Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0331%/8h= −36.3% APRpaid last 24h −0.044%

Price spread now: Variational Omni against Deribit+0.005%59s7-day average +0.007% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.098%−$10 on $10k

Price spread, last 3 days (all we have)+0.574%+$57 · spread now +0.005%, 7d avg +0.007%

Together, before fees+0.476%+ Points / potential airdropVariational Omni: Active · farm board+$48 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.007%, so right now this pair is about funding alone: −$10 a day on $10k at the current rate. The two prices were read 59 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.098% in total (about -11.3% 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	152.23	0.0407	pay 0.0051% / 1h	31m 24s	$70K	$1.0M	10x
Short	Variational Omni SPCX	152.24	0.0076	get 0.0076% / 8h	3h 31m	$6.0M	$4.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.005%Rate

Funding earned: −$69.58
Price spread: +0.005% → +0.007%: −$0.2
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$76.78
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 3 min ago; Variational Omni: RFQ quote, 3 min ago. Net counts fees only.

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	6.24 bp	10.4 bp −$10	12.3 bp −$123	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	2.36 bp	doesn't fit	3.7 bp −$37	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 −0.0207% / S +0.0442%	1h	152.19	−0.030%	$88K	—	20x	as long as short
BloFin SPCX-USDT	−0.0007%	8h	152.25	+0.013%	$1.9M	$1.3M	75x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.19	−0.026%	$96.1M	$30.9M	100x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.50	+13.314%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.27	+0.026%	$301K	$3.1M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.45	+0.145%	$8K	$994K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.23	0.000%	$1.3M	$1.6M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0023%	1h	152.16	−0.045%	$7K	$10K	10x	as long as short
Lighter SPCX	+0.0032%	1h	152.16	−0.046%	$1.6M	$7.1M	20x	as long as short
Lighter RH SPCX	+0.0032%	1h	152.16	−0.046%	$2.5M	$7.5M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective SPCX/USDC PERP	+0.0033%	1h	157.25	+3.298%	$9K	$27K	5.5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.21	−0.013%	—	$956K	10x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	152.20	−0.020%	$487K	$1.1M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.19	−0.026%	$1.7M	$80K	20x	as long as short
Phemex SPCXUSDT	+0.0050%	8h	152.25	+0.013%	$540K	$400K	50x	as long as short
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.08	−0.099%	$3.1M	$2.6M	10x	as long as short
QFEX SPCX-USD	+0.0061%	1h	152.24	+0.007%	$1.2M	$7.6M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0070%	8h	152.24	+0.007%	$100	—	5x	as long as short
OKX SPCX-USDT-SWAP	+0.0074%	8h	152.23	0.000%	$39.1M	$166.7M	75x	as long as short
Variational Omni SPCXshort	+0.0076%	8h	152.24	+0.005%	$6.0M	$4.3M	—
Bybit SPCXUSDT	+0.0097%	8h	152.24	+0.007%	$30.5M	$41.9M	100x	as long as short
Pacifica SPCX	+0.0100%	1h	152.14	−0.059%	$175K	$137K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.14	−0.059%	$13.0M	$5.1M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.13	−0.066%	$58K	$269K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.28	+0.033%	$14K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.25	+0.011%	$88	—	10x	as long as short
Extended SPCX-USD	+0.0112%	1h	152.22	−0.004%	$712K	$3.5M	10x	as long as short
Binance SPCXUSDT	+0.0115%	8h	152.23	−0.003%	$256.2M	$1.37B	75x	as long as short
Aster SPCXUSD1	+0.0128%	8h	152.29	+0.039%	$18.9M	$20.8M	20x	as long as short
tradeXYZ xyz:SPCX	+0.0131%	1h	152.19	−0.026%	$130.2M	$105.3M	20x	as long as short
Bullet SPCX-USD	+0.0191%	1h	152.24	+0.004%	$11K	$190K	10x	as long as short
Nado SPCX-PERP	+0.0255%	1h	152.10	−0.084%	$670K	$832K	20x	as long as short
Arcus SPCX-USD	+0.0260%	1h	152.18	−0.033%	$105K	$296K	5x	as long as short
Phoenix SPCX	+0.0263%	1h	152.23	0.000%	$370K	$191K	15x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0264%	1h	152.16	−0.046%	$739K	$964K	10x	as long as short
Bitget SPCXUSDT	+0.0298%	8h	152.25	+0.013%	$29.3M	$64.7M	75x	as long as short
RISEx SPCX/USDC	+0.0358%	1h	152.28	+0.033%	$329K	$493K	20x	as long as short
Deribit SPCX_USDC-PERPETUALlong	+0.0407%	1h	152.23	long leg	$70K	$1.0M	10x
edgeX SPCXUSDC	+0.0774%	4h	152.25	+0.011%	$1.7M	$894K	20x	as long as short