Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0045%/8h= +5.0% APRpaid last 24h +0.019%

Price spread now: Pacifica against Phemex+0.021%7-day average +0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$200.201% of the position

Long on Phemex Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.088%+$9 on $10k

Price spread, last 3 days (all we have)+0.030%+$3 · spread now +0.021%, 7d avg +0.033%

Together, before fees+0.118%+ Points / potential airdropPacifica: Active · farm board+$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.033%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	86,528.3	0.0055	pay 0.0055% / 8h	7m 35s	$151.2M	$478.6M	150x
Short	Pacifica BTC	86,546.2	0.0100	get 0.0013% / 1h	7m 35s	$41.1M	$538.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica against Phemex. 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 PhemexbpFee PacificabpOrdersPrice spread, now +0.021%Rate

Funding earned: $9.5
Price spread: +0.021% → +0.033%: −$1.28
Slippage, 4 orders: −$0.13
Fee Phemex: 6 bp × 2 orders: −$12
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$11.91
Costs to cover: 0.201%
Break-even: 15.8 days

Slippage from Phemex: live order book, 7 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 Phemex live order book, 7 min ago	0.01 bp	6.0 bp −$6	6.1 bp −$61	8.0 bp −$796	doesn't fit
Sell Pacifica live order book, 2 min ago	0.06 bp	4.1 bp −$4	4.2 bp −$42	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
Phoenix BTC	−0.0118%	1h	86,444	−0.097%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,516	−0.014%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,345	−0.212%	$332K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,495.7	−0.038%	$8.3M	$42.7M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,502.7	−0.030%	$360K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,492.8	−0.041%	$412K	$22.4M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,540.1	+0.014%	$36.8M	—	200x	as long as short
Aster BTCUSDT	+0.0010%	8h	86,515.1	−0.015%	$501.8M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0022%	8h	86,512.7	−0.018%	$834.6M	$728.2M	125x	as long as short
Reya BTCRUSDPERP	+0.0036%	1h	86,502.4	−0.030%	$6.7M	$145.5M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0044%	8h	86,513.1	−0.018%	—	$1.59B	—	as long as short
Phemex BTCUSDTlong	+0.0055%	8h	86,528.3	long leg	$151.2M	$478.6M	150x
Bitget BTCUSDT	+0.0055%	8h	86,504.6	−0.027%	$2.97B	$5.13B	150x	as long as short
dYdX BTC-USD	+0.0063%	1h	86,506.6	−0.025%	$16.9M	$21.2M	50x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,511.6	−0.019%	$2.5M	$1.4M	20x	as long as short
MEXC BTC_USDT	+0.0074%	8h	86,512.6	−0.018%	$5.16B	$5.69B	500x	as long as short
Binance BTCUSDT	+0.0074%	8h	86,503.4	−0.029%	$9.44B	$24.53B	150x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,510.9	−0.020%	$5.85B	$10.81B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,526	−0.003%	$170.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,533.7	+0.006%	$23.9M	$152.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,487	−0.048%	$8.5M	$52.3M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,521.3	−0.008%	$5.27B	$9.79B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,475	−0.062%	$196K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,547.9	+0.023%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,475.2	−0.061%	$21.8M	$233.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,595.1	+0.077%	$3.80B	$5.10B	40x	as long as short
Pacifica BTCshort	+0.0100%	1h	86,546.2	+0.021%	$41.1M	$538.1M	50x
OKX BTC-USDT-SWAP	+0.0100%	8h	86,524.8	−0.004%	$2.55B	$12.74B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,540	+0.014%	$3.9M	$18.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,545.7	+0.020%	$7.3M	$96.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,526.9	−0.002%	$38.0M	$155.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,407.7	−0.139%	$157.0M	$567.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,442.3	−0.099%	$279.2M	$947.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,461.1	−0.078%	$217.1M	$172.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,464.5	−0.074%	$141.5M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,448	−0.093%	$30.7M	$206.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,528.1	0.000%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,499	−0.034%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,510	−0.021%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,521.2	−0.008%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,556.9	+0.033%	$141K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,554.5	+0.030%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,497.7	−0.035%	$3.4M	$5.3M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,523	−0.006%	$60.5M	$338.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,511.5	−0.019%	$2.30B	$968.2M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,452.9	−0.087%	$572.2M	$12.3M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,492.6	−0.041%	$45.8M	$225.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,494.7	−0.039%	—	$100.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,556	+0.032%	$193.1M	$953.1M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,569.7	+0.048%	$132.3M	$5.64B	50x	as long as short
Aftermath Perps BTCUSD	+0.0160%	1h	86,482.6	−0.053%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,501.5	−0.031%	$717K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0194%	8h	86,461.9	−0.077%	$415.2M	$658.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0199% / S −0.0224%	1h	86,524.7	−0.004%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0207%	8h	86,518	−0.012%	$10.1M	$752.3M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0440%	1h	86,592.5	+0.074%	$913.7M	$1.49B	50x	as long as short