Funding arb · Price arb /

SPCX

RWAall SPCX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0211%/8h= −23.1% APRpaid last 24h −0.037%

Price spread now: Phemex against Phoenix+0.007%7-day average −0.060% · you sell dearer than you buy

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$500.503% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.130%−$13 on $10k

Price spread, last 4 days (all we have)−0.052%−$5 · spread now +0.007%, 7d avg −0.060%

Together, before fees−0.182%−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.067% dearer against Phoenix than usual: you sell high and buy low (spread +0.007% now, against its 7-day average of −0.060%): +$7 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 25 hours. At the pace of the last 7 days (−0.130% in total) that is about 3.6 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.130% in total (about -6.8% 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	Phoenix SPCX	153.09	0.0261	pay 0.0033% / 1h	12m 47s	$445K	$268K	15x
Short	Phemex SPCXUSDT	153.10	0.0050	get 0.0050% / 8h	4h 12m	$533K	$392K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.007%Rate

Funding earned: −$44.38
Price spread: +0.007% → −0.060%: $6.69
Slippage, 4 orders: −$31.3
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$88
Costs to cover: 0.503%
Break-even: never at this rate

Slippage from Phoenix: live order book, 45 min ago; Phemex: live order book, 45 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	7.0 bp −$7	22.2 bp −$222	doesn't fit	doesn't fit
Sell Phemex live order book, 45 min ago	2.61 bp	25.4 bp −$25	doesn't fit	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 −0.0253% / S +0.0486%	1h	153.04	−0.029%	$91K	—	20x	as long as short
Bybit SPCXUSDT	0.0000%	8h	153.11	+0.013%	$30.8M	$42.9M	100x	as long as short
Gate SPCX_USDT	0.0000%	8h	153.08	−0.007%	$96.3M	$31.3M	100x	as long as short
Bitget SPCXUSDT	0.0000%	8h	153.12	+0.020%	$31.7M	$65.3M	75x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.53	+12.699%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.99	−0.065%	$302K	$2.9M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	153.36	+0.176%	$7K	$940K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	153.13	+0.026%	$1.3M	$1.7M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0022%	1h	153.04	−0.034%	$8K	$8K	10x	as long as short
BloFin SPCX-USDT	+0.0024%	8h	153.11	+0.013%	$1.9M	$1.4M	75x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter SPCX	+0.0032%	1h	153.05	−0.026%	$1.6M	$7.4M	20x	as long as short
Lighter RH SPCX	+0.0032%	1h	153.02	−0.046%	$2.5M	$7.3M	20x	as long as short
Arcus SPCX-USD	+0.0040%	1h	153.01	−0.052%	$105K	$297K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	153.08	−0.007%	—	$1.2M	10x	as long as short
QFEX SPCX-USD	+0.0046%	1h	153.05	−0.026%	$1.2M	$6.0M	10x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	153.04	−0.033%	$499K	$1.2M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	153.06	−0.020%	$1.7M	$95K	20x	as long as short
Phemex SPCXUSDTshort	+0.0050%	8h	153.10	+0.007%	$533K	$392K	50x
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.91	−0.118%	$3.2M	$2.5M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0061%	8h	153.12	+0.017%	$101	—	5x	as long as short
Pacifica SPCX	+0.0100%	1h	152.99	−0.065%	$169K	$130K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	153.01	−0.052%	$13.0M	$5.4M	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	153.09	0.000%	$15K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	153.08	−0.007%	$89	—	10x	as long as short
tradeXYZ xyz:SPCX	+0.0109%	1h	153.05	−0.026%	$141.4M	$119.0M	20x	as long as short
Bullet SPCX-USD	+0.0115%	1h	153.10	+0.006%	$12K	$191K	10x	as long as short
Variational Omni SPCX	+0.0130%	8h	153.08	−0.008%	$6.0M	$3.0M	—	as long as short
Nado SPCX-PERP	+0.0134%	1h	152.99	−0.064%	$617K	$818K	20x	as long as short
Extended SPCX-USD	+0.0144%	1h	153.06	−0.021%	$734K	$3.8M	10x	as long as short
Binance SPCXUSDT	+0.0144%	8h	153.10	+0.007%	$251.1M	$1.37B	75x	as long as short
OKX SPCX-USDT-SWAP	+0.0146%	8h	153.12	+0.020%	$39.5M	$166.8M	75x	as long as short
RISEx SPCX/USDC	+0.0191%	1h	153.11	+0.011%	$410K	$530K	20x	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0208%	1h	153.05	−0.026%	$78K	$1.2M	10x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0256%	1h	153.10	+0.007%	$738K	$926K	10x	as long as short
Phoenix SPCXlong	+0.0261%	1h	153.09	long leg	$445K	$268K	15x
Aster SPCXUSD1	+0.0406%	8h	153.18	+0.058%	$18.9M	$21.2M	20x	as long as short
Injective SPCX/USDC PERP	+0.0440%	1h	153.50	+0.268%	$9K	$28K	5.5x	as long as short
edgeX SPCXUSDC	+0.0733%	4h	153.08	−0.008%	$1.7M	$894K	20x	as long as short