Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:20 UTC+0.0323%/8h= +35.4% APRpaid last 24h +0.038%

Price spread now: Pacifica against Perpl+0.034%7-day average +0.005% · you sell dearer than you buy

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

Long on Perpl Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days−0.294%−$29 on $10k

Price spread, last 7 days−0.115%−$11 · spread now +0.034%, 7d avg +0.005%

Together, before fees−0.408%+ Points / potential airdropPerpl: Active · Pacifica: Active · farm board−$41 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Pacifica is 0.030% dearer against Perpl than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.005%. Mind the row above: over the last 7 days funding on this pair cost −0.294%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl BTC	86,625.8	−0.0223	get 0.0020% / 43m	0m 22s	$429K	$25.1M	6.7x
Short	Pacifica BTC	86,655.7	0.0100	get 0.0013% / 1h	40m 22s	$41.0M	$485.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica against Perpl. 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 PerplbpFee PacificabpOrdersPrice spread, now +0.034%Rate

Funding earned: $67.88
Price spread: +0.034% → +0.005%: $2.99
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Pacifica: 4 bp × 2 orders: −$8
Net: $49.07
Costs to cover: 0.218%
Break-even: 1.9 days

Slippage unknown: Perpl: no order-book sample; Pacifica: live order book, 4 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 Perpl no order-book sample	—	—	—	—	—
Sell Pacifica live order book, 4 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	doesn't fit	doesn't fit

Perpl: 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 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
Perpl BTClong	−0.0223%	43m	86,625.8	long leg	$429K	$25.1M	6.7x
Aftermath Perps BTCUSD	−0.0218%	1h	86,616.9	−0.010%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,607	−0.022%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0101%	1h	86,656.5	+0.035%	$17.7M	$20.3M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,605	−0.024%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,608.4	−0.020%	$845.4M	$708.3M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,639.7	+0.016%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,651.7	+0.030%	$937.1M	$1.43B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,642.3	+0.019%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0010%	8h	86,609	−0.019%	$505.7M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,614.5	−0.013%	$6.7M	$144.2M	40x	as long as short
BingX BTC-USDT	+0.0022%	8h	86,617.9	−0.009%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0023%	8h	86,611.3	−0.017%	$149.7M	$470.6M	150x	as long as short
Bitget BTCUSDT	+0.0027%	8h	86,613.3	−0.014%	$2.95B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,615.8	−0.012%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.123%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0050%	8h	86,615.9	−0.011%	$5.18B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0050%	8h	86,619.3	−0.008%	$9.44B	$24.30B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,626.4	+0.001%	$9.3M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0066%	8h	86,622.2	−0.004%	$2.57B	$12.69B	100x	as long as short
Gate BTC_USDT	+0.0067%	8h	86,616.9	−0.010%	$5.85B	$10.60B	200x	as long as short
Bybit BTCUSDT	+0.0078%	8h	86,614.8	−0.013%	$5.28B	$9.65B	150x	as long as short
Variational Omni BTC	+0.0091%	8h	86,619.6	−0.007%	$160.0M	$567.4M	—	as long as short
Lighter BTC	+0.0096%	1h	86,633	+0.008%	$172.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,634.5	+0.010%	$24.0M	$153.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,614	−0.014%	$8.5M	$52.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0098%	8h	86,570.8	−0.064%	$217.3M	$189.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,673.8	+0.055%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,608	−0.021%	$200K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,607.4	−0.021%	$21.8M	$235.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,693	+0.078%	$3.83B	$5.11B	40x	as long as short
Pacifica BTCshort	+0.0100%	1h	86,655.7	+0.034%	$41.0M	$485.8M	50x
Ondo Perps BTC-USD.P	+0.0100%	1h	86,620	−0.007%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,688.8	+0.073%	$7.4M	$93.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,606.9	−0.022%	$571.9M	$22.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,615.5	−0.012%	$38.1M	$148.2M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,571.4	−0.063%	$279.7M	$948.9M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,564.8	−0.070%	$141.5M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,606.8	−0.022%	$30.8M	$205.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,678.4	+0.061%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,621	−0.006%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,619.3	−0.007%	$194K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,634.7	+0.010%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,641.9	+0.019%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,627.6	+0.002%	$30.0M	$61.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,620.8	−0.006%	$3.4M	$5.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,618	−0.009%	$60.5M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,606.4	−0.022%	$2.30B	$956.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,605	−0.024%	$46.4M	$229.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,651.4	+0.030%	—	$98.2M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,663.6	+0.044%	$190.5M	$930.1M	100x	as long as short
Kalshi KXBTCPERP	+0.0117%	8h	86,636	+0.012%	$9.0M	$723.5M	6.4x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,655.1	+0.034%	$131.8M	$5.87B	50x	as long as short
BloFin BTC-USDT	+0.0170%	8h	86,602	−0.027%	$419.0M	$646.7M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,638.5	+0.015%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,646.2	+0.024%	$600K	$7.2M	30x	as long as short