Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Pacifica against Ondo Perps+0.039%7-day average +0.016% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Ondo Perps Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days−0.012%−$1 on $10k

Price spread, last 7 days+0.203%+$20 · spread now +0.039%, 7d avg +0.016%

Together, before fees+0.191%+ Points / potential airdropOndo Perps: Active · Pacifica: Active · farm board+$19 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 0.023% dearer against Ondo Perps than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps BTC-USD.P	85,621	0.0100	pay 0.0013% / 1h	7m 07s	$3.9M	$18.0M	25x
Short	Pacifica BTC	85,654	0.0100	get 0.0013% / 1h	7m 07s	$40.2M	$569.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica against Ondo Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpFee PacificabpOrdersPrice spread, now +0.039%Rate

Funding earned: $0
Price spread: +0.039% → +0.016%: $2.27
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$10.73
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Pacifica: live order book, 2 min ago. Net counts fees only.

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 Ondo Perps no order-book sample	—	—	—	—	—
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

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BTC on 55 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	−0.0144%	1h	85,535	−0.100%	$2.1M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,646	+0.029%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,601.9	−0.022%	$361K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,603	−0.021%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,634.3	+0.016%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,682	+0.071%	$340K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0022%	8h	85,605.4	−0.018%	$515.9M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0026%	8h	85,610.6	−0.012%	$901.0M	$752.1M	125x	as long as short
Nado BTC-PERP	+0.0034%	1h	85,628.5	+0.009%	$22.8M	$226.5M	50x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,635.4	+0.017%	$8.3M	$42.1M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX BTC-USDT	+0.0047%	8h	85,619.2	−0.002%	$2.27B	$937.7M	200x	as long as short
BingX BTC-USDC	+0.0056%	8h	85,613.4	−0.009%	—	$17.1M	—	as long as short
Reya BTCRUSDPERP	+0.0061%	1h	85,609	−0.014%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,618.5	−0.003%	$2.95B	$5.04B	150x	as long as short
SunX BTC-USDT	+0.0072%	8h	85,589.3	−0.037%	$2.9M	$6.6M	100x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,617.9	−0.004%	$2.5M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,624.3	+0.004%	$9.32B	$24.08B	150x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,622.7	+0.002%	$5.08B	$5.76B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,629.1	+0.009%	$170.4M	$995.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,640.1	+0.022%	$23.6M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,608	−0.015%	$8.4M	$51.8M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,646.3	+0.030%	$3.8M	$8.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,550.6	−0.082%	$139.9M	$317.8M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,586	−0.041%	$207K	$7.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,692	+0.083%	$3.76B	$4.91B	40x	as long as short
Pacifica BTCshort	+0.0100%	1h	85,654	+0.039%	$40.2M	$569.5M	50x
Bybit BTCUSDT	+0.0100%	8h	85,626.8	+0.007%	$5.32B	$9.75B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,621.7	+0.001%	$2.55B	$12.22B	100x	as long as short
Ondo Perps BTC-USD.Plong	+0.0100%	1h	85,621	long leg	$3.9M	$18.0M	25x
Arcus BTC-USD	+0.0100%	1h	85,582.2	−0.045%	$7.2M	$96.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,626	+0.006%	$5.58B	$10.60B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,616	−0.006%	$35.1M	$166.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,606.4	−0.017%	$156.1M	$555.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,535.8	−0.100%	$278.1M	$937.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,544.9	−0.089%	$214.7M	$162.9M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,515.3	−0.124%	$30.2M	$209.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,654.4	+0.039%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,612	−0.011%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,622.6	+0.002%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,611.3	−0.011%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,660.3	+0.046%	$196K	$721K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,625.3	+0.005%	$30.0M	$56.1M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,630	+0.011%	$60.0M	$336.6M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,627.3	+0.007%	$151.2M	$480.5M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,673.6	+0.061%	$597.8M	$234.3M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,610.3	−0.013%	$44.1M	$228.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,637	+0.019%	—	$102.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,666	+0.053%	$130.8M	$5.11B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,653.8	+0.038%	$187.5M	$958.6M	100x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	85,592	−0.034%	$682K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0176%	1h	85,649.4	+0.033%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0186%	1h	85,631.1	+0.012%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	85,645	+0.028%	$10.3M	$766.3M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0245%	1h	85,683.4	+0.073%	$895.0M	$1.53B	50x	as long as short
Perpl BTC	+0.0447%	43m	85,640.6	+0.023%	$511K	$20.1M	6.7x	as long as short