Funding arb · Price arb /

SPCX

RWAall SPCX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0210%/8h= −22.9% APRpaid last 24h −0.022%

Price spread now: Bitget against Phoenix−0.039%109s7-day average −0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as 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−$260.261% of the position

Long on Phoenix Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.019%−$2 on $10k

Price spread, last 4 days (all we have)−0.091%−$9 · spread now −0.039%, 7d avg −0.001%

Together, before fees−0.110%−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Bitget is 0.039% cheaper against Phoenix than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.001%). Swap the legs. The two prices were read 109 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 -0.019% in total (about -1.0% 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	Phoenix SPCX	152.62	0.0210	pay 0.0026% / 1h	45m 39s	$444K	$266K	15x
Short	Bitget SPCXUSDT	152.56	0	get 0.0000% / 8h	1h 45m	$31.2M	$66.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Phoenix. 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 PhoenixbpFee BitgetbpOrdersPrice spread, now −0.039%Rate

Funding earned: −$44.01
Price spread: −0.039% → −0.001%: −$3.85
Slippage, 4 orders: −$7.12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$73.99
Costs to cover: 0.261%
Break-even: never at this rate

Slippage from Phoenix: live order book, 62 min ago; Bitget: live order book, 3 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 Phoenix live order book, 62 min ago	0.33 bp	5.6 bp −$6	18.0 bp −$180	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	0.65 bp	6.7 bp −$7	7.9 bp −$79	16.9 bp −$1,689	29.2 bp −$14.6K

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	152.49	−0.088%	$90K	—	20x	as long as short
BloFin SPCX-USDT	−0.0020%	8h	152.60	−0.013%	$1.9M	$1.2M	75x	as long as short
Bybit SPCXUSDT	0.0000%	8h	152.56	−0.039%	$30.6M	$42.7M	100x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.53	−0.059%	$96.1M	$31.8M	100x	as long as short
Bitget SPCXUSDTshort	0.0000%	8h	152.56	−0.039%	$31.2M	$66.0M	75x
GRVT SPCX_USDT_Perp	0.0000%	8h	172.53	+13.044%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.63	+0.007%	$300K	$2.7M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.87	+0.164%	$8K	$897K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.69	+0.046%	$1.3M	$1.8M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0020%	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	152.49	−0.085%	$2.5M	$7.3M	20x	as long as short
QFEX SPCX-USD	+0.0038%	1h	152.54	−0.052%	$1.2M	$5.5M	10x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.52	−0.066%	$105K	$297K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.54	−0.052%	—	$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	152.55	−0.046%	$1.7M	$96K	20x	as long as short
Phemex SPCXUSDT	+0.0050%	8h	152.46	−0.105%	$531K	$384K	50x	as long as short
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.47	−0.098%	$3.2M	$2.2M	10x	as long as short
tradeXYZ xyz:SPCX	+0.0071%	1h	152.47	−0.098%	$130.1M	$129.1M	20x	as long as short
RISEx SPCX/USDC	+0.0072%	1h	152.60	−0.011%	$408K	$498K	20x	as long as short
Paradex SPCX-USD-PERP	+0.0074%	8h	152.58	−0.025%	$101	—	5x	as long as short
Variational Omni SPCX	+0.0084%	8h	152.58	−0.027%	$6.0M	$2.8M	—	as long as short
Lighter SPCX	+0.0088%	1h	152.50	−0.079%	$1.6M	$7.4M	20x	as long as short
Pacifica SPCX	+0.0100%	1h	152.50	−0.079%	$169K	$118K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.47	−0.098%	$13.0M	$5.5M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.53	−0.059%	$58K	$272K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.58	−0.026%	$14K	$7K	10x	as long as short
Binance SPCXUSDT	+0.0102%	8h	152.58	−0.026%	$250.4M	$1.36B	75x	as long as short
Extended SPCX-USD	+0.0104%	1h	152.54	−0.055%	$732K	$4.5M	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.57	−0.032%	$88	—	10x	as long as short
OKX SPCX-USDT-SWAP	+0.0113%	8h	152.58	−0.026%	$39.6M	$166.8M	75x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0192%	1h	152.62	0.000%	$726K	$932K	10x	as long as short
Phoenix SPCXlong	+0.0210%	1h	152.62	long leg	$444K	$266K	15x
Nado SPCX-PERP	+0.0215%	1h	152.47	−0.097%	$613K	$801K	20x	as long as short
Bullet SPCX-USD	+0.0250%	1h	152.59	−0.020%	$11K	$191K	10x	as long as short
Aster SPCXUSD1	+0.0362%	8h	152.70	+0.053%	$18.9M	$26.0M	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	152.55	−0.046%	$89K	$1.3M	10x	as long as short
edgeX SPCXUSDC	+0.0758%	4h	152.59	−0.021%	$1.7M	$893K	20x	as long as short