Funding arb · Price arb /

BCH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0234%/8h= +25.6% APRpaid last 24h +0.003%

Price spread now: Coinbase International against Phemex+0.055%7-day average +0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$460.463% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.008%+$1 on $10k

Price spread, last 3 days (all we have)−0.146%−$15 · spread now +0.055%, 7d avg +0.027%

Together, before fees−0.138%−$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Coinbase International is 0.028% dearer against Phemex than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.027%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.008% in total (about 0.4% 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	Phemex BCHUSDT	271.42	−0.0218	get 0.0218% / 8h	1h 42m	$4.9M	$6.3M	50x
Short	Coinbase International BCH-PERP-INTX	271.57	0.0016	get 0.0002% / 1h	42m 57s	$234K	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Phemex. 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 PhemexbpFee Coinbase InternationalbpOrdersPrice spread, now +0.055%Rate

Funding earned: $49.07
Price spread: +0.055% → +0.027%: $2.78
Slippage, 4 orders: −$24.28
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $5.57
Costs to cover: 0.463%
Break-even: 6.2 days

Slippage from Phemex: live order book, 6 min ago; Coinbase International: live order book, 1 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 Phemex live order book, 6 min ago	0.19 bp	10.6 bp −$11	18.4 bp −$184	doesn't fit	doesn't fit
Sell Coinbase International live order book, 1 min ago	5.52 bp	14.5 bp −$14	19.4 bp −$194	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
Phemex BCHUSDTlong	−0.0218%	8h	271.42	long leg	$4.9M	$6.3M	50x
Deribit BCH_USDC-PERPETUAL	−0.0155%	1h	271.50	+0.029%	$460K	$265K	25x	as long as short
Injective BCH/USDC PERP	−0.0154%	1h	270.20	−0.449%	$721	$130K	12x	as long as short
Variational Omni BCH	−0.0073%	8h	270.32	−0.404%	$86K	$291K	—	as long as short
MEXC BCH_USDT	−0.0068%	8h	272.34	+0.339%	$71.9M	$6.3M	200x	as long as short
Binance BCHUSDT	−0.0065%	8h	271.81	+0.145%	$75.6M	$232.3M	75x	as long as short
Extended BCH-USD	−0.0064%	1h	271.68	+0.097%	$117K	$653K	25x	as long as short
SoDEX BCH-USD	−0.0049%	1h	271.45	+0.011%	$2K	$6K	10x	as long as short
Bitget BCHUSDT	−0.0013%	8h	271.76	+0.125%	$20.2M	$29.0M	75x	as long as short
Gate BCH_USDT	−0.0008%	8h	271.78	+0.133%	$8.4M	$14.7M	75x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX BCH-USD	0.0000%	1h	271.63	+0.079%	$5K	$248	10x	as long as short
Kalshi KXBCHPERP	0.0000%	8h	271.80	+0.140%	$1.1M	$11.6M	2.7x	as long as short
gTrade (Gains Network) BCH/USD	L 0.0000% / S +0.0007%	1h	271.55	+0.048%	$5K	—	150x	as long as short
Bybit BCHUSDT	+0.0002%	8h	271.66	+0.088%	$39.9M	$32.7M	75x	as long as short
GRVT BCH_USDT_Perp	+0.0007%	8h	270.52	−0.330%	$394K	$17K	10x	as long as short
Coinbase International BCH-PERP-INTXshort	+0.0016%	1h	271.57	+0.055%	$234K	$2.1M	50x
Orderly PERP_BCH_USDC	+0.0026%	8h	271.35	−0.026%	$2K	$176	10x	as long as short
BingX BCH-USDC	+0.0049%	8h	271.80	+0.140%	—	$6.5M	—	as long as short
BloFin BCH-USDT	+0.0055%	8h	271.59	+0.063%	$4.0M	$4.2M	50x	as long as short
OKX BCH-USDT-SWAP	+0.0060%	8h	271.80	+0.140%	$26.5M	$78.1M	50x	as long as short
Nado BCH-PERP	+0.0062%	1h	271.45	+0.013%	$445K	$427K	10x	as long as short
Lighter BCH	+0.0096%	1h	271.59	+0.063%	$381K	$583K	10x	as long as short
Hyperliquid BCH	+0.0100%	1h	271.91	+0.181%	$6.1M	$4.2M	10x	as long as short
Aster BCHUSDT	+0.0100%	8h	271.63	+0.078%	$221K	$700K	75x	as long as short
Pacifica BCH	+0.0100%	1h	271.53	+0.042%	$165K	$468K	10x	as long as short
KuCoin BCHUSDTM	+0.0100%	8h	271.82	+0.147%	$9.0M	$7.9M	75x	as long as short
edgeX BCHUSDC	+0.0100%	4h	270.49	−0.342%	$19K	$290K	20x	as long as short
ApeX Omni BCHUSDT	+0.0100%	1h	270.72	−0.258%	$73K	$214K	50x	as long as short
SunX BCH-USDT	+0.0100%	8h	271.38	−0.015%	$2K	$2.0M	30x	as long as short
HTX BCH-USDT	+0.0100%	8h	271.41	−0.004%	$790K	$1.7M	75x	as long as short
Kraken Futures PF_BCHUSD	+0.0112%	1h	271.75	+0.120%	$811K	$3.2M	50x	as long as short
GMX BCH/USD [WBTC.b-USDC]	L +0.0342% / S −0.0467%	1h	271.57	+0.055%	$26K	—	100x	as long as short