Funding arb · Price arb /

SPCX

RWAall SPCX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0355%/8h= −38.8% APRpaid last 24h −0.045%

Price spread now: Bybit against Phoenix−0.013%105s7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as 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−$260.257% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.064%−$6 on $10k

Price spread, last 4 days (all we have)−0.940%−$94 · spread now −0.013%, 7d avg −0.018%

Together, before fees−1.004%−$100 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.018%, so right now this pair is about funding alone: −$11 a day on $10k at the current rate. The two prices were read 105 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 -0.064% in total (about -3.3% 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	Phoenix SPCX	152.35	0.0368	pay 0.0046% / 1h	35m 47s	$443K	$266K	15x
Short	Bybit SPCXUSDT	152.33	0.0013	get 0.0013% / 8h	35m 47s	$30.5M	$42.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.013%Rate

Funding earned: −$74.46
Price spread: −0.013% → −0.018%: $0.45
Slippage, 4 orders: −$7.72
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$99.73
Costs to cover: 0.257%
Break-even: never at this rate

Slippage from Phoenix: live order book, 66 min ago; Bybit: 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, 66 min ago	0.33 bp	6.4 bp −$6	20.3 bp −$203	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.33 bp	6.0 bp −$6	8.3 bp −$83	32.5 bp −$3,253	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 −0.0234% / S +0.0471%	1h	152.28	−0.049%	$90K	—	20x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.29	−0.039%	$96.2M	$31.8M	100x	as long as short
Bitget SPCXUSDT	0.0000%	8h	152.35	0.000%	$31.2M	$66.2M	75x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.53	+13.244%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.32	−0.020%	$300K	$2.6M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.58	+0.151%	$8K	$892K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.41	+0.039%	$1.3M	$1.8M	75x	as long as short
Bybit SPCXUSDTshort	+0.0013%	8h	152.33	−0.013%	$30.5M	$42.7M	100x
BloFin SPCX-USDT	+0.0021%	8h	152.34	−0.007%	$1.9M	$1.2M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0027%	1h	152.28	−0.044%	$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 SPCX	+0.0032%	1h	152.25	−0.066%	$1.6M	$7.3M	20x	as long as short
Lighter RH SPCX	+0.0032%	1h	152.24	−0.072%	$2.5M	$7.2M	20x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.25	−0.066%	$103K	$298K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.30	−0.033%	—	$1.2M	10x	as long as short
tradeXYZ xyz:SPCX	+0.0050%	1h	152.27	−0.053%	$129.9M	$129.2M	20x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	152.31	−0.026%	$487K	$1.2M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.29	−0.039%	$1.7M	$99K	20x	as long as short
Phemex SPCXUSDT	+0.0050%	8h	152.32	−0.020%	$530K	$373K	50x	as long as short
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.16	−0.125%	$3.2M	$2.2M	10x	as long as short
QFEX SPCX-USD	+0.0070%	1h	152.29	−0.039%	$1.2M	$5.5M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0096%	8h	152.30	−0.035%	$101	—	5x	as long as short
Pacifica SPCX	+0.0100%	1h	152.21	−0.092%	$168K	$119K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.21	−0.092%	$13.0M	$5.6M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.29	−0.039%	$58K	$271K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.33	−0.013%	$14K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.31	−0.028%	$88	—	10x	as long as short
Variational Omni SPCX	+0.0127%	8h	152.31	−0.029%	$5.9M	$2.8M	—	as long as short
Binance SPCXUSDT	+0.0141%	8h	152.33	−0.013%	$252.8M	$1.36B	75x	as long as short
Extended SPCX-USD	+0.0144%	1h	152.27	−0.054%	$725K	$4.7M	10x	as long as short
Bullet SPCX-USD	+0.0155%	1h	152.33	−0.010%	$11K	$192K	10x	as long as short
OKX SPCX-USDT-SWAP	+0.0156%	8h	152.34	−0.007%	$39.7M	$166.7M	75x	as long as short
Nado SPCX-PERP	+0.0178%	1h	152.20	−0.098%	$627K	$803K	20x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0240%	1h	152.34	−0.007%	$728K	$930K	10x	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0341%	1h	152.27	−0.053%	$89K	$1.4M	10x	as long as short
Phoenix SPCXlong	+0.0368%	1h	152.35	long leg	$443K	$266K	15x
Aster SPCXUSD1	+0.0406%	8h	152.42	+0.047%	$18.9M	$29.1M	20x	as long as short
Injective SPCX/USDC PERP	+0.0440%	1h	152.55	+0.131%	$9K	$28K	5.5x	as long as short
RISEx SPCX/USDC	+0.0445%	1h	152.35	+0.003%	$381K	$507K	20x	as long as short
edgeX SPCXUSDC	+0.0661%	4h	152.31	−0.026%	$1.7M	$891K	20x	as long as short