Funding arb · Price arb /

BCH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0290%/8h= +31.8% APRpaid last 24h +0.020%

Price spread now: Lighter against Phemex+0.049%7-day average 0.000% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

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

costs, in and out, $10k−$290.287% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.047%−$5 on $10k

Price spread, last 3 days (all we have)+0.009%+$1 · spread now +0.049%, 7d avg 0.000%

Together, before fees−0.037%+ Points / potential airdropLighter: Season 3 · farm board−$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Lighter is 0.049% dearer against Phemex than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of 0.000%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.047% in total (about -2.4% 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	271.26	−0.0194	get 0.0194% / 8h	53m 12s	$5.0M	$6.5M	50x
Short	Lighter BCH	271.39	0.0096	get 0.0012% / 1h	53m 12s	$375K	$554K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.049%Rate

Funding earned: $60.94
Price spread: +0.049% → 0.000%: $4.88
Slippage, 4 orders: −$16.73
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: $37.09
Costs to cover: 0.287%
Break-even: 2.7 days

Slippage from Phemex: live order book, 6 min ago; Lighter: live order book, 17 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	8.5 bp −$8	16.6 bp −$166	doesn't fit	doesn't fit
Sell Lighter live order book, 17 min ago	3.96 bp	6.8 bp −$7	59.6 bp −$596	161.8 bp −$16.2K	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	−0.0299%	1h	271.48	+0.081%	$459K	$266K	25x	as long as short
Phemex BCHUSDTlong	−0.0194%	8h	271.26	long leg	$5.0M	$6.5M	50x
Variational Omni BCH	−0.0132%	8h	270.91	−0.128%	$83K	$294K	—	as long as short
Kraken Futures PF_BCHUSD	−0.0124%	1h	271.66	+0.147%	$823K	$3.2M	50x	as long as short
Bybit BCHUSDT	−0.0077%	8h	271.30	+0.015%	$39.7M	$33.2M	75x	as long as short
Injective BCH/USDC PERP	−0.0054%	1h	270.20	−0.391%	$721	$130K	12x	as long as short
Extended BCH-USD	−0.0032%	1h	271.21	−0.019%	$117K	$653K	25x	as long as short
Coinbase International BCH-PERP-INTX	−0.0032%	1h	271.38	+0.044%	$241K	$2.1M	50x	as long as short
MEXC BCH_USDT	−0.0029%	8h	271.82	+0.206%	$71.2M	$6.6M	200x	as long as short
Binance BCHUSDT	−0.0028%	8h	271.37	+0.042%	$75.6M	$234.9M	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	271.30	+0.015%	$5K	$248	10x	as long as short
Kalshi KXBCHPERP	0.0000%	8h	271.53	+0.100%	$1.3M	$11.8M	2.7x	as long as short
gTrade (Gains Network) BCH/USD	L 0.0000% / S +0.0007%	1h	271.45	+0.070%	$5K	—	150x	as long as short
Gate BCH_USDT	+0.0007%	8h	271.31	+0.018%	$8.4M	$14.4M	75x	as long as short
SoDEX BCH-USD	+0.0013%	1h	271.35	+0.033%	$2K	$6K	10x	as long as short
Orderly PERP_BCH_USDC	+0.0024%	8h	271.33	+0.026%	$2K	$176	10x	as long as short
GRVT BCH_USDT_Perp	+0.0028%	8h	271.22	−0.014%	$395K	$17K	10x	as long as short
Bitget BCHUSDT	+0.0035%	8h	271.32	+0.022%	$19.6M	$29.6M	75x	as long as short
BingX BCH-USDT	+0.0055%	8h	271.29	+0.011%	—	$30.6M	—	as long as short
OKX BCH-USDT-SWAP	+0.0059%	8h	271.30	+0.015%	$26.7M	$79.3M	50x	as long as short
BloFin BCH-USDT	+0.0092%	8h	271.45	+0.070%	$4.0M	$4.3M	50x	as long as short
Nado BCH-PERP	+0.0094%	1h	271.37	+0.041%	$443K	$430K	10x	as long as short
Lighter BCHshort	+0.0096%	1h	271.39	+0.049%	$375K	$554K	10x
Hyperliquid BCH	+0.0100%	1h	271.65	+0.144%	$6.1M	$4.2M	10x	as long as short
Aster BCHUSDT	+0.0100%	8h	271.36	+0.037%	$219K	$705K	75x	as long as short
Pacifica BCH	+0.0100%	1h	271.27	+0.005%	$165K	$467K	10x	as long as short
KuCoin BCHUSDTM	+0.0100%	8h	271.41	+0.055%	$9.3M	$7.9M	75x	as long as short
edgeX BCHUSDC	+0.0100%	4h	271.20	−0.022%	$19K	$290K	20x	as long as short
ApeX Omni BCHUSDT	+0.0100%	1h	270.90	−0.133%	$73K	$214K	50x	as long as short
SunX BCH-USDT	+0.0100%	8h	271.27	+0.004%	$2K	$2.0M	30x	as long as short
HTX BCH-USDT	+0.0100%	8h	271.35	+0.033%	$780K	$1.7M	75x	as long as short
GMX BCH/USD [WBTC.b-USDC]	L +0.0335% / S −0.0340%	1h	271.52	+0.094%	$27K	—	100x	as long as short