Funding arb · Price arb /

BCH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0212%/8h= +23.2% APRpaid last 24h +0.021%

Price spread now: Hyperliquid against Phemex+0.109%7-day average +0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$300.302% of the position

Long on Phemex Short on Hyperliquid

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)−0.025%−$2 · spread now +0.109%, 7d avg +0.046%

Together, before fees+0.027%+ Points / potential airdropHyperliquid: Season 2 · farm board+$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Hyperliquid is 0.063% dearer against Phemex than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.046%.

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	Phemex BCHUSDT	266.31	−0.0112	get 0.0112% / 8h	11m 52s	$4.9M	$6.5M	50x
Short	Hyperliquid BCH	266.60	0.0100	get 0.0013% / 1h	11m 52s	$6.0M	$4.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.109%Rate

Funding earned: $44.5
Price spread: +0.109% → +0.046%: $6.27
Slippage, 4 orders: −$9.17
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $20.6
Costs to cover: 0.302%
Break-even: 3.8 days

Slippage from Phemex: live order book, 2 min ago; Hyperliquid: 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, 2 min ago	0.19 bp	8.8 bp −$9	17.5 bp −$175	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	0.56 bp	6.1 bp −$6	doesn't fit	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	−0.0504%	1h	266.43	+0.043%	$450K	$266K	25x	as long as short
SoDEX BCH-USD	−0.0314%	1h	266.22	−0.034%	$2K	$6K	10x	as long as short
Variational Omni BCH	−0.0136%	8h	266.51	+0.076%	$82K	$292K	—	as long as short
Kraken Futures PF_BCHUSD	−0.0126%	1h	266.54	+0.088%	$843K	$3.1M	50x	as long as short
ApeX Omni BCHUSDT	−0.0121%	1h	266.44	+0.049%	$72K	$213K	50x	as long as short
Phemex BCHUSDTlong	−0.0112%	8h	266.31	long leg	$4.9M	$6.5M	50x
Bybit BCHUSDT	−0.0079%	8h	266.40	+0.034%	$39.2M	$33.0M	75x	as long as short
Injective BCH/USDC PERP	−0.0054%	1h	270.20	+1.461%	$721	$130K	12x	as long as short
Coinbase International BCH-PERP-INTX	−0.0032%	1h	266.58	+0.101%	$224K	$2.1M	50x	as long as short
Extended BCH-USD	−0.0024%	1h	266.30	−0.004%	$115K	$652K	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	−0.0024%	8h	266.34	+0.011%	$72.9M	$233.0M	75x	as long as short
MEXC BCH_USDT	−0.0021%	8h	266.92	+0.229%	$69.9M	$6.9M	200x	as long as short
dYdX BCH-USD	0.0000%	1h	266.60	+0.107%	$5K	$248	10x	as long as short
Gate BCH_USDT	0.0000%	8h	266.38	+0.026%	$8.3M	$14.9M	75x	as long as short
Kalshi KXBCHPERP	0.0000%	8h	266.94	+0.237%	$1.2M	$11.7M	2.7x	as long as short
gTrade (Gains Network) BCH/USD	L 0.0000% / S +0.0007%	1h	266.48	+0.064%	$4K	—	150x	as long as short
Bitget BCHUSDT	+0.0022%	8h	266.27	−0.015%	$19.1M	$30.1M	75x	as long as short
GRVT BCH_USDT_Perp	+0.0024%	8h	266.27	−0.014%	$388K	$17K	10x	as long as short
Nado BCH-PERP	+0.0025%	1h	266.25	−0.023%	$442K	$436K	10x	as long as short
Orderly PERP_BCH_USDC	+0.0028%	8h	266.26	−0.019%	$2K	$176	10x	as long as short
OKX BCH-USDT-SWAP	+0.0031%	8h	266.30	−0.004%	$25.9M	$78.3M	50x	as long as short
BingX BCH-USDT	+0.0036%	8h	266.35	+0.015%	—	$31.2M	—	as long as short
Lighter BCH	+0.0096%	1h	266.32	+0.003%	$367K	$558K	10x	as long as short
BloFin BCH-USDT	+0.0098%	8h	266.34	+0.011%	$3.9M	$4.2M	50x	as long as short
Hyperliquid BCHshort	+0.0100%	1h	266.60	+0.109%	$6.0M	$4.5M	10x
Aster BCHUSDT	+0.0100%	8h	266.37	+0.022%	$210K	$673K	75x	as long as short
Pacifica BCH	+0.0100%	1h	266.41	+0.039%	$162K	$431K	10x	as long as short
KuCoin BCHUSDTM	+0.0100%	8h	266.44	+0.049%	$9.0M	$7.8M	75x	as long as short
edgeX BCHUSDC	+0.0100%	4h	266.31	−0.001%	$19K	$292K	20x	as long as short
SunX BCH-USDT	+0.0100%	8h	266.28	−0.011%	$2K	$2.0M	30x	as long as short
HTX BCH-USDT	+0.0100%	8h	266.22	−0.034%	$774K	$1.6M	75x	as long as short
GMX BCH/USD [WBTC.b-USDC]	L +0.0332% / S −0.0451%	1h	266.54	+0.087%	$25K	—	100x	as long as short