Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0314%/8h= +34.4% APRpaid last 24h +0.044%

Price spread now: Phoenix against HTX+0.033%72s7-day average −0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

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

costs, in and out, $10k−$330.334% of the position

Long on HTX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.078%+$8 on $10k

Price spread, last 3 days (all we have)−0.060%−$6 · spread now +0.033%, 7d avg −0.003%

Together, before fees+0.017%+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Phoenix is 0.036% dearer against HTX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.003%. The two prices were read 72 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 7 days it paid 0.078% in total (about 4.0% 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	HTX SPCX-USDT	153.07	0	get 0.0000% / 8h	7h 02m	$1.3M	$1.7M	75x
Short	Phoenix SPCX	153.12	0.0314	get 0.0039% / 1h	2m 03s	$445K	$271K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against HTX. 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 HTXbpFee PhoenixbpOrdersPrice spread, now +0.033%Rate

Funding earned: $65.93
Price spread: +0.033% → −0.003%: $3.55
Slippage, 4 orders: −$14.39
Fee HTX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $36.1
Costs to cover: 0.334%
Break-even: 3.2 days

Slippage from HTX: live order book, 2 min ago; Phoenix: live order book, 5 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 HTX live order book, 2 min ago	0.98 bp	10.6 bp −$11	12.2 bp −$122	20.7 bp −$2,069	doesn't fit
Sell Phoenix live order book, 5 min ago	0.33 bp	5.5 bp −$6	17.1 bp −$171	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 −0.0330% / S +0.0529%	1h	153.06	−0.003%	$88K	—	20x	as long as short
Gate SPCX_USDT	0.0000%	8h	153.05	−0.013%	$96.4M	$31.4M	100x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.52	+12.709%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.95	−0.078%	$302K	$3.1M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	153.34	+0.176%	$8K	$951K	10x	as long as short
HTX SPCX-USDTlong	0.0000%	8h	153.07	long leg	$1.3M	$1.7M	75x
Aftermath Perps SPCXUSD	+0.0025%	1h	153.01	−0.038%	$8K	$8K	10x	as long as short
Lighter SPCX	+0.0032%	1h	153.00	−0.046%	$1.6M	$7.4M	20x	as long as short
Lighter RH SPCX	+0.0032%	1h	152.98	−0.059%	$2.5M	$7.5M	20x	as long as short
Injective SPCX/USDC PERP	+0.0033%	1h	157.25	+2.731%	$9K	$27K	5.5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest SPCX-USD-PERP	+0.0046%	1h	153.06	−0.007%	—	$1.2M	10x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	153.02	−0.033%	$489K	$1.1M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	153.07	0.000%	$1.7M	$87K	20x	as long as short
Phemex SPCXUSDT	+0.0050%	8h	153.08	+0.007%	$534K	$405K	50x	as long as short
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.97	−0.065%	$3.2M	$2.6M	10x	as long as short
QFEX SPCX-USD	+0.0063%	1h	153.03	−0.026%	$1.2M	$7.1M	10x	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0077%	1h	153.00	−0.046%	$72K	$1.1M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0088%	8h	153.06	−0.006%	$101	—	5x	as long as short
Pacifica SPCX	+0.0100%	1h	152.96	−0.072%	$173K	$129K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.97	−0.065%	$13.0M	$5.5M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	153.17	+0.065%	$59K	$271K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	153.06	−0.007%	$15K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	153.06	−0.006%	$89	—	10x	as long as short
BloFin SPCX-USDT	+0.0121%	8h	153.06	−0.007%	$1.9M	$1.4M	75x	as long as short
Bybit SPCXUSDT	+0.0122%	8h	153.07	0.000%	$30.9M	$42.8M	100x	as long as short
Arcus SPCX-USD	+0.0194%	1h	153.03	−0.026%	$105K	$297K	5x	as long as short
tradeXYZ xyz:SPCX	+0.0202%	1h	153.03	−0.026%	$142.9M	$119.4M	20x	as long as short
Bullet SPCX-USD	+0.0205%	1h	153.07	0.000%	$11K	$189K	10x	as long as short
OKX SPCX-USDT-SWAP	+0.0214%	8h	153.11	+0.026%	$39.3M	$168.8M	75x	as long as short
Variational Omni SPCX	+0.0228%	8h	153.12	+0.030%	$6.0M	$3.5M	—	as long as short
Nado SPCX-PERP	+0.0233%	1h	152.96	−0.069%	$620K	$849K	20x	as long as short
Extended SPCX-USD	+0.0240%	1h	153.03	−0.023%	$734K	$3.9M	10x	as long as short
Binance SPCXUSDT	+0.0241%	8h	153.07	0.000%	$252.7M	$1.38B	75x	as long as short
Bitget SPCXUSDT	+0.0284%	8h	153.11	+0.026%	$31.7M	$66.6M	75x	as long as short
Phoenix SPCXshort	+0.0314%	1h	153.12	+0.033%	$445K	$271K	15x
Coinbase International SPCX-PERP-INTX	+0.0328%	1h	153.14	+0.046%	$728K	$986K	10x	as long as short
Aster SPCXUSD1	+0.0389%	8h	153.13	+0.040%	$19.0M	$18.3M	20x	as long as short
RISEx SPCX/USDC	+0.0409%	1h	153.09	+0.010%	$401K	$535K	20x	as long as short
edgeX SPCXUSDC	+0.0456%	4h	153.12	+0.033%	$1.7M	$893K	20x	as long as short