BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0022%/8h= +2.4% APRnext payment +$0.03 per $10,000 · paid last 24h −0.028%

Price spread now: Pacifica against Deribit+0.051%7-day average −0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$9as in the Price arb table

costs, in and out, $10k−$160.160% of the position

Long on Deribit Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.029%+$3 on $10k

Price spread, last 4 days (all we have)+0.104%+$10 · spread now +0.051%, 7d avg −0.018%

Together, before fees+0.133%+ Points / potential airdropPacifica: Active · farm board+$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Pacifica is 0.068% dearer against Deribit than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BTC-PERPETUAL	85,756.1	0.0078	pay 0.0010% / 1h	17m 26s	$891.6M	$1.53B	50x
Short	Pacifica BTC	85,799.6	0.0100	get 0.0013% / 1h	17m 26s	$40.2M	$577.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica against Deribit. 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 DeribitbpFee PacificabpOrdersPrice spread, now +0.051%Rate

Funding earned: $4.62
Price spread: +0.051% → −0.018%: $6.85
Slippage, 4 orders: −$1.01
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$4.54
Costs to cover: 0.160%
Break-even: 13.9 days

Slippage from Deribit: live order book, 2 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 Deribit live order book, 2 min ago	0.03 bp	3.5 bp −$4	3.6 bp −$36	6.7 bp −$673	10.6 bp −$5,303
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
Bluefin BTC-PERP	−0.0863%	1h	85,757.7	+0.002%	$196K	$722K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,789	+0.038%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,786	+0.035%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,766.1	+0.012%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,764.8	+0.010%	$416.5M	$665.3M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,749.3	−0.008%	$16.7M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,781.3	+0.029%	$36.7M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	85,761.1	+0.006%	$918.6M	$751.3M	125x	as long as short
Nado BTC-PERP	+0.0010%	1h	85,767	+0.013%	$22.7M	$219.6M	50x	as long as short
Aster BTCUSDT	+0.0018%	8h	85,755.3	−0.001%	$516.7M	$1.10B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0055%	8h	85,761.5	+0.006%	—	$17.0M	—	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,770.6	+0.017%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0071%	1h	85,760.6	+0.005%	$6.7M	$146.5M	40x	as long as short
Deribit BTC-PERPETUALlong	+0.0078%	1h	85,756.1	long leg	$891.6M	$1.53B	50x
Injective BTC/USDC PERP	+0.0079%	1h	85,807	+0.059%	$341K	$26.9M	52x	as long as short
Phemex BTCUSDT	+0.0079%	8h	85,737.6	−0.022%	$148.4M	$479.7M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,705.9	−0.059%	$2.5M	$1.7M	20x	as long as short
HTX BTC-USDT	+0.0083%	8h	85,725	−0.036%	$2.27B	$935.6M	200x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,766	+0.012%	$5.06B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,767.8	+0.014%	$9.36B	$23.87B	150x	as long as short
SunX BTC-USDT	+0.0093%	8h	85,727.5	−0.033%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0095%	1h	85,720	−0.042%	$60.0M	$336.1M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,774.5	+0.021%	$170.3M	$995.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,778.8	+0.026%	$24.0M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,767	+0.013%	$8.4M	$52.2M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,804.2	+0.056%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,738	−0.021%	$199K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,848	+0.107%	$3.75B	$4.98B	40x	as long as short
Pacifica BTCshort	+0.0100%	1h	85,799.6	+0.051%	$40.2M	$577.3M	50x
Bybit BTCUSDT	+0.0100%	8h	85,772	+0.019%	$5.33B	$9.56B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,774.5	+0.021%	$2.58B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,755	−0.001%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,739.6	−0.019%	$6.8M	$97.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,775.5	+0.023%	$5.56B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,724.8	−0.037%	$35.2M	$173.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,772.2	+0.019%	$155.9M	$551.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,731	−0.029%	$280.0M	$921.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,760.8	+0.005%	$215.4M	$166.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,808.4	+0.061%	$140.4M	$314.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,748.2	−0.009%	$30.3M	$209.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,813.6	+0.067%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,766	+0.012%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,770.2	+0.016%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,708.1	−0.056%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,713	−0.050%	$30.0M	$50.9M	15x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,681.9	−0.087%	$628.9M	$439.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,744.7	−0.013%	$44.2M	$226.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,778.8	+0.026%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,757	+0.001%	$130.4M	$5.09B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,788.6	+0.038%	$8.4M	$42.1M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,756.4	0.000%	$188.8M	$951.5M	100x	as long as short
Aftermath Perps BTCUSD	+0.0199%	1h	85,768.9	+0.015%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,755.8	0.000%	$703K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,725.6	−0.036%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,760	+0.005%	$10.5M	$758.1M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,789.6	+0.039%	$509K	$19.2M	6.7x	as long as short