Funding arb · Price arb /

SPCX

RWAall SPCX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0100%/8h= +11.0% APRpaid last 24h +0.039%

Price spread now: Phoenix against OKX−0.046%66s7-day average +0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as 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−$240.237% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.076%+$8 on $10k

Price spread, last 4 days (all we have)+0.243%+$24 · spread now −0.046%, 7d avg +0.012%

Together, before fees+0.319%+$32 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.058% cheaper against OKX than usual: you would sell low and buy high (spread −0.046% now, against its 7-day average of +0.012%). If the spread goes back, that is −$6 on $10k: about 46 hours of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.076% in total) that is about 5.3 days. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX SPCX-USDT-SWAP	152.62	0.0109	pay 0.0109% / 8h	1h 52m	$39.6M	$166.9M	75x
Short	Phoenix SPCX	152.55	0.0210	get 0.0026% / 1h	52m 19s	$443K	$266K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now −0.046%Rate

Funding earned: $21.04
Price spread: −0.046% → +0.012%: −$5.79
Slippage, 4 orders: −$6.7
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$8.45
Costs to cover: 0.237%
Break-even: 9.8 days

Slippage from OKX: live order book, 2 min ago; Phoenix: live order book, 55 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 OKX live order book, 2 min ago	0.33 bp	5.3 bp −$5	6.2 bp −$62	12.5 bp −$1,248	doesn't fit
Sell Phoenix live order book, 55 min ago	0.33 bp	6.9 bp −$7	21.1 bp −$211	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	152.51	−0.069%	$90K	—	20x	as long as short
BloFin SPCX-USDT	−0.0025%	8h	152.61	−0.007%	$1.9M	$1.2M	75x	as long as short
Bybit SPCXUSDT	0.0000%	8h	152.61	−0.007%	$30.6M	$42.7M	100x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.56	−0.039%	$96.2M	$31.8M	100x	as long as short
Bitget SPCXUSDT	0.0000%	8h	152.62	0.000%	$31.2M	$66.0M	75x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.53	+13.044%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.61	−0.007%	$300K	$2.7M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.84	+0.144%	$8K	$897K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.64	+0.013%	$1.3M	$1.8M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0019%	1h	152.52	−0.064%	$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	152.48	−0.092%	$2.5M	$7.2M	20x	as long as short
QFEX SPCX-USD	+0.0038%	1h	152.57	−0.033%	$1.2M	$5.5M	10x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.54	−0.052%	$105K	$297K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.55	−0.046%	—	$1.2M	10x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	152.56	−0.039%	$487K	$1.2M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.56	−0.039%	$1.7M	$96K	20x	as long as short
Phemex SPCXUSDT	+0.0050%	8h	152.53	−0.059%	$530K	$383K	50x	as long as short
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.44	−0.118%	$3.2M	$2.3M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0064%	8h	152.60	−0.014%	$101	—	5x	as long as short
RISEx SPCX/USDC	+0.0072%	1h	152.59	−0.021%	$408K	$505K	20x	as long as short
Variational Omni SPCX	+0.0073%	8h	152.63	+0.005%	$6.0M	$2.8M	—	as long as short
Lighter SPCX	+0.0080%	1h	152.50	−0.079%	$1.6M	$7.3M	20x	as long as short
tradeXYZ xyz:SPCX	+0.0089%	1h	152.52	−0.066%	$130.1M	$129.0M	20x	as long as short
Extended SPCX-USD	+0.0096%	1h	152.56	−0.040%	$732K	$4.6M	10x	as long as short
Binance SPCXUSDT	+0.0096%	8h	152.60	−0.015%	$250.1M	$1.36B	75x	as long as short
Pacifica SPCX	+0.0100%	1h	152.49	−0.085%	$169K	$118K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.49	−0.085%	$13.0M	$5.5M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.54	−0.052%	$58K	$272K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.60	−0.013%	$15K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.58	−0.023%	$88	—	10x	as long as short
OKX SPCX-USDT-SWAPlong	+0.0109%	8h	152.62	long leg	$39.6M	$166.9M	75x
Coinbase International SPCX-PERP-INTX	+0.0192%	1h	152.62	0.000%	$726K	$932K	10x	as long as short
Nado SPCX-PERP	+0.0208%	1h	152.45	−0.111%	$613K	$801K	20x	as long as short
Phoenix SPCXshort	+0.0210%	1h	152.55	−0.046%	$443K	$266K	15x
Bullet SPCX-USD	+0.0245%	1h	152.60	−0.010%	$11K	$192K	10x	as long as short
Aster SPCXUSD1	+0.0354%	8h	152.70	+0.052%	$18.9M	$25.5M	20x	as long as short
edgeX SPCXUSDC	+0.0371%	4h	152.59	−0.022%	$1.7M	$891K	20x	as long as short
Injective SPCX/USDC PERP	+0.0440%	1h	152.89	+0.177%	$9K	$28K	5.5x	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0537%	1h	152.56	−0.039%	$89K	$1.3M	10x	as long as short