Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0046%/8h= +5.0% APRpaid last 24h −0.003%

Price spread now: Lighter against Phemex−0.007%7-day average +0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$300.296% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.121%+$12 on $10k

Price spread, last 4 days (all we have)+0.121%+$12 · spread now −0.007%, 7d avg +0.042%

Together, before fees+0.242%+ Points / potential airdropLighter: Season 3 · farm board+$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.048% cheaper against Phemex than usual: you would sell low and buy high (spread −0.007% now, against its 7-day average of +0.042%). If the spread goes back, that is −$5 on $10k: about 3.5 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex SPCXUSDT	152.55	0.0050	pay 0.0050% / 8h	1h 51m	$531K	$383K	50x
Short	Lighter SPCX	152.54	0.0096	get 0.0012% / 1h	51m 05s	$1.6M	$7.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.007%Rate

Funding earned: $9.66
Price spread: −0.007% → +0.042%: −$4.82
Slippage, 4 orders: −$17.61
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$24.76
Costs to cover: 0.296%
Break-even: 24.9 days

Slippage from Phemex: live order book, 56 min ago; Lighter: live order book, 7 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 Phemex live order book, 56 min ago	0.65 bp	9.6 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 7 min ago	0.65 bp	0.7 bp −$1	0.8 bp −$8	10.6 bp −$1,063	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	152.53	−0.016%	$90K	—	20x	as long as short
BloFin SPCX-USDT	−0.0023%	8h	152.62	+0.046%	$1.9M	$1.2M	75x	as long as short
Bybit SPCXUSDT	0.0000%	8h	152.61	+0.039%	$30.6M	$42.7M	100x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.59	+0.026%	$96.2M	$31.8M	100x	as long as short
Bitget SPCXUSDT	0.0000%	8h	152.63	+0.052%	$31.2M	$66.0M	75x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.53	+13.098%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.63	+0.052%	$300K	$2.7M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.84	+0.190%	$8K	$897K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.70	+0.098%	$1.3M	$1.8M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0019%	1h	152.52	−0.018%	$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	152.52	−0.020%	$2.5M	$7.2M	20x	as long as short
QFEX SPCX-USD	+0.0038%	1h	152.57	+0.013%	$1.2M	$5.5M	10x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.53	−0.013%	$105K	$297K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.57	+0.013%	—	$1.2M	10x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	152.58	+0.020%	$487K	$1.2M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.60	+0.033%	$1.7M	$96K	20x	as long as short
Phemex SPCXUSDTlong	+0.0050%	8h	152.55	long leg	$531K	$383K	50x
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.44	−0.072%	$3.2M	$2.3M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0067%	8h	152.63	+0.050%	$101	—	5x	as long as short
RISEx SPCX/USDC	+0.0072%	1h	152.62	+0.049%	$408K	$505K	20x	as long as short
Variational Omni SPCX	+0.0073%	8h	152.63	+0.051%	$6.0M	$2.8M	—	as long as short
tradeXYZ xyz:SPCX	+0.0081%	1h	152.52	−0.020%	$130.1M	$129.0M	20x	as long as short
Lighter SPCXshort	+0.0096%	1h	152.54	−0.007%	$1.6M	$7.3M	20x
Extended SPCX-USD	+0.0096%	1h	152.59	+0.026%	$732K	$4.6M	10x	as long as short
Binance SPCXUSDT	+0.0097%	8h	152.63	+0.052%	$250.2M	$1.36B	75x	as long as short
Pacifica SPCX	+0.0100%	1h	152.48	−0.046%	$169K	$118K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.51	−0.026%	$13.0M	$5.5M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.63	+0.052%	$58K	$272K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.61	+0.039%	$15K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.61	+0.039%	$89	—	10x	as long as short
OKX SPCX-USDT-SWAP	+0.0111%	8h	152.63	+0.052%	$39.6M	$166.9M	75x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0192%	1h	152.62	+0.046%	$726K	$932K	10x	as long as short
Phoenix SPCX	+0.0210%	1h	152.55	0.000%	$443K	$266K	15x	as long as short
Nado SPCX-PERP	+0.0215%	1h	152.45	−0.065%	$613K	$801K	20x	as long as short
Bullet SPCX-USD	+0.0241%	1h	152.64	+0.061%	$11K	$192K	10x	as long as short
Aster SPCXUSD1	+0.0356%	8h	152.75	+0.132%	$18.9M	$25.6M	20x	as long as short
Injective SPCX/USDC PERP	+0.0440%	1h	152.89	+0.223%	$9K	$28K	5.5x	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0471%	1h	152.58	+0.020%	$89K	$1.3M	10x	as long as short
edgeX SPCXUSDC	+0.0570%	4h	152.58	+0.018%	$1.7M	$892K	20x	as long as short