Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0261%/8h= −28.6% APRpaid last 24h −0.054%

Price spread now: Gate against Phoenix−0.033%7-day average −0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$330.330% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.093%−$9 on $10k

Price spread, last 4 days (all we have)−0.215%−$22 · spread now −0.033%, 7d avg −0.042%

Together, before fees−0.309%−$31 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.042%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.093% in total (about -4.9% 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	152.93	0.0261	pay 0.0033% / 1h	45m 19s	$445K	$264K	15x
Short	Gate SPCX_USDT	152.88	0	get 0.0000% / 8h	3h 45m	$96.3M	$31.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.033%Rate

Funding earned: −$54.9
Price spread: −0.033% → −0.042%: $0.9
Slippage, 4 orders: −$11.04
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$87.04
Costs to cover: 0.330%
Break-even: never at this rate

Slippage from Phoenix: live order book, 7 min ago; Gate: 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 Phoenix live order book, 7 min ago	0.33 bp	7.5 bp −$8	23.4 bp −$234	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	0.33 bp	11.1 bp −$11	16.1 bp −$161	34.2 bp −$3,415	53.9 bp −$27.0K

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 −0.0214% / S +0.0456%	1h	152.84	−0.056%	$90K	—	20x	as long as short
Gate SPCX_USDTshort	0.0000%	8h	152.88	−0.033%	$96.3M	$31.2M	100x
Bitget SPCXUSDT	0.0000%	8h	152.93	0.000%	$31.8M	$65.3M	75x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.53	+12.815%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.96	+0.020%	$301K	$2.9M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	153.12	+0.124%	$8K	$934K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.94	+0.007%	$1.3M	$1.7M	75x	as long as short
Bybit SPCXUSDT	+0.0012%	8h	152.90	−0.020%	$30.7M	$42.6M	100x	as long as short
Aftermath Perps SPCXUSD	+0.0031%	1h	152.86	−0.044%	$7K	$8K	10x	as long as short
Lighter RH SPCX	+0.0032%	1h	152.82	−0.072%	$2.5M	$7.2M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin SPCX-USDT	+0.0034%	8h	152.91	−0.013%	$1.9M	$1.3M	75x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.83	−0.065%	$105K	$297K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.87	−0.039%	—	$1.2M	10x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	152.85	−0.052%	$499K	$1.2M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.86	−0.046%	$1.7M	$96K	20x	as long as short
Phemex SPCXUSDT	+0.0050%	8h	152.92	−0.007%	$532K	$391K	50x	as long as short
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.79	−0.092%	$3.2M	$2.4M	10x	as long as short
QFEX SPCX-USD	+0.0050%	1h	152.88	−0.033%	$1.2M	$5.8M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0097%	8h	152.89	−0.024%	$101	—	5x	as long as short
Pacifica SPCX	+0.0100%	1h	152.81	−0.078%	$169K	$121K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.82	−0.072%	$13.0M	$5.5M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.96	+0.020%	$58K	$271K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.90	−0.020%	$15K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.90	−0.017%	$89	—	10x	as long as short
Variational Omni SPCX	+0.0141%	8h	152.91	−0.014%	$6.0M	$2.9M	—	as long as short
Lighter SPCX	+0.0144%	1h	152.85	−0.052%	$1.6M	$7.3M	20x	as long as short
Extended SPCX-USD	+0.0152%	1h	152.86	−0.048%	$738K	$3.8M	10x	as long as short
Binance SPCXUSDT	+0.0155%	8h	152.90	−0.022%	$248.6M	$1.36B	75x	as long as short
OKX SPCX-USDT-SWAP	+0.0156%	8h	152.91	−0.013%	$39.6M	$166.2M	75x	as long as short
edgeX SPCXUSDC	+0.0206%	4h	152.89	−0.025%	$1.7M	$893K	20x	as long as short
RISEx SPCX/USDC	+0.0217%	1h	152.94	+0.003%	$409K	$517K	20x	as long as short
Nado SPCX-PERP	+0.0245%	1h	152.78	−0.096%	$615K	$810K	20x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0248%	1h	152.90	−0.020%	$741K	$939K	10x	as long as short
Phoenix SPCXlong	+0.0261%	1h	152.93	long leg	$445K	$264K	15x
Bullet SPCX-USD	+0.0273%	1h	152.90	−0.020%	$12K	$192K	10x	as long as short
tradeXYZ xyz:SPCX	+0.0281%	1h	152.85	−0.052%	$141.3M	$119.2M	20x	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0405%	1h	152.87	−0.039%	$84K	$1.2M	10x	as long as short
Aster SPCXUSD1	+0.0429%	8h	153.01	+0.053%	$19.0M	$22.4M	20x	as long as short
Injective SPCX/USDC PERP	+0.0440%	1h	153.24	+0.203%	$9K	$28K	5.5x	as long as short