Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0390%/8h= +42.7% APRpaid last 24h +0.010%

Price spread now: Injective against Phemex+0.072%65s7-day average — · you sell dearer than you buy

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

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.133%+$13 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Injective is 0.072% dearer against Phemex than usual: you sell high and buy low: +$7 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.133% in total (about 6.9% 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	Phemex SPCXUSDT	152.56	0.0050	pay 0.0050% / 8h	2h 48m	$531K	$388K	50x
Short	Injective SPCX/USDC PERP	152.67	0.0440	get 0.0055% / 1h	48m 05s	$9K	$28K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Phemex. 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 PhemexbpFee InjectivebpOrdersPrice spread, now +0.072%Rate

Funding earned: $81.9
Price spread: +0.072% → 0.000%: $7.21
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $77.09
Costs to cover: 0.120%
Break-even: 0.4 days

Slippage unknown: Phemex: live order book, 64 min ago; Injective: no order-book sample. 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 Phemex live order book, 64 min ago	1.63 bp	24.4 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 −0.0224% / S +0.0463%	1h	152.44	−0.075%	$90K	—	20x	as long as short
Bybit SPCXUSDT	0.0000%	8h	152.56	0.000%	$30.6M	$42.7M	100x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.54	−0.013%	$96.3M	$31.6M	100x	as long as short
Bitget SPCXUSDT	0.0000%	8h	152.59	+0.020%	$31.3M	$65.9M	75x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.53	+13.089%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.63	+0.046%	$300K	$2.8M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.78	+0.144%	$8K	$916K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.63	+0.046%	$1.3M	$1.8M	75x	as long as short
BloFin SPCX-USDT	+0.0011%	8h	152.56	0.000%	$1.9M	$1.2M	75x	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0012%	1h	152.54	−0.013%	$87K	$1.2M	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps SPCXUSD	+0.0024%	1h	152.44	−0.078%	$7K	$8K	10x	as long as short
Lighter SPCX	+0.0032%	1h	152.50	−0.039%	$1.6M	$7.4M	20x	as long as short
Lighter RH SPCX	+0.0032%	1h	152.47	−0.059%	$2.5M	$7.2M	20x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.47	−0.059%	$105K	$297K	5x	as long as short
QFEX SPCX-USD	+0.0043%	1h	152.53	−0.020%	$1.2M	$5.6M	10x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.57	+0.007%	—	$1.2M	10x	as long as short
tradeXYZ xyz:SPCX	+0.0050%	1h	152.47	−0.059%	$131.0M	$128.5M	20x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	152.52	−0.026%	$490K	$1.2M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.53	−0.020%	$1.7M	$99K	20x	as long as short
Phemex SPCXUSDTlong	+0.0050%	8h	152.56	long leg	$531K	$388K	50x
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.40	−0.105%	$3.2M	$2.3M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0063%	8h	152.57	+0.009%	$101	—	5x	as long as short
Pacifica SPCX	+0.0100%	1h	152.45	−0.072%	$169K	$119K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.44	−0.079%	$13.0M	$5.4M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.60	+0.026%	$58K	$271K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.55	−0.007%	$14K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.56	−0.002%	$88	—	10x	as long as short
Variational Omni SPCX	+0.0124%	8h	152.56	−0.001%	$6.0M	$2.9M	—	as long as short
Extended SPCX-USD	+0.0128%	1h	152.53	−0.020%	$731K	$4.6M	10x	as long as short
Nado SPCX-PERP	+0.0128%	1h	152.46	−0.065%	$614K	$804K	20x	as long as short
Binance SPCXUSDT	+0.0130%	8h	152.57	+0.006%	$250.7M	$1.36B	75x	as long as short
OKX SPCX-USDT-SWAP	+0.0140%	8h	152.58	+0.013%	$39.4M	$166.5M	75x	as long as short
Bullet SPCX-USD	+0.0199%	1h	152.57	+0.007%	$12K	$193K	10x	as long as short
RISEx SPCX/USDC	+0.0238%	1h	152.60	+0.029%	$408K	$522K	20x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0248%	1h	152.44	−0.079%	$739K	$931K	10x	as long as short
edgeX SPCXUSDC	+0.0251%	4h	152.54	−0.016%	$1.7M	$892K	20x	as long as short
Phoenix SPCX	+0.0263%	1h	152.52	−0.026%	$443K	$266K	15x	as long as short
Aster SPCXUSD1	+0.0394%	8h	152.59	+0.021%	$18.9M	$24.7M	20x	as long as short
Injective SPCX/USDC PERPshort	+0.0440%	1h	152.67	+0.072%	$9K	$28K	5.5x