Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0098%/8h= −10.7% APRpaid last 24h −0.041%

Price spread now: Variational Omni against Phoenix−0.014%84s7-day average −0.001% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.080%−$8 on $10k

Price spread, last 4 days (all we have)+0.078%+$8 · spread now −0.014%, 7d avg −0.001%

Together, before fees−0.002%+ Points / potential airdropVariational Omni: Active · farm board$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.001%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate. The two prices were read 84 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	Phoenix SPCX	152.44	0.0210	pay 0.0026% / 1h	20m 00s	$443K	$266K	15x
Short	Variational Omni SPCX	152.42	0.0112	get 0.0112% / 8h	1h 20m	$5.9M	$2.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.014%Rate

Funding earned: −$20.5
Price spread: −0.014% → −0.001%: −$1.31
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$28.81
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 22 min ago; Variational Omni: RFQ quote, 4 min ago. Net counts fees only.

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, 22 min ago	0.33 bp	6.4 bp −$6	20.3 bp −$203	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	2.33 bp	doesn't fit	2.9 bp −$29	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	152.34	−0.069%	$90K	—	20x	as long as short
Bybit SPCXUSDT	0.0000%	8h	152.39	−0.033%	$30.6M	$42.7M	100x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.37	−0.046%	$96.1M	$31.9M	100x	as long as short
Bitget SPCXUSDT	0.0000%	8h	152.42	−0.013%	$31.2M	$66.1M	75x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.52	+13.175%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.38	−0.039%	$300K	$2.7M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.71	+0.177%	$8K	$896K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.47	+0.020%	$1.3M	$1.8M	75x	as long as short
BloFin SPCX-USDT	+0.0008%	8h	152.44	0.000%	$1.9M	$1.2M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0026%	1h	152.34	−0.065%	$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	152.30	−0.092%	$2.5M	$7.3M	20x	as long as short
QFEX SPCX-USD	+0.0038%	1h	152.41	−0.020%	$1.2M	$5.5M	10x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.35	−0.059%	$103K	$300K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.36	−0.052%	—	$1.2M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.37	−0.046%	$1.7M	$99K	20x	as long as short
Phemex SPCXUSDT	+0.0050%	8h	152.39	−0.033%	$530K	$379K	50x	as long as short
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.31	−0.085%	$3.2M	$2.2M	10x	as long as short
RISEx SPCX/USDC	+0.0072%	1h	152.44	+0.003%	$393K	$505K	20x	as long as short
Pacifica SPCX	+0.0100%	1h	152.33	−0.072%	$168K	$120K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.27	−0.112%	$13.0M	$5.5M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.37	−0.046%	$58K	$272K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.41	−0.020%	$14K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.39	−0.030%	$88	—	10x	as long as short
tradeXYZ xyz:SPCX	+0.0112%	1h	152.31	−0.085%	$130.1M	$129.1M	20x	as long as short
Variational Omni SPCXshort	+0.0112%	8h	152.42	−0.014%	$5.9M	$2.8M	—
Paradex SPCX-USD-PERP	+0.0119%	8h	152.44	+0.003%	$101	—	5x	as long as short
Extended SPCX-USD	+0.0128%	1h	152.36	−0.050%	$733K	$3.5M	10x	as long as short
Binance SPCXUSDT	+0.0129%	8h	152.39	−0.032%	$251.7M	$1.36B	75x	as long as short
OKX SPCX-USDT-SWAP	+0.0138%	8h	152.41	−0.020%	$39.5M	$166.7M	75x	as long as short
Polymarket Perps SPCX-USD	+0.0139%	1h	152.40	−0.026%	$487K	$1.2M	10x	as long as short
Lighter SPCX	+0.0144%	1h	152.32	−0.079%	$1.6M	$7.4M	20x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0192%	1h	152.36	−0.052%	$732K	$938K	10x	as long as short
Phoenix SPCXlong	+0.0210%	1h	152.44	long leg	$443K	$266K	15x
Nado SPCX-PERP	+0.0261%	1h	152.27	−0.114%	$626K	$808K	20x	as long as short
Bullet SPCX-USD	+0.0296%	1h	152.41	−0.019%	$11K	$192K	10x	as long as short
Aster SPCXUSD1	+0.0396%	8h	152.52	+0.051%	$18.9M	$29.5M	20x	as long as short
Injective SPCX/USDC PERP	+0.0440%	1h	152.81	+0.243%	$9K	$28K	5.5x	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0604%	1h	152.35	−0.059%	$89K	$1.3M	10x	as long as short
edgeX SPCXUSDC	+0.0608%	4h	152.42	−0.016%	$1.7M	$892K	20x	as long as short