Funding arb · Price arb /

SPCX

RWAall SPCX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0261%/8h= +28.6% APRpaid last 24h +0.040%

Price spread now: Phoenix against Gate+0.020%7-day average +0.043% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$330.334% of the position

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.074%+$7 on $10k

Price spread, last 3 days (all we have)+0.180%+$18 · spread now +0.020%, 7d avg +0.043%

Together, before fees+0.254%+$25 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.023% cheaper against Gate than usual: you would sell low and buy high (spread +0.020% now, against its 7-day average of +0.043%). If the spread goes back, that is −$2 on $10k: about 7 hours of funding at the current rate (+$8 a day). At the pace of the last 7 days (+0.074% in total) that is about 2.2 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.074% in total (about 3.9% 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	Gate SPCX_USDT	152.88	0	get 0.0000% / 8h	19m 00s	$96.6M	$31.4M	100x
Short	Phoenix SPCX	152.91	0.0261	get 0.0033% / 1h	19m 00s	$446K	$269K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Gate. 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 GatebpFee PhoenixbpOrdersPrice spread, now +0.020%Rate

Funding earned: $54.86
Price spread: +0.020% → +0.043%: −$2.34
Slippage, 4 orders: −$11.39
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $19.13
Costs to cover: 0.334%
Break-even: 4.6 days

Slippage from Gate: live order book, 5 min ago; Phoenix: live order book, 58 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 Gate live order book, 5 min ago	0.33 bp	9.1 bp −$9	15.9 bp −$159	49.3 bp −$4,930	89.5 bp −$44.7K
Sell Phoenix live order book, 58 min ago	0.33 bp	5.3 bp −$5	18.0 bp −$180	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 −0.0278% / S +0.0492%	1h	152.87	−0.010%	$88K	—	20x	as long as short
Gate SPCX_USDTlong	0.0000%	8h	152.88	long leg	$96.6M	$31.4M	100x
GRVT SPCX_USDT_Perp	0.0000%	8h	172.52	+12.844%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.82	−0.039%	$302K	$3.1M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	153.10	+0.144%	$8K	$972K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.90	+0.013%	$1.3M	$1.7M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0030%	1h	152.83	−0.032%	$7K	$10K	10x	as long as short
Lighter RH SPCX	+0.0032%	1h	152.83	−0.033%	$2.5M	$7.6M	20x	as long as short
Injective SPCX/USDC PERP	+0.0033%	1h	157.25	+2.858%	$9K	$27K	5.5x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.83	−0.033%	$105K	$297K	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest SPCX-USD-PERP	+0.0046%	1h	152.86	−0.013%	—	$1.2M	10x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	152.86	−0.013%	$489K	$1.1M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.90	+0.013%	$1.7M	$79K	20x	as long as short
Phemex SPCXUSDT	+0.0050%	8h	152.83	−0.033%	$535K	$410K	50x	as long as short
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.79	−0.059%	$3.2M	$2.8M	10x	as long as short
QFEX SPCX-USD	+0.0052%	1h	152.86	−0.013%	$1.2M	$7.7M	10x	as long as short
BloFin SPCX-USDT	+0.0078%	8h	152.92	+0.026%	$1.9M	$1.4M	75x	as long as short
Lighter SPCX	+0.0088%	1h	152.87	−0.007%	$1.6M	$7.4M	20x	as long as short
Paradex SPCX-USD-PERP	+0.0091%	8h	152.91	+0.016%	$101	—	5x	as long as short
Pacifica SPCX	+0.0100%	1h	152.82	−0.039%	$173K	$130K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.78	−0.065%	$13.0M	$5.5M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.85	−0.020%	$58K	$271K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.90	+0.013%	$15K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.92	+0.029%	$89	—	10x	as long as short
Bullet SPCX-USD	+0.0145%	1h	152.90	+0.013%	$12K	$188K	10x	as long as short
Bybit SPCXUSDT	+0.0150%	8h	152.90	+0.013%	$30.7M	$42.8M	100x	as long as short
Variational Omni SPCX	+0.0176%	8h	152.93	+0.036%	$6.0M	$3.5M	—	as long as short
OKX SPCX-USDT-SWAP	+0.0195%	8h	152.91	+0.020%	$38.9M	$169.4M	75x	as long as short
Binance SPCXUSDT	+0.0198%	8h	152.92	+0.025%	$253.1M	$1.39B	75x	as long as short
Extended SPCX-USD	+0.0200%	1h	152.89	+0.005%	$734K	$3.6M	10x	as long as short
tradeXYZ xyz:SPCX	+0.0252%	1h	152.85	−0.020%	$143.4M	$119.4M	20x	as long as short
Phoenix SPCXshort	+0.0261%	1h	152.91	+0.020%	$446K	$269K	15x
Coinbase International SPCX-PERP-INTX	+0.0280%	1h	152.97	+0.059%	$733K	$970K	10x	as long as short
edgeX SPCXUSDC	+0.0281%	4h	152.91	+0.021%	$1.7M	$892K	20x	as long as short
Nado SPCX-PERP	+0.0294%	1h	152.77	−0.073%	$601K	$885K	20x	as long as short
Aster SPCXUSD1	+0.0295%	8h	152.99	+0.070%	$19.0M	$21.3M	20x	as long as short
Bitget SPCXUSDT	+0.0310%	8h	152.92	+0.026%	$31.2M	$67.3M	75x	as long as short
RISEx SPCX/USDC	+0.0339%	1h	152.94	+0.043%	$403K	$539K	20x	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0536%	1h	152.88	0.000%	$71K	$1.0M	10x	as long as short