Funding you earn now, next payment 05:00 UTC−0.0231%/8h= −25.2% APRnext payment −$0.29 per $10,000 · paid last 24h −0.044%
Price spread now: Lighter against Phoenix−0.007%104s7-day average −0.029% · you buy dearer than you sell
Net, funding: paid 7d − costs−$16as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$140.140% of the position
Funding, last 7 days−0.016%−$2 on $10k
+Price spread, last 4 days (all we have)−0.136%−$14 · spread now −0.007%, 7d avg −0.029%
=Together, before fees−0.151%+ Points / potential airdropLighter: Season 3 · farm board−$15 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Lighter is 0.022% dearer against Phoenix than usual: you sell high and buy low (spread −0.007% now, against its 7-day average of −0.029%): +$2 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 7 days (−0.016% in total) that is about 9.9 days. The two prices were read 104 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 -0.016% in total (about -0.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.29 per $10,000. 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 | Phoenix SPCX | 152.52 | 0.0263 | pay 0.0033% / 1h | 47m 47s | $443K | $266K | 15x |
| Short | Lighter SPCX | 152.51 | 0.0032 | get 0.0004% / 1h | 47m 47s | $1.6M | $7.4M | 20x |
Phoenix SPCX
Lighter SPCXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$48.41
- Price spread: −0.007% → −0.029%
- $2.24
- Slippage, 4 orders
- −$7.01
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- −$60.18
- Costs to cover
- 0.140%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 64 min ago; Lighter: live order book, 5 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, 64 min ago | 0.33 bp | 7.5 bp −$8 | 23.4 bp −$234 | doesn't fit | doesn't fit |
| Sell Lighter live order book, 5 min ago | 0.33 bp | 0.5 bp $0 | 1.5 bp −$15 | 8.0 bp −$801 | 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 −0.0224% / S +0.0463% | 1h | 152.44 | −0.049% | $90K | — | 20x | as long as short |
| Bybit SPCXUSDT | 0.0000% | 8h | 152.56 | +0.026% | $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 | +0.046% | $31.3M | $65.9M | 75x | as long as short |
| GRVT SPCX_USDT_Perp | 0.0000% | 8h | 172.53 | +13.119% | $4K | $882 | 10x | as long as short |
| StandX SPCX-USD | 0.0000% | 1h | 152.63 | +0.072% | $300K | $2.8M | 20x | as long as short |
| SunX SPCX-USDT | 0.0000% | 8h | 152.78 | +0.170% | $8K | $916K | 10x | as long as short |
| HTX SPCX-USDT | 0.0000% | 8h | 152.63 | +0.072% | $1.3M | $1.8M | 75x | as long as short |
| BloFin SPCX-USDT | +0.0011% | 8h | 152.56 | +0.026% | $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 |
GMX SPCX/USD [ETH-USDC]
Bybit SPCXUSDT
Gate SPCX_USDT
Bitget SPCXUSDT
GRVT SPCX_USDT_Perp
StandX SPCX-USD
SunX SPCX-USDT
HTX SPCX-USDT
BloFin SPCX-USDT
Deribit SPCX_USDC-PERPETUALShow 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 | −0.052% | $7K | $8K | 10x | as long as short |
| Lighter SPCXshort | +0.0032% | 1h | 152.51 | −0.007% | $1.6M | $7.4M | 20x | |
| Lighter RH SPCX | +0.0032% | 1h | 152.47 | −0.033% | $2.5M | $7.2M | 20x | as long as short |
| Arcus SPCX-USD | +0.0040% | 1h | 152.47 | −0.033% | $105K | $297K | 5x | as long as short |
| QFEX SPCX-USD | +0.0043% | 1h | 152.53 | +0.007% | $1.2M | $5.6M | 10x | as long as short |
| Vest SPCX-USD-PERP | +0.0046% | 1h | 152.57 | +0.033% | — | $1.2M | 10x | as long as short |
| tradeXYZ xyz:SPCX | +0.0050% | 1h | 152.45 | −0.046% | $130.9M | $128.6M | 20x | as long as short |
| Polymarket Perps SPCX-USD | +0.0050% | 1h | 152.52 | 0.000% | $490K | $1.2M | 10x | as long as short |
| SoDEX SPCX-USD | +0.0050% | 1h | 152.53 | +0.007% | $1.7M | $99K | 20x | as long as short |
| Phemex SPCXUSDT | +0.0050% | 8h | 152.56 | +0.026% | $531K | $388K | 50x | as long as short |
| Ondo Perps SPCX-USD.P | +0.0050% | 1h | 152.40 | −0.079% | $3.2M | $2.3M | 10x | as long as short |
| Paradex SPCX-USD-PERP | +0.0062% | 8h | 152.57 | +0.032% | $101 | — | 5x | as long as short |
| Pacifica SPCX | +0.0100% | 1h | 152.47 | −0.033% | $169K | $119K | 10x | as long as short |
| KuCoin SPCXUSDTM | +0.0100% | 8h | 152.43 | −0.059% | $13.0M | $5.4M | 20x | as long as short |
| ApeX Omni SPCXUSDT | +0.0100% | 1h | 152.60 | +0.052% | $58K | $271K | 50x | as long as short |
| Orderly PERP_SPCX_USDC_mythos | +0.0100% | 8h | 152.55 | +0.020% | $14K | $7K | 10x | as long as short |
| Aevo SPCX-PERP | +0.0104% | 1h | 152.56 | +0.024% | $88 | — | 10x | as long as short |
| Variational Omni SPCX | +0.0124% | 8h | 152.56 | +0.025% | $6.0M | $2.9M | — | as long as short |
| Extended SPCX-USD | +0.0128% | 1h | 152.51 | −0.006% | $731K | $4.6M | 10x | as long as short |
| Nado SPCX-PERP | +0.0128% | 1h | 152.46 | −0.038% | $614K | $804K | 20x | as long as short |
| Binance SPCXUSDT | +0.0129% | 8h | 152.56 | +0.026% | $250.6M | $1.36B | 75x | as long as short |
| OKX SPCX-USDT-SWAP | +0.0140% | 8h | 152.58 | +0.039% | $39.4M | $166.5M | 75x | as long as short |
| Bullet SPCX-USD | +0.0199% | 1h | 152.57 | +0.033% | $12K | $193K | 10x | as long as short |
| RISEx SPCX/USDC | +0.0238% | 1h | 152.60 | +0.056% | $408K | $522K | 20x | as long as short |
| Coinbase International SPCX-PERP-INTX | +0.0248% | 1h | 152.44 | −0.052% | $739K | $931K | 10x | as long as short |
| edgeX SPCXUSDC | +0.0251% | 4h | 152.54 | +0.011% | $1.7M | $892K | 20x | as long as short |
| Phoenix SPCXlong | +0.0263% | 1h | 152.52 | long leg | $443K | $266K | 15x | |
| Aster SPCXUSD1 | +0.0392% | 8h | 152.59 | +0.048% | $18.9M | $24.7M | 20x | as long as short |
| Injective SPCX/USDC PERP | +0.0440% | 1h | 152.67 | +0.098% | $9K | $28K | 5.5x | as long as short |
Aftermath Perps SPCXUSD
Lighter RH SPCX
Arcus SPCX-USD
QFEX SPCX-USD
Vest SPCX-USD-PERP
tradeXYZ xyz:SPCX
Polymarket Perps SPCX-USD
SoDEX SPCX-USD
Phemex SPCXUSDT
Ondo Perps SPCX-USD.P
Paradex SPCX-USD-PERP
Pacifica SPCX
KuCoin SPCXUSDTM
ApeX Omni SPCXUSDT
Orderly PERP_SPCX_USDC_mythos
Aevo SPCX-PERP
Variational Omni SPCX
Extended SPCX-USD
Nado SPCX-PERP
Binance SPCXUSDT
OKX SPCX-USDT-SWAP
Bullet SPCX-USD
RISEx SPCX/USDC
Coinbase International SPCX-PERP-INTX
edgeX SPCXUSDC
Aster SPCXUSD1
Injective SPCX/USDC PERP