Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0421%/8h= −46.1% APRpaid last 24h −0.045%

Price spread now: Phemex against Deribit−0.020%7-day average −0.054% · 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−$44as in the Price arb table

costs, in and out, $10k−$470.470% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.122%−$12 on $10k

Price spread, last 4 days (all we have)−0.059%−$6 · spread now −0.020%, 7d avg −0.054%

Together, before fees−0.181%−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.034% dearer against Deribit than usual: you sell high and buy low (spread −0.020% now, against its 7-day average of −0.054%): +$3 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 6 hours. At the pace of the last 5 days (−0.122% in total) that is about 33 hours.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid -0.122% in total (about -9.0% 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	Deribit SPCX_USDC-PERPETUAL	152.58	0.0471	pay 0.0059% / 1h	51m 04s	$89K	$1.3M	10x
Short	Phemex SPCXUSDT	152.55	0.0050	get 0.0050% / 8h	1h 51m	$531K	$383K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now −0.020%Rate

Funding earned: −$88.5
Price spread: −0.020% → −0.054%: $3.4
Slippage, 4 orders: −$27.97
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$132.08
Costs to cover: 0.470%
Break-even: never at this rate

Slippage from Deribit: live order book, 3 min ago; Phemex: live order book, 56 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 Deribit live order book, 3 min ago	4.59 bp	11.0 bp −$11	12.5 bp −$125	doesn't fit	doesn't fit
Sell Phemex live order book, 56 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 −0.0187% / S +0.0435%	1h	152.53	−0.036%	$90K	—	20x	as long as short
BloFin SPCX-USDT	−0.0023%	8h	152.62	+0.026%	$1.9M	$1.2M	75x	as long as short
Bybit SPCXUSDT	0.0000%	8h	152.61	+0.020%	$30.6M	$42.7M	100x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.59	+0.007%	$96.2M	$31.8M	100x	as long as short
Bitget SPCXUSDT	0.0000%	8h	152.63	+0.033%	$31.2M	$66.0M	75x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.53	+13.076%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.63	+0.033%	$300K	$2.7M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.84	+0.170%	$8K	$897K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.70	+0.079%	$1.3M	$1.8M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0019%	1h	152.52	−0.038%	$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	152.52	−0.039%	$2.5M	$7.2M	20x	as long as short
QFEX SPCX-USD	+0.0038%	1h	152.57	−0.007%	$1.2M	$5.5M	10x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.53	−0.033%	$105K	$297K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.57	−0.007%	—	$1.2M	10x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	152.58	0.000%	$487K	$1.2M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.60	+0.013%	$1.7M	$96K	20x	as long as short
Phemex SPCXUSDTshort	+0.0050%	8h	152.55	−0.020%	$531K	$383K	50x
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.44	−0.092%	$3.2M	$2.3M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0067%	8h	152.63	+0.030%	$101	—	5x	as long as short
RISEx SPCX/USDC	+0.0072%	1h	152.62	+0.029%	$408K	$505K	20x	as long as short
Variational Omni SPCX	+0.0073%	8h	152.63	+0.032%	$6.0M	$2.8M	—	as long as short
tradeXYZ xyz:SPCX	+0.0081%	1h	152.52	−0.039%	$130.1M	$129.0M	20x	as long as short
Lighter SPCX	+0.0096%	1h	152.54	−0.026%	$1.6M	$7.3M	20x	as long as short
Extended SPCX-USD	+0.0096%	1h	152.59	+0.006%	$732K	$4.6M	10x	as long as short
Binance SPCXUSDT	+0.0097%	8h	152.63	+0.033%	$250.2M	$1.36B	75x	as long as short
Pacifica SPCX	+0.0100%	1h	152.48	−0.066%	$169K	$118K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.51	−0.046%	$13.0M	$5.5M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.63	+0.033%	$58K	$272K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.61	+0.020%	$15K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.61	+0.019%	$89	—	10x	as long as short
OKX SPCX-USDT-SWAP	+0.0111%	8h	152.63	+0.033%	$39.6M	$166.9M	75x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0192%	1h	152.62	+0.026%	$726K	$932K	10x	as long as short
Phoenix SPCX	+0.0210%	1h	152.55	−0.020%	$443K	$266K	15x	as long as short
Nado SPCX-PERP	+0.0215%	1h	152.45	−0.084%	$613K	$801K	20x	as long as short
Bullet SPCX-USD	+0.0241%	1h	152.64	+0.041%	$11K	$192K	10x	as long as short
Aster SPCXUSD1	+0.0356%	8h	152.75	+0.112%	$18.9M	$25.6M	20x	as long as short
Injective SPCX/USDC PERP	+0.0440%	1h	152.89	+0.203%	$9K	$28K	5.5x	as long as short
Deribit SPCX_USDC-PERPETUALlong	+0.0471%	1h	152.58	long leg	$89K	$1.3M	10x
edgeX SPCXUSDC	+0.0570%	4h	152.58	−0.002%	$1.7M	$892K	20x	as long as short