Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.169%

Price spread now: Pacifica against Bluefin−0.034%7-day average +0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs+$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$200.201% of the position

Long on Bluefin Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.307%+$31 on $10k

Price spread, last 4 days (all we have)+0.237%+$24 · spread now −0.034%, 7d avg +0.051%

Together, before fees+0.544%+ Points / potential airdropPacifica: Active · farm board+$54 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Pacifica is 0.084% cheaper against Bluefin than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.051%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin BTC-PERP	85,685.3	0.0100	pay 0.0013% / 1h	42m 03s	$197K	$721K	40x
Short	Pacifica BTC	85,656.6	0.0100	get 0.0013% / 1h	42m 03s	$40.2M	$571.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica against Bluefin. 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 BluefinbpFee PacificabpOrdersPrice spread, now −0.034%Rate

Funding earned: $0
Price spread: −0.034% → +0.051%: −$8.42
Slippage, 4 orders: −$5.11
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$28.53
Costs to cover: 0.201%
Break-even: never at this rate

Slippage from Bluefin: live order book, 22 min ago; Pacifica: live order book, 2 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 Bluefin live order book, 22 min ago	0.88 bp	6.0 bp −$6	10.7 bp −$107	doesn't fit	doesn't fit
Sell Pacifica live order book, 2 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	doesn't fit	doesn't fit

BTC on 56 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
Phoenix BTC	−0.0160%	1h	85,485	−0.234%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,574	−0.130%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,639.1	−0.054%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,602.1	−0.097%	$416.5M	$662.4M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,643.2	−0.049%	$16.8M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,656.4	−0.034%	$36.7M	—	200x	as long as short
Nado BTC-PERP	+0.0005%	1h	85,636.3	−0.057%	$22.8M	$221.6M	50x	as long as short
KuCoin XBTUSDTM	+0.0014%	8h	85,639.7	−0.053%	$907.6M	$749.7M	125x	as long as short
Aster BTCUSDT	+0.0020%	8h	85,651.1	−0.040%	$516.1M	$1.11B	200x	as long as short
BingX BTC-USDT	+0.0054%	8h	85,645.4	−0.047%	—	$1.54B	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0066%	1h	85,637.8	−0.055%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,637.6	−0.056%	$2.95B	$5.02B	150x	as long as short
Phemex BTCUSDT	+0.0072%	8h	85,653.9	−0.037%	$148.4M	$478.4M	150x	as long as short
HTX BTC-USDT	+0.0073%	8h	85,650.9	−0.040%	$2.27B	$932.8M	200x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	−0.080%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,646.9	−0.045%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,661	−0.028%	$5.04B	$5.60B	500x	as long as short
SunX BTC-USDT	+0.0087%	8h	85,614.3	−0.083%	$2.9M	$6.1M	100x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,619.6	−0.077%	$9.33B	$23.90B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,662.5	−0.027%	$169.7M	$986.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,663.4	−0.026%	$23.9M	$147.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,638	−0.055%	$8.4M	$51.9M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,682.8	−0.003%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,609	−0.089%	$204K	$7.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,714	+0.033%	$3.78B	$4.94B	40x	as long as short
Pacifica BTCshort	+0.0100%	1h	85,656.6	−0.034%	$40.2M	$571.1M	50x
Bybit BTCUSDT	+0.0100%	8h	85,601.5	−0.098%	$5.34B	$9.59B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,647.1	−0.045%	$2.57B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,635	−0.059%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,599.1	−0.101%	$7.3M	$97.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	−0.143%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,653.3	−0.037%	$5.55B	$10.46B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,634.3	−0.060%	$35.1M	$171.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,485	−0.234%	$154.0M	$550.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,511.8	−0.202%	$278.9M	$932.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,432.8	−0.295%	$214.5M	$161.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,578.6	−0.125%	$140.0M	$316.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,588.9	−0.113%	$30.3M	$211.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,683.9	−0.002%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,634	−0.060%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,646.1	−0.046%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,641.7	−0.051%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERPlong	+0.0100%	1h	85,685.3	long leg	$197K	$721K	40x
Derive BTC-PERP	+0.0100%	1h	85,645.3	−0.047%	$30.0M	$52.5M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,660	−0.030%	$60.0M	$336.2M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0102%	1h	85,692.2	+0.008%	$893.3M	$1.52B	50x	as long as short
Extended BTC-USD	+0.0104%	1h	85,630.8	−0.064%	$44.0M	$227.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,617.6	−0.079%	—	$106.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,693.9	+0.010%	$130.9M	$5.09B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,663	−0.026%	$8.3M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,683.5	−0.002%	$187.6M	$947.5M	100x	as long as short
Aftermath Perps BTCUSD	+0.0194%	1h	85,583.1	−0.119%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,583.5	−0.119%	$697K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,651.6	−0.039%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	85,664	−0.025%	$10.5M	$760.4M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,632.2	−0.062%	$524K	$19.5M	6.7x	as long as short