Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0190%/8h= −20.8% APRpaid last 24h −0.046%

Price spread now: Phemex against Coinbase International0.000%7-day average −0.057% · you sell dearer than you buy

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$460.464% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.353%−$35 on $10k

Price spread, last 4 days (all we have)−0.038%−$4 · spread now 0.000%, 7d avg −0.057%

Together, before fees−0.391%−$39 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.057% dearer against Coinbase International than usual: you sell high and buy low (spread 0.000% now, against its 7-day average of −0.057%): +$6 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 24 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International SPCX-PERP-INTX	152.34	0.0240	pay 0.0030% / 1h	56m 53s	$725K	$931K	10x
Short	Phemex SPCXUSDT	152.34	0.0050	get 0.0050% / 8h	56m 53s	$530K	$375K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$39.9
Price spread: 0.000% → −0.057%: $5.74
Slippage, 4 orders: −$24.35
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$80.51
Costs to cover: 0.464%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 46 min ago; Phemex: live order book, 45 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 Coinbase International live order book, 46 min ago	2.95 bp	8.0 bp −$8	11.0 bp −$110	doesn't fit	doesn't fit
Sell Phemex live order book, 45 min ago	0.33 bp	14.4 bp −$14	doesn't fit	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 −0.0234% / S +0.0471%	1h	152.25	−0.062%	$90K	—	20x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.30	−0.026%	$96.1M	$31.7M	100x	as long as short
Bitget SPCXUSDT	0.0000%	8h	152.36	+0.013%	$31.2M	$66.2M	75x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.53	+13.253%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.37	+0.020%	$300K	$2.7M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.52	+0.118%	$8K	$894K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.42	+0.053%	$1.3M	$1.8M	75x	as long as short
Bybit SPCXUSDT	+0.0015%	8h	152.33	−0.007%	$30.6M	$42.7M	100x	as long as short
BloFin SPCX-USDT	+0.0026%	8h	152.41	+0.046%	$1.9M	$1.2M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0029%	1h	152.28	−0.041%	$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	152.26	−0.053%	$2.5M	$7.2M	20x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.25	−0.059%	$103K	$298K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.31	−0.020%	—	$1.2M	10x	as long as short
tradeXYZ xyz:SPCX	+0.0050%	1h	152.24	−0.066%	$130.0M	$129.1M	20x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.29	−0.033%	$1.7M	$99K	20x	as long as short
Phemex SPCXUSDTshort	+0.0050%	8h	152.34	0.000%	$530K	$375K	50x
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.17	−0.112%	$3.2M	$2.2M	10x	as long as short
Lighter SPCX	+0.0064%	1h	152.28	−0.039%	$1.6M	$7.3M	20x	as long as short
Polymarket Perps SPCX-USD	+0.0066%	1h	152.31	−0.020%	$487K	$1.2M	10x	as long as short
QFEX SPCX-USD	+0.0070%	1h	152.29	−0.033%	$1.2M	$5.5M	10x	as long as short
Pacifica SPCX	+0.0100%	1h	152.23	−0.072%	$168K	$120K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.20	−0.092%	$13.0M	$5.6M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.21	−0.085%	$58K	$272K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.36	+0.013%	$14K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.33	−0.009%	$88	—	10x	as long as short
Paradex SPCX-USD-PERP	+0.0123%	8h	152.31	−0.020%	$101	—	5x	as long as short
Variational Omni SPCX	+0.0134%	8h	152.32	−0.014%	$5.9M	$2.8M	—	as long as short
Bullet SPCX-USD	+0.0140%	1h	152.33	−0.007%	$11K	$192K	10x	as long as short
Extended SPCX-USD	+0.0144%	1h	152.29	−0.033%	$724K	$3.6M	10x	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0144%	1h	152.28	−0.039%	$90K	$1.3M	10x	as long as short
Binance SPCXUSDT	+0.0146%	8h	152.33	−0.006%	$251.9M	$1.36B	75x	as long as short
OKX SPCX-USDT-SWAP	+0.0156%	8h	152.33	−0.007%	$39.6M	$166.5M	75x	as long as short
Nado SPCX-PERP	+0.0169%	1h	152.25	−0.059%	$627K	$804K	20x	as long as short
Phoenix SPCX	+0.0210%	1h	152.35	+0.007%	$443K	$266K	15x	as long as short
Coinbase International SPCX-PERP-INTXlong	+0.0240%	1h	152.34	long leg	$725K	$931K	10x
Aster SPCXUSD1	+0.0412%	8h	152.46	+0.081%	$18.9M	$28.6M	20x	as long as short
Injective SPCX/USDC PERP	+0.0440%	1h	152.61	+0.177%	$9K	$28K	5.5x	as long as short
RISEx SPCX/USDC	+0.0445%	1h	152.38	+0.026%	$392K	$507K	20x	as long as short
edgeX SPCXUSDC	+0.0884%	4h	152.33	−0.009%	$1.7M	$890K	20x	as long as short