Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0290%/8h= −31.8% APRpaid last 24h −0.019%

Price spread now: Bybit against Bullet+0.007%7-day average −0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$260.259% of the position

Long on Bullet Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.099%−$10 on $10k

Price spread, last 4 days (all we have)−0.165%−$17 · spread now +0.007%, 7d avg −0.021%

Together, before fees−0.265%−$26 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.027% dearer against Bullet than usual: you sell high and buy low (spread +0.007% now, against its 7-day average of −0.021%): +$3 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 3 days (−0.099% in total) that is about 23 hours.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.099% in total (about -10.4% 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	Bullet SPCX-USD	152.46	0.0290	pay 0.0036% / 1h	29m 17s	$11K	$192K	10x
Short	Bybit SPCXUSDT	152.47	0	get 0.0000% / 8h	1h 29m	$30.6M	$42.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Bullet. 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 BulletbpFee BybitbpOrdersPrice spread, now +0.007%Rate

Funding earned: −$60.92
Price spread: +0.007% → −0.021%: $2.75
Slippage, 4 orders: −$6.92
Fee Bullet: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$84.09
Costs to cover: 0.259%
Break-even: never at this rate

Slippage from Bullet: live order book, 15 min ago; Bybit: live order book, 10 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 Bullet live order book, 15 min ago	0.65 bp	5.8 bp −$6	20.4 bp −$204	doesn't fit	doesn't fit
Sell Bybit live order book, 10 min ago	0.33 bp	6.8 bp −$7	9.4 bp −$94	33.6 bp −$3,362	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	−0.082%	$90K	—	20x	as long as short
BloFin SPCX-USDT	−0.0005%	8h	152.44	−0.013%	$1.9M	$1.2M	75x	as long as short
Bybit SPCXUSDTshort	0.0000%	8h	152.47	+0.007%	$30.6M	$42.7M	100x
Gate SPCX_USDT	0.0000%	8h	152.41	−0.033%	$96.1M	$31.9M	100x	as long as short
Bitget SPCXUSDT	0.0000%	8h	152.48	+0.013%	$31.2M	$66.0M	75x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.52	+13.159%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.38	−0.052%	$300K	$2.7M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.71	+0.164%	$8K	$896K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.54	+0.052%	$1.3M	$1.8M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0025%	1h	152.32	−0.089%	$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	152.39	−0.046%	$2.5M	$7.3M	20x	as long as short
QFEX SPCX-USD	+0.0038%	1h	152.44	−0.013%	$1.2M	$5.5M	10x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.35	−0.072%	$103K	$299K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.38	−0.052%	—	$1.2M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.43	−0.020%	$1.7M	$97K	20x	as long as short
Phemex SPCXUSDT	+0.0050%	8h	152.41	−0.033%	$531K	$379K	50x	as long as short
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.26	−0.131%	$3.2M	$2.2M	10x	as long as short
RISEx SPCX/USDC	+0.0072%	1h	152.47	+0.008%	$393K	$505K	20x	as long as short
Variational Omni SPCX	+0.0098%	8h	152.42	−0.027%	$5.9M	$2.8M	—	as long as short
Pacifica SPCX	+0.0100%	1h	152.35	−0.072%	$169K	$120K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.31	−0.098%	$13.0M	$5.5M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.44	−0.013%	$58K	$272K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.46	0.000%	$14K	$7K	10x	as long as short
tradeXYZ xyz:SPCX	+0.0102%	1h	152.33	−0.085%	$130.0M	$129.1M	20x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.46	−0.003%	$88	—	10x	as long as short
Paradex SPCX-USD-PERP	+0.0104%	8h	152.48	+0.015%	$101	—	5x	as long as short
Binance SPCXUSDT	+0.0117%	8h	152.46	0.000%	$251.6M	$1.36B	75x	as long as short
Extended SPCX-USD	+0.0120%	1h	152.42	−0.024%	$733K	$3.6M	10x	as long as short
OKX SPCX-USDT-SWAP	+0.0127%	8h	152.47	+0.007%	$39.6M	$166.7M	75x	as long as short
Polymarket Perps SPCX-USD	+0.0130%	1h	152.43	−0.020%	$487K	$1.2M	10x	as long as short
Lighter SPCX	+0.0136%	1h	152.40	−0.039%	$1.6M	$7.4M	20x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0192%	1h	152.36	−0.066%	$732K	$938K	10x	as long as short
Phoenix SPCX	+0.0210%	1h	152.43	−0.020%	$443K	$266K	15x	as long as short
Nado SPCX-PERP	+0.0256%	1h	152.30	−0.107%	$626K	$808K	20x	as long as short
Bullet SPCX-USDlong	+0.0290%	1h	152.46	long leg	$11K	$192K	10x
Aster SPCXUSD1	+0.0382%	8h	152.60	+0.089%	$18.9M	$28.3M	20x	as long as short
Injective SPCX/USDC PERP	+0.0440%	1h	152.81	+0.230%	$9K	$28K	5.5x	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0472%	1h	152.41	−0.033%	$89K	$1.3M	10x	as long as short
edgeX SPCXUSDC	+0.0869%	4h	152.41	−0.036%	$1.7M	$893K	20x	as long as short