Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0029%/8h= −3.2% APRpaid last 24h −0.008%

Price spread now: Phemex against tradeXYZ+0.020%48s7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$59as 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−$570.571% of the position

Long on tradeXYZ Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.021%−$2 on $10k

Price spread, last 4 days (all we have)−0.193%−$19 · spread now +0.020%, 7d avg −0.005%

Together, before fees−0.214%+ Points / potential airdroptradeXYZ: Active · farm board−$21 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.025% dearer against tradeXYZ than usual: you sell high and buy low (spread +0.020% now, against its 7-day average of −0.005%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.9 days. At the pace of the last 7 days (−0.021% in total) that is about 8.3 days. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:SPCX	153.06	0.0079	pay 0.0010% / 1h	33m 19s	$141.5M	$119.0M	20x
Short	Phemex SPCXUSDT	153.09	0.0050	get 0.0050% / 8h	4h 33m	$533K	$394K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against tradeXYZ. 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 tradeXYZbpFee PhemexbpOrdersPrice spread, now +0.020%Rate

Funding earned: −$6.13
Price spread: +0.020% → −0.005%: $2.5
Slippage, 4 orders: −$27.15
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$60.78
Costs to cover: 0.571%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 6 min ago; Phemex: live order book, 24 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 tradeXYZ live order book, 6 min ago	0.33 bp	9.3 bp −$9	10.5 bp −$105	16.1 bp −$1,614	doesn't fit
Sell Phemex live order book, 24 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	153.06	+0.003%	$91K	—	20x	as long as short
Bybit SPCXUSDT	0.0000%	8h	153.11	+0.033%	$30.8M	$42.9M	100x	as long as short
Gate SPCX_USDT	0.0000%	8h	153.08	+0.013%	$96.3M	$31.3M	100x	as long as short
Bitget SPCXUSDT	0.0000%	8h	153.13	+0.046%	$31.7M	$65.3M	75x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.52	+12.716%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	153.00	−0.039%	$302K	$2.9M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	153.30	+0.157%	$8K	$937K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	153.13	+0.046%	$1.3M	$1.7M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0022%	1h	153.04	−0.015%	$8K	$8K	10x	as long as short
Lighter SPCX	+0.0032%	1h	153.04	−0.013%	$1.6M	$7.3M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH SPCX	+0.0032%	1h	152.99	−0.046%	$2.5M	$7.2M	20x	as long as short
BloFin SPCX-USDT	+0.0036%	8h	153.08	+0.013%	$1.9M	$1.4M	75x	as long as short
Arcus SPCX-USD	+0.0040%	1h	153.00	−0.039%	$105K	$297K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	153.09	+0.020%	—	$1.2M	10x	as long as short
QFEX SPCX-USD	+0.0046%	1h	153.05	−0.007%	$1.2M	$6.1M	10x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	153.05	−0.007%	$499K	$1.2M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	153.05	−0.007%	$1.7M	$96K	20x	as long as short
Phemex SPCXUSDTshort	+0.0050%	8h	153.09	+0.020%	$533K	$394K	50x
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.95	−0.072%	$3.2M	$2.5M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0062%	8h	153.08	+0.016%	$101	—	5x	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0077%	1h	153.04	−0.013%	$73K	$1.2M	10x	as long as short
tradeXYZ xyz:SPCXlong	+0.0079%	1h	153.06	long leg	$141.5M	$119.0M	20x
Bullet SPCX-USD	+0.0086%	1h	153.10	+0.026%	$11K	$192K	10x	as long as short
Pacifica SPCX	+0.0100%	1h	152.97	−0.059%	$169K	$130K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.99	−0.046%	$13.0M	$5.5M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	153.12	+0.039%	$58K	$271K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	153.10	+0.026%	$15K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	153.08	+0.014%	$89	—	10x	as long as short
Nado SPCX-PERP	+0.0126%	1h	153.01	−0.034%	$617K	$823K	20x	as long as short
Variational Omni SPCX	+0.0143%	8h	153.06	−0.001%	$6.0M	$3.0M	—	as long as short
OKX SPCX-USDT-SWAP	+0.0150%	8h	153.12	+0.039%	$39.5M	$166.9M	75x	as long as short
Extended SPCX-USD	+0.0152%	1h	153.06	−0.003%	$738K	$3.8M	10x	as long as short
Binance SPCXUSDT	+0.0154%	8h	153.11	+0.032%	$252.2M	$1.37B	75x	as long as short
RISEx SPCX/USDC	+0.0191%	1h	153.12	+0.039%	$410K	$530K	20x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0256%	1h	153.04	−0.013%	$738K	$925K	10x	as long as short
Phoenix SPCX	+0.0261%	1h	153.08	+0.013%	$445K	$268K	15x	as long as short
Aster SPCXUSD1	+0.0408%	8h	153.16	+0.066%	$18.9M	$20.2M	20x	as long as short
Injective SPCX/USDC PERP	+0.0440%	1h	153.35	+0.189%	$9K	$28K	5.5x	as long as short
edgeX SPCXUSDC	+0.0504%	4h	153.06	−0.001%	$1.7M	$893K	20x	as long as short