Funding arb · Price arb /

BCH

all BCH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0443%/8h= −48.5% APRpaid last 24h −0.065%

Price spread now: Deribit against Phemex+0.062%7-day average +0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$340.345% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.154%−$15 on $10k

Price spread, last 3 days (all we have)−0.047%−$5 · spread now +0.062%, 7d avg +0.017%

Together, before fees−0.200%−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.045% dearer against Phemex than usual: you sell high and buy low (spread +0.062% now, against its 7-day average of +0.017%): +$4 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 7 days (−0.154% in total) that is about 2.0 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.154% in total (about -8.0% 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	266.94	−0.0126	get 0.0126% / 8h	3m 25s	$4.9M	$6.5M	50x
Short	Deribit BCH_USDC-PERPETUAL	267.11	−0.0569	pay 0.0071% / 1h	3m 25s	$451K	$266K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.062%Rate

Funding earned: −$93.11
Price spread: +0.062% → +0.017%: $4.48
Slippage, 4 orders: −$15.45
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$123.08
Costs to cover: 0.345%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Deribit: live order book, 10 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, 5 min ago	0.19 bp	8.6 bp −$9	17.0 bp −$170	doesn't fit	doesn't fit
Sell Deribit live order book, 10 min ago	3.96 bp	8.4 bp −$8	14.6 bp −$146	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-PERPETUALshort	−0.0569%	1h	267.11	+0.062%	$451K	$266K	25x
SoDEX BCH-USD	−0.0343%	1h	266.95	+0.004%	$2K	$6K	10x	as long as short
Variational Omni BCH	−0.0134%	8h	266.51	−0.160%	$82K	$292K	—	as long as short
Phemex BCHUSDTlong	−0.0126%	8h	266.94	long leg	$4.9M	$6.5M	50x
Kraken Futures PF_BCHUSD	−0.0126%	1h	267.22	+0.104%	$841K	$3.1M	50x	as long as short
Bybit BCHUSDT	−0.0076%	8h	266.96	+0.007%	$39.3M	$33.0M	75x	as long as short
Injective BCH/USDC PERP	−0.0054%	1h	270.20	+1.221%	$721	$130K	12x	as long as short
ApeX Omni BCHUSDT	−0.0049%	1h	266.86	−0.030%	$72K	$214K	50x	as long as short
Coinbase International BCH-PERP-INTX	−0.0032%	1h	267.25	+0.116%	$223K	$2.1M	50x	as long as short
Binance BCHUSDT	−0.0026%	8h	266.97	+0.011%	$73.1M	$233.0M	75x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC BCH_USDT	−0.0026%	8h	267.51	+0.214%	$70.1M	$6.9M	200x	as long as short
Extended BCH-USD	−0.0024%	1h	266.80	−0.052%	$115K	$652K	25x	as long as short
dYdX BCH-USD	0.0000%	1h	267.15	+0.079%	$5K	$248	10x	as long as short
Kalshi KXBCHPERP	0.0000%	8h	267.36	+0.157%	$1.2M	$11.7M	2.7x	as long as short
gTrade (Gains Network) BCH/USD	L 0.0000% / S +0.0007%	1h	267.15	+0.079%	$4K	—	150x	as long as short
Gate BCH_USDT	+0.0001%	8h	267.05	+0.041%	$8.4M	$14.9M	75x	as long as short
Nado BCH-PERP	+0.0004%	1h	266.87	−0.027%	$442K	$434K	10x	as long as short
GRVT BCH_USDT_Perp	+0.0019%	8h	266.72	−0.082%	$389K	$17K	10x	as long as short
Bitget BCHUSDT	+0.0022%	8h	266.94	0.000%	$19.1M	$30.1M	75x	as long as short
OKX BCH-USDT-SWAP	+0.0026%	8h	266.90	−0.015%	$26.0M	$78.6M	50x	as long as short
BingX BCH-USDT	+0.0028%	8h	266.97	+0.011%	—	$31.2M	—	as long as short
Orderly PERP_BCH_USDC	+0.0029%	8h	266.97	+0.011%	$2K	$176	10x	as long as short
BloFin BCH-USDT	+0.0094%	8h	266.72	−0.082%	$3.9M	$4.2M	50x	as long as short
Lighter BCH	+0.0096%	1h	267.02	+0.028%	$368K	$559K	10x	as long as short
Hyperliquid BCH	+0.0100%	1h	267.30	+0.135%	$6.0M	$4.5M	10x	as long as short
Aster BCHUSDT	+0.0100%	8h	267.04	+0.038%	$211K	$673K	75x	as long as short
Pacifica BCH	+0.0100%	1h	267.03	+0.032%	$162K	$429K	10x	as long as short
KuCoin BCHUSDTM	+0.0100%	8h	267.06	+0.045%	$9.0M	$7.8M	75x	as long as short
edgeX BCHUSDC	+0.0100%	4h	266.46	−0.182%	$19K	$291K	20x	as long as short
SunX BCH-USDT	+0.0100%	8h	266.82	−0.045%	$1K	$2.0M	30x	as long as short
HTX BCH-USDT	+0.0100%	8h	267.00	+0.022%	$775K	$1.6M	75x	as long as short
GMX BCH/USD [WBTC.b-USDC]	L +0.0332% / S −0.0451%	1h	267.18	+0.088%	$25K	—	100x	as long as short