Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0233%/8h= +25.5% APRpaid last 24h +0.009%

Price spread now: tradeXYZ against Phemex−0.026%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$570.567% of the position

Long on Phemex Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.024%+$2 on $10k

Price spread, last 4 days (all we have)+0.142%+$14 · spread now −0.026%, 7d avg +0.005%

Together, before fees+0.166%+ Points / potential airdroptradeXYZ: Active · farm board+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. tradeXYZ is 0.031% cheaper against Phemex than usual: you would sell low and buy high (spread −0.026% now, against its 7-day average of +0.005%). If the spread goes back, that is −$3 on $10k: about 11 hours of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.024% in total) that is about 9.2 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.024% in total (about 1.2% 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	152.70	0.0050	pay 0.0050% / 8h	3h 37m	$531K	$392K	50x
Short	tradeXYZ xyz:SPCX	152.66	0.0283	get 0.0035% / 1h	37m 08s	$141.0M	$119.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.026%Rate

Funding earned: $48.92
Price spread: −0.026% → +0.005%: −$3.12
Slippage, 4 orders: −$26.7
Fee Phemex: 6 bp × 2 orders: −$12
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$10.9
Costs to cover: 0.567%
Break-even: 8.6 days

Slippage from Phemex: live order book, 15 min ago; tradeXYZ: live order book, 3 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, 15 min ago	1.63 bp	24.4 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 3 min ago	0.33 bp	9.9 bp −$10	10.3 bp −$103	12.6 bp −$1,263	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 −0.0214% / S +0.0456%	1h	152.66	−0.023%	$90K	—	20x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.67	−0.020%	$96.1M	$31.3M	100x	as long as short
Bitget SPCXUSDT	0.0000%	8h	152.72	+0.013%	$31.7M	$65.4M	75x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.53	+12.986%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.71	+0.007%	$300K	$2.9M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.94	+0.157%	$8K	$928K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.73	+0.020%	$1.3M	$1.7M	75x	as long as short
Bybit SPCXUSDT	+0.0023%	8h	152.73	+0.020%	$30.7M	$42.6M	100x	as long as short
Lighter RH SPCX	+0.0032%	1h	152.64	−0.039%	$2.5M	$7.3M	20x	as long as short
Aftermath Perps SPCXUSD	+0.0034%	1h	152.68	−0.012%	$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
BloFin SPCX-USDT	+0.0038%	8h	152.76	+0.039%	$1.9M	$1.3M	75x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.69	−0.007%	$105K	$297K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.64	−0.039%	—	$1.2M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.67	−0.020%	$1.7M	$97K	20x	as long as short
Phemex SPCXUSDTlong	+0.0050%	8h	152.70	long leg	$531K	$392K	50x
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.60	−0.065%	$3.2M	$2.4M	10x	as long as short
QFEX SPCX-USD	+0.0050%	1h	152.67	−0.020%	$1.2M	$5.8M	10x	as long as short
Polymarket Perps SPCX-USD	+0.0063%	1h	152.66	−0.026%	$495K	$1.2M	10x	as long as short
Pacifica SPCX	+0.0100%	1h	152.58	−0.079%	$169K	$121K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.62	−0.052%	$13.0M	$5.5M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.61	−0.059%	$58K	$271K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.72	+0.013%	$15K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.70	−0.001%	$89	—	10x	as long as short
Paradex SPCX-USD-PERP	+0.0105%	8h	152.68	−0.010%	$101	—	5x	as long as short
Variational Omni SPCX	+0.0142%	8h	152.85	+0.097%	$6.0M	$2.9M	—	as long as short
Lighter SPCX	+0.0152%	1h	152.66	−0.026%	$1.6M	$7.3M	20x	as long as short
Binance SPCXUSDT	+0.0158%	8h	152.71	+0.006%	$249.0M	$1.36B	75x	as long as short
Extended SPCX-USD	+0.0160%	1h	152.66	−0.029%	$738K	$3.8M	10x	as long as short
OKX SPCX-USDT-SWAP	+0.0160%	8h	152.71	+0.007%	$39.5M	$165.9M	75x	as long as short
RISEx SPCX/USDC	+0.0217%	1h	152.74	+0.023%	$409K	$517K	20x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0248%	1h	152.90	+0.131%	$741K	$939K	10x	as long as short
Nado SPCX-PERP	+0.0250%	1h	152.55	−0.096%	$615K	$810K	20x	as long as short
Phoenix SPCX	+0.0261%	1h	152.74	+0.026%	$444K	$264K	15x	as long as short
Bullet SPCX-USD	+0.0276%	1h	152.70	−0.002%	$12K	$192K	10x	as long as short
tradeXYZ xyz:SPCXshort	+0.0283%	1h	152.66	−0.026%	$141.0M	$119.3M	20x
Deribit SPCX_USDC-PERPETUAL	+0.0340%	1h	152.64	−0.039%	$84K	$1.2M	10x	as long as short
Aster SPCXUSD1	+0.0433%	8h	152.79	+0.058%	$19.0M	$23.7M	20x	as long as short
Injective SPCX/USDC PERP	+0.0440%	1h	153.19	+0.321%	$9K	$28K	5.5x	as long as short
edgeX SPCXUSDC	+0.0557%	4h	152.72	+0.012%	$1.7M	$892K	20x	as long as short