Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0229%/8h= +25.1% APRpaid last 24h +0.024%

Price spread now: Nado against Phemex−0.065%7-day average +0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$400.395% of the position

Long on Phemex Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.091%+$9 on $10k

Price spread, last 3 days (all we have)+0.138%+$14 · spread now −0.065%, 7d avg +0.042%

Together, before fees+0.229%+ Points / potential airdropNado: Active · farm board+$23 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.107% cheaper against Phemex than usual: you would sell low and buy high (spread −0.065% now, against its 7-day average of +0.042%). If the spread goes back, that is −$11 on $10k: about 37 hours of funding at the current rate (+$7 a day). At the pace of the last 3 days (+0.091% in total) that is about 3.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex SPCXUSDT	152.93	0.0050	pay 0.0050% / 8h	35m 48s	$537K	$406K	50x
Short	Nado SPCX-PERP	152.83	0.0279	get 0.0035% / 1h	35m 48s	$602K	$884K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.065%Rate

Funding earned: $48.12
Price spread: −0.065% → +0.042%: −$10.7
Slippage, 4 orders: −$20.53
Fee Phemex: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$2.11
Costs to cover: 0.395%
Break-even: 7.3 days

Slippage from Phemex: live order book, 42 min ago; Nado: live order book, 43 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, 42 min ago	1.64 bp	13.5 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Nado live order book, 43 min ago	0.33 bp	7.7 bp −$8	24.2 bp −$242	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 −0.0272% / S +0.0488%	1h	152.94	+0.003%	$89K	—	20x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.90	−0.020%	$96.6M	$31.3M	100x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.51	+12.805%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.88	−0.033%	$302K	$3.1M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	153.19	+0.170%	$8K	$971K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.98	+0.033%	$1.3M	$1.7M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0031%	1h	152.96	+0.017%	$8K	$10K	10x	as long as short
Lighter RH SPCX	+0.0032%	1h	152.89	−0.026%	$2.5M	$7.6M	20x	as long as short
Injective SPCX/USDC PERP	+0.0033%	1h	157.25	+2.825%	$9K	$27K	5.5x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.88	−0.033%	$106K	$296K	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX SPCXUSDC	+0.0041%	4h	152.97	+0.028%	$1.7M	$892K	20x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.90	−0.020%	—	$1.2M	10x	as long as short
Lighter SPCX	+0.0048%	1h	152.90	−0.020%	$1.6M	$7.4M	20x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	152.92	−0.007%	$490K	$1.1M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.94	+0.007%	$1.7M	$79K	20x	as long as short
Phemex SPCXUSDTlong	+0.0050%	8h	152.93	long leg	$537K	$406K	50x
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.90	−0.020%	$3.2M	$2.7M	10x	as long as short
QFEX SPCX-USD	+0.0052%	1h	152.91	−0.013%	$1.2M	$7.6M	10x	as long as short
BloFin SPCX-USDT	+0.0073%	8h	152.95	+0.013%	$1.9M	$1.4M	75x	as long as short
Paradex SPCX-USD-PERP	+0.0079%	8h	152.93	+0.002%	$101	—	5x	as long as short
Pacifica SPCX	+0.0100%	1h	152.86	−0.046%	$173K	$130K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.82	−0.072%	$13.0M	$5.5M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	153.01	+0.052%	$58K	$271K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.98	+0.033%	$15K	$7K	10x	as long as short
Bullet SPCX-USD	+0.0104%	1h	152.95	+0.013%	$11K	$188K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.96	+0.021%	$89	—	10x	as long as short
Bybit SPCXUSDT	+0.0142%	8h	152.95	+0.013%	$30.8M	$42.8M	100x	as long as short
Variational Omni SPCX	+0.0173%	8h	152.94	+0.005%	$6.0M	$3.5M	—	as long as short
OKX SPCX-USDT-SWAP	+0.0189%	8h	152.94	+0.007%	$39.0M	$169.3M	75x	as long as short
Extended SPCX-USD	+0.0192%	1h	152.88	−0.034%	$734K	$3.6M	10x	as long as short
Binance SPCXUSDT	+0.0192%	8h	152.91	−0.014%	$253.7M	$1.38B	75x	as long as short
tradeXYZ xyz:SPCX	+0.0253%	1h	152.90	−0.020%	$143.5M	$118.5M	20x	as long as short
Phoenix SPCX	+0.0261%	1h	152.96	+0.020%	$446K	$269K	15x	as long as short
Aster SPCXUSD1	+0.0279%	8h	152.99	+0.039%	$19.0M	$21.3M	20x	as long as short
Nado SPCX-PERPshort	+0.0279%	1h	152.83	−0.065%	$602K	$884K	20x
Coinbase International SPCX-PERP-INTX	+0.0280%	1h	152.97	+0.026%	$733K	$970K	10x	as long as short
Bitget SPCXUSDT	+0.0306%	8h	152.94	+0.007%	$31.2M	$67.2M	75x	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0339%	1h	152.92	−0.007%	$71K	$1.0M	10x	as long as short
RISEx SPCX/USDC	+0.0339%	1h	153.02	+0.058%	$403K	$538K	20x	as long as short