Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0013%/8h= +1.4% APRpaid last 24h +0.002%

Price spread now: Pacifica against Bybit+0.075%7-day average +0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$190.193% of the position

Long on Bybit Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.057%+$6 on $10k

Price spread, last 7 days−0.065%−$6 · spread now +0.075%, 7d avg +0.022%

Together, before fees−0.007%+ Points / potential airdropPacifica: Active · farm board−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Pacifica is 0.053% dearer against Bybit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BTCUSDT	86,633	0.0087	pay 0.0087% / 8h	1h 54m	$5.27B	$9.74B	150x
Short	Pacifica BTC	86,697.7	0.0100	get 0.0013% / 1h	54m 34s	$41.1M	$499.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica against Bybit. 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 BybitbpFee PacificabpOrdersPrice spread, now +0.075%Rate

Funding earned: $2.63
Price spread: +0.075% → +0.022%: $5.3
Slippage, 4 orders: −$0.25
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$11.32
Costs to cover: 0.193%
Break-even: 37.1 days

Slippage from Bybit: live order book, 5 min ago; Pacifica: live order book, 5 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 Bybit live order book, 5 min ago	0.01 bp	5.5 bp −$6	5.6 bp −$56	6.9 bp −$692	8.1 bp −$4,033
Sell Pacifica live order book, 5 min ago	0.06 bp	4.2 bp −$4	4.6 bp −$46	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
Aftermath Perps BTCUSD	−0.0223%	1h	86,631	−0.002%	$79K	$197K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,639	+0.007%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,653	+0.023%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0032%	1h	86,684.5	+0.059%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,664.1	+0.036%	$359K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0004%	8h	86,648.1	+0.017%	$505.9M	$1.16B	200x	as long as short
Perpl BTC	0.0000%	43m	86,667.5	+0.040%	$422K	$24.4M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,668.5	+0.041%	$926.2M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	86,647.6	+0.017%	$852.0M	$709.6M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,669.5	+0.042%	$36.9M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0006%	1h	86,658.9	+0.030%	$8.5M	$43.3M	25x	as long as short
Hibachi BTC/USDT-P	+0.0008%	1h	86,625.8	−0.008%	$726K	$8.1M	30x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,661.6	+0.033%	$6.7M	$144.6M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,587	−0.053%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0030%	8h	86,642.6	+0.011%	$149.8M	$473.0M	150x	as long as short
BingX BTC-USDC	+0.0030%	8h	86,649.9	+0.019%	—	$15.4M	—	as long as short
Bitget BTCUSDT	+0.0038%	8h	86,655.5	+0.026%	$2.95B	$5.09B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,646.5	+0.016%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,649	+0.018%	$5.19B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,640.7	+0.009%	$9.43B	$24.38B	150x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,652.8	+0.023%	$5.86B	$10.61B	200x	as long as short
Nado BTC-PERP	+0.0085%	1h	86,609.6	−0.027%	$21.6M	$234.6M	50x	as long as short
Bybit BTCUSDTlong	+0.0087%	8h	86,633	long leg	$5.27B	$9.74B	150x
SoDEX BTC-USD	+0.0088%	1h	86,640	+0.008%	$60.5M	$336.7M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,674.3	+0.048%	$172.2M	$996.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,683.9	+0.059%	$24.1M	$151.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,644	+0.013%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,643	+0.012%	$201K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,698.1	+0.075%	$4.8M	$8.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,735	+0.118%	$3.82B	$5.08B	40x	as long as short
Pacifica BTCshort	+0.0100%	1h	86,697.7	+0.075%	$41.1M	$499.4M	50x
OKX BTC-USDT-SWAP	+0.0100%	8h	86,627.5	−0.006%	$2.55B	$12.74B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,643	+0.012%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,724.9	+0.106%	$7.4M	$94.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,590.2	−0.049%	$572.1M	$20.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,646.8	+0.016%	$38.3M	$152.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,582.6	−0.058%	$156.4M	$568.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,554.6	−0.090%	$279.5M	$940.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,561	−0.083%	$217.2M	$183.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,556.4	−0.088%	$141.5M	$322.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,556	−0.089%	$30.7M	$203.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,694.7	+0.071%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,667	+0.039%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,655	+0.025%	$193K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,651.1	+0.021%	$2.5M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,665.4	+0.037%	$141K	$618K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,638.5	+0.006%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,624.2	−0.010%	$3.4M	$5.5M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,645.2	+0.014%	$2.30B	$960.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,643.2	+0.012%	$46.4M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,639.5	+0.008%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,677.8	+0.052%	$131.8M	$5.81B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,676.4	+0.050%	$191.5M	$937.5M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,642.7	+0.011%	$417.2M	$655.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0210%	1h	86,667.5	+0.040%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0183%	8h	86,663	+0.035%	$9.7M	$726.6M	6.4x	as long as short