Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h +0.004%

Price spread now: Pacifica against Bulk−0.122%7-day average +0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$150.152% of the position

Long on Bulk Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.004%$0 on $10k

Price spread, last 7 days+0.134%+$13 · spread now −0.122%, 7d avg +0.023%

Together, before fees+0.138%+ Points / potential airdropPacifica: Active · farm board+$14 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 0.145% cheaper against Bulk than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of +0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BTC-USD	86,411.1	0.0100	pay 0.0013% / 1h	20m 34s	$576.0M	$32.8M	40x
Short	Pacifica BTC	86,306	0.0100	get 0.0013% / 1h	20m 34s	$41.1M	$552.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica against Bulk. 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 BulkbpFee PacificabpOrdersPrice spread, now −0.122%Rate

Funding earned: $0
Price spread: −0.122% → +0.023%: −$14.45
Slippage, 4 orders: −$0.17
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$29.63
Costs to cover: 0.152%
Break-even: never at this rate

Slippage from Bulk: live order book, 4 min ago; Pacifica: live order book, 4 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 Bulk live order book, 4 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$353	3.6 bp −$1,782
Sell Pacifica live order book, 4 min ago	0.06 bp	4.1 bp −$4	4.7 bp −$47	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
Bluefin BTC-PERP	−0.0161%	1h	86,307	−0.120%	$144K	$666K	40x	as long as short
Phoenix BTC	−0.0129%	1h	86,359	−0.060%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,289	−0.141%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,288.4	−0.142%	$363K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,303.8	−0.124%	$481K	$21.4M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,297.6	−0.131%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	−0.061%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0024%	1h	86,292.5	−0.137%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0030%	8h	86,286.9	−0.144%	$500.4M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0042%	8h	86,289.2	−0.141%	$831.0M	$717.9M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0047%	1h	86,284.7	−0.146%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDT	+0.0050%	8h	86,291.4	−0.138%	—	$1.57B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,299.6	−0.129%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0064%	8h	86,290.2	−0.140%	$2.98B	$5.03B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,286.5	−0.144%	$2.5M	$1.8M	20x	as long as short
SoDEX BTC-USD	+0.0082%	1h	86,285	−0.146%	$60.3M	$338.2M	40x	as long as short
MEXC BTC_USDT	+0.0083%	8h	86,296.6	−0.132%	$5.13B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0083%	8h	86,280.9	−0.151%	$9.40B	$24.27B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,282.5	−0.149%	$170.4M	$987.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,296.4	−0.133%	$23.7M	$150.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,291	−0.139%	$8.4M	$52.0M	100x	as long as short
Gate BTC_USDT	+0.0099%	8h	86,294.1	−0.135%	$5.78B	$10.56B	200x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,256	−0.179%	$197K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,308.2	−0.119%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,294.8	−0.135%	$22.1M	$227.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,357	−0.063%	$3.79B	$4.97B	40x	as long as short
Pacifica BTCshort	+0.0100%	1h	86,306	−0.122%	$41.1M	$552.2M	50x
Bybit BTCUSDT	+0.0100%	8h	86,296.2	−0.133%	$5.25B	$9.66B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,295.8	−0.133%	$2.56B	$12.45B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,287	−0.144%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,313.2	−0.113%	$7.2M	$94.9M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,269.1	−0.164%	$37.2M	$158.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,271.9	−0.161%	$157.9M	$558.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,378.6	−0.038%	$279.0M	$949.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,434.6	+0.027%	$217.1M	$165.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,403.6	−0.009%	$141.5M	$321.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,307.5	−0.120%	$30.6M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,326.8	−0.097%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,288	−0.142%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,304	−0.124%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,280.9	−0.151%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,310.7	−0.116%	$30.3M	$57.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,256.6	−0.179%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,270.1	−0.163%	$2.29B	$958.7M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,290.4	−0.140%	$155.0M	$473.4M	150x	as long as short
Bulk BTC-USDlong	+0.0100%	1h	86,411.1	long leg	$576.0M	$32.8M	40x
Extended BTC-USD	+0.0104%	1h	86,271	−0.162%	$46.1M	$222.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,323.6	−0.101%	—	$98.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,337.7	−0.085%	$132.4M	$5.34B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,326	−0.098%	$192.4M	$944.4M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0155%	1h	86,337.9	−0.085%	$902.2M	$1.51B	50x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,341.8	−0.080%	$709K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0170%	1h	86,381.2	−0.035%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0203%	8h	86,280.1	−0.152%	$415.0M	$641.3M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0206% / S −0.0221%	1h	86,292.4	−0.137%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,319	−0.107%	$10.6M	$765.4M	6.4x	as long as short