Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0094%/8h= −10.3% APRpaid last 24h −0.045%

Price spread now: Phemex against Deribit+0.033%57s7-day average −0.053% · 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—prices read too far apart to compare

costs, in and out, $10k−$480.482% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.125%−$12 on $10k

Price spread, last 4 days (all we have)−0.106%−$11 · spread now +0.033%, 7d avg −0.053%

Together, before fees−0.231%−$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.085% dearer against Deribit than usual: you sell high and buy low (spread +0.033% now, against its 7-day average of −0.053%): +$9 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.0 days. The two prices were read 57 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	Deribit SPCX_USDC-PERPETUAL	152.29	0.0144	pay 0.0018% / 1h	56m 24s	$90K	$1.3M	10x
Short	Phemex SPCXUSDT	152.34	0.0050	get 0.0050% / 8h	56m 24s	$530K	$375K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now +0.033%Rate

Funding earned: −$19.77
Price spread: +0.033% → −0.053%: $8.55
Slippage, 4 orders: −$29.2
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$59.42
Costs to cover: 0.482%
Break-even: never at this rate

Slippage from Deribit: live order book, 3 min ago; Phemex: live order book, 46 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 Deribit live order book, 3 min ago	0.33 bp	11.6 bp −$12	13.6 bp −$136	doesn't fit	doesn't fit
Sell Phemex live order book, 46 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	−0.030%	$90K	—	20x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.30	+0.007%	$96.1M	$31.7M	100x	as long as short
Bitget SPCXUSDT	0.0000%	8h	152.36	+0.046%	$31.2M	$66.2M	75x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.53	+13.290%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.35	+0.039%	$300K	$2.7M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.52	+0.151%	$8K	$894K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.42	+0.085%	$1.3M	$1.8M	75x	as long as short
Bybit SPCXUSDT	+0.0015%	8h	152.34	+0.033%	$30.6M	$42.7M	100x	as long as short
BloFin SPCX-USDT	+0.0026%	8h	152.41	+0.079%	$1.9M	$1.2M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0029%	1h	152.20	−0.060%	$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	−0.020%	$2.5M	$7.2M	20x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.25	−0.026%	$103K	$298K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.30	+0.007%	—	$1.2M	10x	as long as short
tradeXYZ xyz:SPCX	+0.0050%	1h	152.25	−0.026%	$130.0M	$129.1M	20x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.28	−0.007%	$1.7M	$99K	20x	as long as short
Phemex SPCXUSDTshort	+0.0050%	8h	152.34	+0.033%	$530K	$375K	50x
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.17	−0.079%	$3.2M	$2.2M	10x	as long as short
Lighter SPCX	+0.0056%	1h	152.28	−0.007%	$1.6M	$7.3M	20x	as long as short
QFEX SPCX-USD	+0.0070%	1h	152.29	0.000%	$1.2M	$5.5M	10x	as long as short
Polymarket Perps SPCX-USD	+0.0073%	1h	152.31	+0.013%	$487K	$1.2M	10x	as long as short
Pacifica SPCX	+0.0100%	1h	152.23	−0.039%	$168K	$120K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.19	−0.066%	$13.0M	$5.6M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.21	−0.053%	$58K	$272K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.36	+0.046%	$14K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.33	+0.025%	$88	—	10x	as long as short
Paradex SPCX-USD-PERP	+0.0122%	8h	152.30	+0.009%	$101	—	5x	as long as short
Bullet SPCX-USD	+0.0128%	1h	152.32	+0.020%	$11K	$192K	10x	as long as short
Variational Omni SPCX	+0.0134%	8h	152.32	+0.019%	$5.9M	$2.8M	—	as long as short
Extended SPCX-USD	+0.0144%	1h	152.29	−0.001%	$724K	$3.6M	10x	as long as short
Deribit SPCX_USDC-PERPETUALlong	+0.0144%	1h	152.29	long leg	$90K	$1.3M	10x
Binance SPCXUSDT	+0.0146%	8h	152.33	+0.029%	$251.9M	$1.36B	75x	as long as short
OKX SPCX-USDT-SWAP	+0.0156%	8h	152.35	+0.039%	$39.6M	$166.5M	75x	as long as short
Nado SPCX-PERP	+0.0177%	1h	152.24	−0.031%	$627K	$804K	20x	as long as short
Phoenix SPCX	+0.0210%	1h	152.35	+0.039%	$443K	$266K	15x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0240%	1h	152.34	+0.033%	$725K	$931K	10x	as long as short
Aster SPCXUSD1	+0.0411%	8h	152.46	+0.112%	$18.9M	$28.6M	20x	as long as short
Injective SPCX/USDC PERP	+0.0440%	1h	152.61	+0.210%	$9K	$28K	5.5x	as long as short
RISEx SPCX/USDC	+0.0445%	1h	152.38	+0.059%	$392K	$507K	20x	as long as short
edgeX SPCXUSDC	+0.0884%	4h	152.33	+0.023%	$1.7M	$890K	20x	as long as short