	+0.058%	$6.0M	$2.8M	—	as long as short
Binance SPCXUSDT	+0.0127%	8h	152.58	+0.092%	$250.4M	$1.36B	75x	as long as short
Extended SPCX-USD	+0.0128%	1h	152.54	+0.065%	$731K	$4.6M	10x	as long as short
OKX SPCX-USDT-SWAP	+0.0137%	8h	152.60	+0.105%	$39.4M	$166.5M	75x	as long as short
Bullet SPCX-USD	+0.0169%	1h	152.57	+0.086%	$12K	$193K	10x	as long as short
RISEx SPCX/USDC	+0.0238%	1h	152.60	+0.108%	$408K	$521K	20x	as long as short
Coinbase International SPCX-PERP-INTXlong	+0.0248%	1h	152.44	long leg	$739K	$931K	10x
Phoenix SPCX	+0.0263%	1h	152.54	+0.066%	$443K	$266K	15x	as long as short
Aster SPCXUSD1	+0.0388%	8h	152.60	+0.104%	$18.9M	$24.7M	20x	as long as short
Injective SPCX/USDC PERP	+0.0440%	1h	152.82	+0.249%	$9K	$28K	5.5x	as long as short
edgeX SPCXUSDC	+0.0771%	4h	152.54	+0.064%	$1.7M	$893K	20x	as long as short