Funding arb · Price arb /

BCH

all BCH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0186%/8h= −20.4% APRpaid last 24h +0.060%

Price spread now: Phemex against Deribit−0.083%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$400.398% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.140%+$14 on $10k

Price spread, last 4 days (all we have)+0.067%+$7 · spread now −0.083%, 7d avg −0.018%

Together, before fees+0.208%+$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Phemex is 0.064% cheaper against Deribit than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.018%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.140%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BCH_USDC-PERPETUAL	263.44	0	get 0.0000% / 1h	38m 40s	$438K	$333K	25x
Short	Phemex BCHUSDT	263.22	−0.0186	pay 0.0186% / 8h	2h 38m	$5.0M	$6.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now −0.083%Rate

Funding earned: −$39.07
Price spread: −0.083% → −0.018%: −$6.43
Slippage, 4 orders: −$20.76
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$85.26
Costs to cover: 0.398%
Break-even: never at this rate

Slippage from Deribit: live order book, 10 min ago; Phemex: 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 Deribit live order book, 10 min ago	3.65 bp	7.2 bp −$7	13.9 bp −$139	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	4.36 bp	12.1 bp −$12	18.6 bp −$186	doesn't fit	doesn't fit

BCH on 32 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
HTX BCH-USDT	−0.0240%	8h	263.14	−0.113%	$766K	$1.4M	75x	as long as short
SoDEX BCH-USD	−0.0218%	1h	263.24	−0.075%	$2K	$8K	10x	as long as short
Phemex BCHUSDTshort	−0.0186%	8h	263.22	−0.083%	$5.0M	$6.5M	50x
Nado BCH-PERP	−0.0139%	1h	263.01	−0.162%	$429K	$350K	10x	as long as short
Bitget BCHUSDT	−0.0110%	8h	263.39	−0.018%	$18.8M	$28.4M	75x	as long as short
SunX BCH-USDT	−0.0110%	8h	263.24	−0.075%	$1K	$1.7M	30x	as long as short
KuCoin BCHUSDTM	−0.0096%	8h	263.49	+0.020%	$8.4M	$6.8M	75x	as long as short
OKX BCH-USDT-SWAP	−0.0079%	8h	263.40	−0.014%	$25.1M	$76.6M	50x	as long as short
Variational Omni BCH	−0.0070%	8h	263.31	−0.050%	$81K	$196K	—	as long as short
Extended BCH-USD	−0.0056%	1h	263.38	−0.021%	$111K	$1.1M	25x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance BCHUSDT	−0.0054%	8h	263.67	+0.088%	$71.8M	$219.1M	75x	as long as short
MEXC BCH_USDT	−0.0053%	8h	263.95	+0.194%	$69.8M	$8.0M	200x	as long as short
Coinbase International BCH-PERP-INTX	−0.0040%	1h	263.48	+0.016%	$219K	$1.8M	50x	as long as short
GRVT BCH_USDT_Perp	−0.0026%	8h	263.89	+0.171%	$385K	$17K	10x	as long as short
Bybit BCHUSDT	−0.0023%	8h	263.40	−0.014%	$38.8M	$31.5M	75x	as long as short
BingX BCH-USDC	−0.0014%	8h	263.47	+0.012%	—	$6.5M	—	as long as short
gTrade (Gains Network) BCH/USD	L −0.0004% / S +0.0007%	1h	263.43	−0.003%	$15K	—	150x	as long as short
dYdX BCH-USD	0.0000%	1h	263.52	+0.031%	$5K	$240	10x	as long as short
Kalshi KXBCHPERP	0.0000%	8h	263.55	+0.043%	$985K	$10.4M	2.7x	as long as short
Deribit BCH_USDC-PERPETUALlong	0.0000%	1h	263.44	long leg	$438K	$333K	25x
Gate BCH_USDT	+0.0007%	8h	263.50	+0.024%	$8.3M	$13.7M	75x	as long as short
Injective BCH/USDC PERP	+0.0033%	1h	270.20	+2.567%	$721	$130K	12x	as long as short
Orderly PERP_BCH_USDC	+0.0046%	8h	263.29	−0.056%	$2K	$176	10x	as long as short
BloFin BCH-USDT	+0.0066%	8h	263.17	−0.102%	$3.9M	$4.4M	50x	as long as short
Aster BCHUSDT	+0.0071%	8h	263.54	+0.041%	$152K	$557K	75x	as long as short
Lighter BCH	+0.0096%	1h	263.52	+0.032%	$353K	$495K	10x	as long as short
Hyperliquid BCH	+0.0100%	1h	263.66	+0.084%	$5.6M	$4.6M	10x	as long as short
Pacifica BCH	+0.0100%	1h	263.50	+0.023%	$158K	$306K	10x	as long as short
edgeX BCHUSDC	+0.0100%	4h	263.93	+0.187%	$18K	$329K	20x	as long as short
ApeX Omni BCHUSDT	+0.0100%	1h	263.82	+0.145%	$96K	$235K	50x	as long as short
Kraken Futures PF_BCHUSD	+0.0180%	1h	263.46	+0.010%	$841K	$3.0M	50x	as long as short
GMX BCH/USD [WBTC.b-USDC]	L +0.0202% / S −0.0147%	1h	263.44	+0.002%	$12K	—	100x	as long as short