Funding arb · Price arb /

SPCX

RWAall SPCX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.043%

Price spread now: Deribit against Phemex−0.033%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−$56as in the Price arb table

costs, in and out, $10k−$470.474% of the position

Long on Phemex Short on Deribit

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)+0.111%+$11 · spread now −0.033%, 7d avg +0.054%

Together, before fees+0.233%+$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Deribit is 0.086% cheaper against Phemex than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.054%). Swap the legs. Mind the row above: over the last 5 days funding on this pair paid +0.122%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex SPCXUSDT	152.58	0.0050	pay 0.0050% / 8h	2h 45m	$531K	$388K	50x
Short	Deribit SPCX_USDC-PERPETUAL	152.53	0	get 0.0000% / 1h	45m 15s	$87K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Phemex. 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 PhemexbpFee DeribitbpOrdersPrice spread, now −0.033%Rate

Funding earned: −$10.5
Price spread: −0.033% → +0.054%: −$8.64
Slippage, 4 orders: −$28.36
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$66.5
Costs to cover: 0.474%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Deribit: live order book, 4 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 Phemex live order book, 2 min ago	0.65 bp	9.6 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 4 min ago	5.24 bp	9.8 bp −$10	11.9 bp −$119	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	−0.082%	$90K	—	20x	as long as short
Bybit SPCXUSDT	0.0000%	8h	152.59	+0.007%	$30.6M	$42.7M	100x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.55	−0.020%	$96.3M	$31.6M	100x	as long as short
Bitget SPCXUSDT	0.0000%	8h	152.60	+0.013%	$31.3M	$65.9M	75x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.53	+13.074%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.57	−0.007%	$300K	$2.8M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.78	+0.131%	$8K	$916K	10x	as long as short
Deribit SPCX_USDC-PERPETUALshort	0.0000%	1h	152.53	−0.033%	$87K	$1.2M	10x
HTX SPCX-USDT	0.0000%	8h	152.62	+0.026%	$1.3M	$1.8M	75x	as long as short
BloFin SPCX-USDT	+0.0007%	8h	152.56	−0.013%	$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	−0.078%	$7K	$8K	10x	as long as short
Lighter SPCX	+0.0032%	1h	152.52	−0.039%	$1.6M	$7.4M	20x	as long as short
Lighter RH SPCX	+0.0032%	1h	152.48	−0.066%	$2.5M	$7.3M	20x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.47	−0.072%	$105K	$297K	5x	as long as short
QFEX SPCX-USD	+0.0043%	1h	152.52	−0.039%	$1.2M	$5.6M	10x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.57	−0.007%	—	$1.2M	10x	as long as short
tradeXYZ xyz:SPCX	+0.0050%	1h	152.46	−0.079%	$131.0M	$128.6M	20x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	152.52	−0.039%	$490K	$1.2M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.54	−0.026%	$1.7M	$99K	20x	as long as short
Phemex SPCXUSDTlong	+0.0050%	8h	152.58	long leg	$531K	$388K	50x
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.39	−0.125%	$3.2M	$2.3M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0062%	8h	152.57	−0.004%	$101	—	5x	as long as short
Pacifica SPCX	+0.0100%	1h	152.46	−0.079%	$169K	$119K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.43	−0.098%	$13.0M	$5.4M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.57	−0.007%	$58K	$272K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.55	−0.020%	$14K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.56	−0.013%	$88	—	10x	as long as short
Nado SPCX-PERP	+0.0117%	1h	152.47	−0.072%	$614K	$803K	20x	as long as short
Variational Omni SPCX	+0.0119%	8h	152.53	−0.034%	$6.0M	$2.8M	—	as long as short
Binance SPCXUSDT	+0.0127%	8h	152.58	0.000%	$250.4M	$1.36B	75x	as long as short
Extended SPCX-USD	+0.0128%	1h	152.54	−0.027%	$731K	$4.6M	10x	as long as short
OKX SPCX-USDT-SWAP	+0.0137%	8h	152.60	+0.013%	$39.4M	$166.5M	75x	as long as short
Bullet SPCX-USD	+0.0169%	1h	152.57	−0.005%	$12K	$193K	10x	as long as short
RISEx SPCX/USDC	+0.0238%	1h	152.60	+0.016%	$408K	$521K	20x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0248%	1h	152.44	−0.092%	$739K	$931K	10x	as long as short
Phoenix SPCX	+0.0263%	1h	152.54	−0.026%	$443K	$266K	15x	as long as short
Aster SPCXUSD1	+0.0388%	8h	152.60	+0.012%	$18.9M	$24.7M	20x	as long as short
Injective SPCX/USDC PERP	+0.0440%	1h	152.82	+0.157%	$9K	$28K	5.5x	as long as short
edgeX SPCXUSDC	+0.0771%	4h	152.54	−0.027%	$1.7M	$893K	20x	as long as short