Funding arb · Price arb /

BCH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0349%/8h= −38.3% APRpaid last 24h −0.012%

Price spread now: Phemex against Coinbase International+0.087%7-day average −0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$500.499% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.027%−$3 on $10k

Price spread, last 3 days (all we have)−0.042%−$4 · spread now +0.087%, 7d avg −0.027%

Together, before fees−0.068%−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.113% dearer against Coinbase International than usual: you sell high and buy low (spread +0.087% now, against its 7-day average of −0.027%): +$11 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 26 hours. At the pace of the last 7 days (−0.027% in total) that is about 30 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.027% in total (about -1.4% 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	Coinbase International BCH-PERP-INTX	264.66	−0.0112	get 0.0014% / 1h	5m 15s	$231K	$1.8M	50x
Short	Phemex BCHUSDT	264.89	−0.0461	pay 0.0461% / 8h	6h 05m	$4.9M	$6.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now +0.087%Rate

Funding earned: −$73.38
Price spread: +0.087% → −0.027%: $11.34
Slippage, 4 orders: −$27.94
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$111.98
Costs to cover: 0.499%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 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 Coinbase International live order book, 3 min ago	5.10 bp	15.4 bp −$15	22.2 bp −$222	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	3.40 bp	10.8 bp −$11	18.9 bp −$189	doesn't fit	doesn't fit

BCH on 31 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
SunX BCH-USDT	−0.1475%	8h	264.72	+0.023%	$2K	$1.8M	30x	as long as short
SoDEX BCH-USD	−0.0514%	1h	264.86	+0.076%	$2K	$8K	10x	as long as short
Phemex BCHUSDTshort	−0.0461%	8h	264.89	+0.087%	$4.9M	$6.6M	50x
HTX BCH-USDT	−0.0454%	8h	264.91	+0.094%	$776K	$1.5M	75x	as long as short
Deribit BCH_USDC-PERPETUAL	−0.0316%	1h	265.00	+0.129%	$448K	$254K	25x	as long as short
Kraken Futures PF_BCHUSD	−0.0300%	1h	265.20	+0.203%	$851K	$3.0M	50x	as long as short
GRVT BCH_USDT_Perp	−0.0207%	8h	264.26	−0.151%	$385K	$17K	10x	as long as short
ApeX Omni BCHUSDT	−0.0137%	1h	264.82	+0.060%	$96K	$226K	50x	as long as short
Gate BCH_USDT	−0.0126%	8h	264.89	+0.087%	$8.4M	$13.6M	75x	as long as short
Variational Omni BCH	−0.0114%	8h	264.50	−0.059%	$81K	$201K	—	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended BCH-USD	−0.0112%	1h	264.79	+0.049%	$112K	$957K	25x	as long as short
Coinbase International BCH-PERP-INTXlong	−0.0112%	1h	264.66	long leg	$231K	$1.8M	50x
Binance BCHUSDT	−0.0109%	8h	264.90	+0.091%	$71.7M	$219.4M	75x	as long as short
MEXC BCH_USDT	−0.0109%	8h	265.19	+0.200%	$70.0M	$7.1M	200x	as long as short
Nado BCH-PERP	−0.0085%	1h	264.71	+0.021%	$418K	$348K	10x	as long as short
Bybit BCHUSDT	−0.0060%	8h	264.90	+0.091%	$39.1M	$31.6M	75x	as long as short
OKX BCH-USDT-SWAP	−0.0057%	8h	264.80	+0.053%	$25.2M	$74.6M	50x	as long as short
Bitget BCHUSDT	−0.0050%	8h	264.85	+0.072%	$19.0M	$28.4M	75x	as long as short
BingX BCH-USDT	−0.0038%	8h	264.83	+0.064%	—	$32.3M	—	as long as short
KuCoin BCHUSDTM	−0.0007%	8h	264.86	+0.076%	$8.6M	$7.4M	75x	as long as short
dYdX BCH-USD	0.0000%	1h	264.95	+0.110%	$5K	$248	10x	as long as short
Kalshi KXBCHPERP	0.0000%	8h	265.33	+0.253%	$1.1M	$10.2M	2.7x	as long as short
gTrade (Gains Network) BCH/USD	L 0.0000% / S +0.0007%	1h	265.04	+0.143%	$4K	—	150x	as long as short
Injective BCH/USDC PERP	+0.0033%	1h	270.20	+2.093%	$721	$130K	12x	as long as short
Orderly PERP_BCH_USDC	+0.0035%	8h	264.86	+0.076%	$2K	$176	10x	as long as short
Pacifica BCH	+0.0040%	1h	264.78	+0.044%	$161K	$379K	10x	as long as short
Lighter BCH	+0.0096%	1h	264.91	+0.096%	$365K	$478K	10x	as long as short
Hyperliquid BCH	+0.0100%	1h	265.13	+0.178%	$5.7M	$4.7M	10x	as long as short
Aster BCHUSDT	+0.0100%	8h	264.95	+0.110%	$168K	$697K	75x	as long as short
edgeX BCHUSDC	+0.0100%	4h	264.65	−0.002%	$19K	$292K	20x	as long as short
GMX BCH/USD [WBTC.b-USDC]	L +0.0333% / S −0.0451%	1h	265.10	+0.167%	$25K	—	100x	as long as short