Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0395%/8h= −43.2% APRpaid last 24h −0.054%

Price spread now: Phemex against RISEx+0.010%7-day average −0.102% · you sell dearer than you buy

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−$610.609% of the position

Long on RISEx Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.131%−$13 on $10k

Price spread, last 4 days (all we have)−0.128%−$13 · spread now +0.010%, 7d avg −0.102%

Together, before fees−0.259%−$26 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.113% dearer against RISEx than usual: you sell high and buy low (spread +0.010% now, against its 7-day average of −0.102%): +$11 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 23 hours. At the pace of the last 4 days (−0.131% in total) that is about 3.2 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.131% in total (about -12.8% 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	RISEx SPCX/USDC	152.30	0.0445	pay 0.0056% / 1h	33m 20s	$381K	$507K	20x
Short	Phemex SPCXUSDT	152.32	0.0050	get 0.0050% / 8h	33m 20s	$530K	$373K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against RISEx. 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 RISExbpFee PhemexbpOrdersPrice spread, now +0.010%Rate

Funding earned: −$82.89
Price spread: +0.010% → −0.102%: $11.27
Slippage, 4 orders: −$42.85
Fee RISEx: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$132.48
Costs to cover: 0.609%
Break-even: never at this rate

Slippage from RISEx: live order book, 5 min ago; Phemex: live order book, 4 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 RISEx live order book, 5 min ago	0.98 bp	4.0 bp −$4	5.0 bp −$50	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	0.33 bp	13.8 bp −$14	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 −0.0187% / S +0.0435%	1h	152.21	−0.065%	$90K	—	20x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.25	−0.036%	$96.1M	$31.8M	100x	as long as short
Bitget SPCXUSDT	0.0000%	8h	152.30	−0.003%	$31.2M	$66.2M	75x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.53	+13.279%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.36	+0.037%	$300K	$2.6M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.50	+0.128%	$8K	$892K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.41	+0.069%	$1.3M	$1.8M	75x	as long as short
Bybit SPCXUSDT	+0.0015%	8h	152.29	−0.009%	$30.5M	$42.7M	100x	as long as short
BloFin SPCX-USDT	+0.0021%	8h	152.31	+0.004%	$1.9M	$1.2M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0028%	1h	152.24	−0.044%	$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
Lighter SPCX	+0.0032%	1h	152.21	−0.062%	$1.6M	$7.3M	20x	as long as short
Lighter RH SPCX	+0.0032%	1h	152.19	−0.075%	$2.5M	$7.3M	20x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.24	−0.042%	$103K	$298K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.24	−0.042%	—	$1.2M	10x	as long as short
tradeXYZ xyz:SPCX	+0.0050%	1h	152.21	−0.062%	$129.8M	$129.2M	20x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	152.25	−0.036%	$487K	$1.2M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.24	−0.042%	$1.7M	$99K	20x	as long as short
Phemex SPCXUSDTshort	+0.0050%	8h	152.32	+0.010%	$530K	$373K	50x
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.16	−0.095%	$3.2M	$2.2M	10x	as long as short
QFEX SPCX-USD	+0.0070%	1h	152.24	−0.042%	$1.2M	$5.5M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0094%	8h	152.26	−0.030%	$100	—	5x	as long as short
Pacifica SPCX	+0.0100%	1h	152.20	−0.068%	$168K	$119K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.19	−0.075%	$13.0M	$5.6M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.35	+0.030%	$58K	$271K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.30	−0.003%	$14K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.28	−0.014%	$88	—	10x	as long as short
Variational Omni SPCX	+0.0127%	8h	152.31	+0.001%	$5.9M	$2.8M	—	as long as short
Binance SPCXUSDT	+0.0141%	8h	152.29	−0.010%	$252.7M	$1.36B	75x	as long as short
Extended SPCX-USD	+0.0144%	1h	152.25	−0.038%	$728K	$5.1M	10x	as long as short
OKX SPCX-USDT-SWAP	+0.0156%	8h	152.29	−0.009%	$39.7M	$166.6M	75x	as long as short
Bullet SPCX-USD	+0.0158%	1h	152.29	−0.009%	$11K	$192K	10x	as long as short
Nado SPCX-PERP	+0.0181%	1h	152.15	−0.100%	$627K	$803K	20x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0240%	1h	152.34	+0.023%	$728K	$930K	10x	as long as short
edgeX SPCXUSDC	+0.0360%	4h	152.30	−0.001%	$1.7M	$892K	20x	as long as short
Phoenix SPCX	+0.0368%	1h	152.28	−0.016%	$443K	$266K	15x	as long as short
Aster SPCXUSD1	+0.0407%	8h	152.38	+0.052%	$18.9M	$29.2M	20x	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0407%	1h	152.24	−0.042%	$89K	$1.4M	10x	as long as short
Injective SPCX/USDC PERP	+0.0440%	1h	152.58	+0.181%	$9K	$28K	5.5x	as long as short
RISEx SPCX/USDClong	+0.0445%	1h	152.30	long leg	$381K	$507K	20x