Funding arb · Price arb /

BCH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0293%/8h= −32.1% APRpaid last 24h −0.021%

Price spread now: Phemex against Hyperliquid−0.074%7-day average −0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$330.328% of the position

Long on Hyperliquid Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.052%−$5 on $10k

Price spread, last 3 days (all we have)−0.097%−$10 · spread now −0.074%, 7d avg −0.048%

Together, before fees−0.148%+ Points / potential airdropHyperliquid: Season 2 · farm board−$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Phemex is 0.027% cheaper against Hyperliquid than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.048%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.052% in total (about -2.7% 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	Hyperliquid BCH	268.89	0.0100	pay 0.0013% / 1h	13m 38s	$6.0M	$4.1M	10x
Short	Phemex BCHUSDT	268.69	−0.0193	pay 0.0193% / 8h	2h 13m	$4.9M	$6.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Hyperliquid. 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 HyperliquidbpFee PhemexbpOrdersPrice spread, now −0.074%Rate

Funding earned: −$61.52
Price spread: −0.074% → −0.048%: −$2.67
Slippage, 4 orders: −$11.83
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$97.02
Costs to cover: 0.328%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 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 Hyperliquid live order book, 8 min ago	0.74 bp	7.2 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	0.37 bp	8.8 bp −$9	17.0 bp −$170	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
Deribit BCH_USDC-PERPETUAL	−0.0378%	1h	268.74	−0.057%	$440K	$247K	25x	as long as short
Injective BCH/USDC PERP	−0.0304%	1h	268.50	−0.145%	$716	$110K	12x	as long as short
Phemex BCHUSDTshort	−0.0193%	8h	268.69	−0.074%	$4.9M	$6.3M	50x
SoDEX BCH-USD	−0.0132%	1h	268.66	−0.086%	$2K	$6K	10x	as long as short
Binance BCHUSDT	−0.0096%	8h	268.48	−0.153%	$74.0M	$229.2M	75x	as long as short
Extended BCH-USD	−0.0096%	1h	268.30	−0.219%	$115K	$653K	25x	as long as short
MEXC BCH_USDT	−0.0096%	8h	269.14	+0.093%	$71.3M	$6.4M	200x	as long as short
Variational Omni BCH	−0.0069%	8h	268.54	−0.131%	$85K	$291K	—	as long as short
Bitget BCHUSDT	−0.0038%	8h	268.42	−0.175%	$19.9M	$28.9M	75x	as long as short
Gate BCH_USDT	−0.0024%	8h	268.55	−0.126%	$8.4M	$14.4M	75x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International BCH-PERP-INTX	−0.0024%	1h	269.02	+0.048%	$243K	$2.1M	50x	as long as short
GRVT BCH_USDT_Perp	−0.0023%	8h	268.72	−0.063%	$392K	$17K	10x	as long as short
Bybit BCHUSDT	−0.0010%	8h	268.40	−0.182%	$39.4M	$32.1M	75x	as long as short
dYdX BCH-USD	0.0000%	1h	268.72	−0.062%	$5K	$248	10x	as long as short
Kalshi KXBCHPERP	0.0000%	8h	269.07	+0.067%	$1.1M	$11.3M	2.7x	as long as short
gTrade (Gains Network) BCH/USD	L 0.0000% / S +0.0007%	1h	268.78	−0.041%	$4K	—	150x	as long as short
BingX BCH-USDC	+0.0018%	8h	268.42	−0.175%	—	$6.5M	—	as long as short
BloFin BCH-USDT	+0.0022%	8h	268.64	−0.093%	$4.0M	$4.1M	50x	as long as short
OKX BCH-USDT-SWAP	+0.0024%	8h	268.40	−0.182%	$26.4M	$76.1M	50x	as long as short
Orderly PERP_BCH_USDC	+0.0027%	8h	268.64	−0.093%	$2K	$176	10x	as long as short
Kraken Futures PF_BCHUSD	+0.0074%	1h	268.92	+0.011%	$806K	$3.2M	50x	as long as short
Lighter BCH	+0.0096%	1h	268.48	−0.153%	$376K	$581K	10x	as long as short
Nado BCH-PERP	+0.0100%	1h	268.54	−0.132%	$440K	$425K	10x	as long as short
Hyperliquid BCHlong	+0.0100%	1h	268.89	long leg	$6.0M	$4.1M	10x
Aster BCHUSDT	+0.0100%	8h	268.80	−0.033%	$236K	$660K	75x	as long as short
Pacifica BCH	+0.0100%	1h	268.52	−0.139%	$169K	$460K	10x	as long as short
KuCoin BCHUSDTM	+0.0100%	8h	268.78	−0.041%	$8.9M	$8.0M	75x	as long as short
edgeX BCHUSDC	+0.0100%	4h	268.68	−0.079%	$19K	$290K	20x	as long as short
ApeX Omni BCHUSDT	+0.0100%	1h	268.74	−0.056%	$73K	$213K	50x	as long as short
SunX BCH-USDT	+0.0100%	8h	268.42	−0.175%	$1K	$2.0M	30x	as long as short
HTX BCH-USDT	+0.0100%	8h	268.61	−0.104%	$774K	$1.6M	75x	as long as short
GMX BCH/USD [WBTC.b-USDC]	L +0.0373% / S −0.0574%	1h	268.74	−0.056%	$26K	—	100x	as long as short