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 −0.012%

Price spread now: SoDEX against Pacifica−0.060%7-day average −0.037% · 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−$19as in the Price arb table

costs, in and out, $10k−$160.162% of the position

Long on Pacifica Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.028%−$3 on $10k

Price spread, last 3 days (all we have)+0.025%+$2 · spread now −0.060%, 7d avg −0.037%

Together, before fees−0.003%+ Points / potential airdropPacifica: Active · farm board$0 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: SoDEX is 0.023% cheaper against Pacifica than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.037%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica BTC	86,407.3	0.0100	pay 0.0013% / 1h	40m 28s	$40.7M	$546.1M	50x
Short	SoDEX BTC-USD	86,355	0.0100	get 0.0013% / 1h	40m 28s	$60.4M	$338.2M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX against Pacifica. 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 PacificabpFee SoDEXbpOrdersPrice spread, now −0.060%Rate

Funding earned: $0
Price spread: −0.060% → −0.037%: −$2.32
Slippage, 4 orders: −$0.23
Fee Pacifica: 4 bp × 2 orders: −$8
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$18.55
Costs to cover: 0.162%
Break-even: never at this rate

Slippage from Pacifica: live order book, 4 min ago; SoDEX: 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 Pacifica live order book, 4 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	doesn't fit	doesn't fit
Sell SoDEX live order book, 4 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	4.9 bp −$493	38.7 bp −$19.4K

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	−0.0129%	1h	86,448	+0.047%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,373	−0.040%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,410.4	+0.004%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,388.2	−0.022%	$458K	$21.9M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,390	−0.020%	$903.6M	$1.51B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,377.2	−0.035%	$36.9M	—	200x	as long as short
dYdX BTC-USD	+0.0019%	1h	86,402.9	−0.005%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0020%	8h	86,403.3	−0.005%	$501.1M	$1.14B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,616	+0.242%	$333K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0036%	8h	86,374.4	−0.038%	$830.8M	$723.6M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BTCUSDT	+0.0039%	8h	86,351.2	−0.065%	$153.5M	$476.2M	150x	as long as short
Reya BTCRUSDPERP	+0.0043%	1h	86,412.8	+0.006%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDT	+0.0049%	8h	86,409.4	+0.002%	—	$1.58B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,415.1	+0.009%	$8.3M	$42.6M	25x	as long as short
Bitget BTCUSDT	+0.0062%	8h	86,404.8	−0.003%	$2.97B	$5.05B	150x	as long as short
MEXC BTC_USDT	+0.0078%	8h	86,377	−0.035%	$5.13B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0079%	8h	86,403.3	−0.005%	$9.41B	$24.39B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,335	−0.084%	$2.5M	$1.6M	20x	as long as short
Lighter BTC	+0.0096%	1h	86,388.2	−0.022%	$170.2M	$984.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,386.6	−0.024%	$23.7M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,404	−0.004%	$8.4M	$52.1M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,379	−0.033%	$202K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,435.4	+0.033%	$4.6M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,360.1	−0.055%	$21.9M	$230.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,481	+0.085%	$3.80B	$5.05B	40x	as long as short
Pacifica BTClong	+0.0100%	1h	86,407.3	long leg	$40.7M	$546.1M	50x
Bybit BTCUSDT	+0.0100%	8h	86,409.4	+0.002%	$5.26B	$9.71B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,417.7	+0.012%	$2.57B	$12.55B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,374	−0.038%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,436.5	+0.034%	$7.2M	$95.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,402.5	−0.006%	$5.82B	$10.52B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,345.7	−0.071%	$37.4M	$156.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,351.7	−0.064%	$158.4M	$564.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,429.4	+0.026%	$279.2M	$949.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,468.6	+0.071%	$217.0M	$165.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,422.4	+0.018%	$141.5M	$322.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,404	−0.004%	$30.7M	$208.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,441.1	+0.039%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,412	+0.005%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,360.9	−0.054%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,354.8	−0.061%	$2.5M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,393.7	−0.016%	$144K	$667K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,389.9	−0.020%	$30.5M	$62.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,350	−0.066%	$3.4M	$5.2M	100x	as long as short
SoDEX BTC-USDshort	+0.0100%	1h	86,355	−0.060%	$60.4M	$338.2M	40x
HTX BTC-USDT	+0.0100%	8h	86,341.1	−0.077%	$2.29B	$964.3M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,336.3	−0.082%	$571.6M	$13.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,388.7	−0.021%	$45.9M	$222.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,375.1	−0.037%	—	$99.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,395	−0.014%	$132.2M	$5.48B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,387.6	−0.023%	$192.1M	$944.8M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,468	+0.070%	$712K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	86,420.3	+0.015%	$78K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0199%	8h	86,354.6	−0.061%	$414.4M	$649.7M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0217%	1h	86,374.4	−0.038%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	86,409	+0.002%	$9.9M	$762.2M	6.4x	as long as short