Funding arb · Price arb /

SPCX

RWAall SPCX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0130%/8h= −14.3% APRpaid last 24h −0.028%

Price spread now: Bybit against Phoenix+0.039%7-day average −0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$270.273% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.039%−$4 on $10k

Price spread, last 3 days (all we have)−0.189%−$19 · spread now +0.039%, 7d avg −0.019%

Together, before fees−0.228%−$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.058% dearer against Phoenix than usual: you sell high and buy low (spread +0.039% now, against its 7-day average of −0.019%): +$6 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 36 hours. At the pace of the last 7 days (−0.039% in total) that is about 11 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix SPCX	153.04	0.0314	pay 0.0039% / 1h	27m 09s	$445K	$271K	15x
Short	Bybit SPCXUSDT	153.10	0.0184	get 0.0184% / 8h	7h 27m	$30.9M	$42.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phoenix. 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 PhoenixbpFee BybitbpOrdersPrice spread, now +0.039%Rate

Funding earned: −$27.37
Price spread: +0.039% → −0.019%: $5.85
Slippage, 4 orders: −$9.28
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$48.8
Costs to cover: 0.273%
Break-even: never at this rate

Slippage from Phoenix: live order book, 45 min ago; Bybit: live order book, 2 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 Phoenix live order book, 45 min ago	0.33 bp	7.5 bp −$8	23.4 bp −$234	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.33 bp	8.0 bp −$8	11.3 bp −$113	35.3 bp −$3,527	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 −0.0314% / S +0.0518%	1h	153.03	−0.010%	$88K	—	20x	as long as short
Gate SPCX_USDT	0.0000%	8h	153.06	+0.013%	$96.4M	$31.2M	100x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.52	+12.727%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.93	−0.072%	$302K	$3.1M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	153.32	+0.183%	$8K	$955K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	153.07	+0.020%	$1.3M	$1.7M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0028%	1h	152.97	−0.045%	$8K	$8K	10x	as long as short
Lighter RH SPCX	+0.0032%	1h	153.02	−0.013%	$2.5M	$7.4M	20x	as long as short
Injective SPCX/USDC PERP	+0.0033%	1h	157.25	+2.751%	$9K	$27K	5.5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	153.06	+0.013%	—	$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
Lighter SPCX	+0.0048%	1h	153.03	−0.007%	$1.6M	$7.4M	20x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	153.06	+0.013%	$1.7M	$86K	20x	as long as short
Phemex SPCXUSDT	+0.0050%	8h	153.07	+0.020%	$534K	$414K	50x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	153.04	0.000%	$489K	$1.1M	10x	as long as short
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.85	−0.124%	$3.2M	$2.6M	10x	as long as short
QFEX SPCX-USD	+0.0063%	1h	153.04	0.000%	$1.2M	$7.3M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0100%	8h	153.08	+0.027%	$101	—	5x	as long as short
Pacifica SPCX	+0.0100%	1h	152.97	−0.046%	$173K	$129K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.96	−0.052%	$13.0M	$5.5M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	153.01	−0.020%	$58K	$271K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	153.08	+0.026%	$15K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	153.06	+0.015%	$89	—	10x	as long as short
BloFin SPCX-USDT	+0.0109%	8h	153.07	+0.020%	$1.9M	$1.4M	75x	as long as short
Bybit SPCXUSDTshort	+0.0184%	8h	153.10	+0.039%	$30.9M	$42.8M	100x
Arcus SPCX-USD	+0.0194%	1h	152.99	−0.033%	$105K	$297K	5x	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0208%	1h	153.02	−0.013%	$71K	$1.1M	10x	as long as short
Variational Omni SPCX	+0.0210%	8h	153.02	−0.012%	$6.0M	$3.5M	—	as long as short
OKX SPCX-USDT-SWAP	+0.0210%	8h	153.11	+0.046%	$39.2M	$169.1M	75x	as long as short
Binance SPCXUSDT	+0.0229%	8h	153.09	+0.033%	$253.2M	$1.38B	75x	as long as short
Extended SPCX-USD	+0.0232%	1h	153.05	+0.010%	$734K	$4.0M	10x	as long as short
Nado SPCX-PERP	+0.0234%	1h	152.95	−0.057%	$604K	$848K	20x	as long as short
tradeXYZ xyz:SPCX	+0.0243%	1h	153.03	−0.007%	$143.1M	$119.4M	20x	as long as short
Bullet SPCX-USD	+0.0246%	1h	153.09	+0.029%	$11K	$188K	10x	as long as short
Phoenix SPCXlong	+0.0314%	1h	153.04	long leg	$445K	$271K	15x
Bitget SPCXUSDT	+0.0317%	8h	153.10	+0.039%	$31.3M	$66.4M	75x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0328%	1h	153.01	−0.020%	$731K	$979K	10x	as long as short
Aster SPCXUSD1	+0.0355%	8h	153.08	+0.028%	$19.0M	$18.6M	20x	as long as short
RISEx SPCX/USDC	+0.0409%	1h	153.09	+0.035%	$401K	$535K	20x	as long as short
edgeX SPCXUSDC	+0.0934%	4h	153.06	+0.013%	$1.7M	$892K	20x	as long as short