Funding arb · Price arb /

BCH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0386%/8h= −42.3% APRpaid last 24h −0.058%

Price spread now: Phemex against Lighter−0.051%7-day average −0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$520.516% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.033%−$3 on $10k

Price spread, last 4 days (all we have)−0.093%−$9 · spread now −0.051%, 7d avg −0.006%

Together, before fees−0.125%+ Points / potential airdropLighter: Season 3 · farm board−$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Phemex is 0.045% cheaper against Lighter than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.006%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.033% in total (about -1.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BCH	270.04	0.0096	pay 0.0012% / 1h	51m 07s	$395K	$432K	10x
Short	Phemex BCHUSDT	269.90	−0.0290	pay 0.0290% / 8h	5h 51m	$4.9M	$6.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Lighter. 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 LighterbpFee PhemexbpOrdersPrice spread, now −0.051%Rate

Funding earned: −$81.11
Price spread: −0.051% → −0.006%: −$4.55
Slippage, 4 orders: −$39.62
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$137.28
Costs to cover: 0.516%
Break-even: never at this rate

Slippage from Lighter: live order book, 55 min ago; Phemex: live order book, 6 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 Lighter live order book, 55 min ago	6.14 bp	16.2 bp −$16	65.2 bp −$652	164.0 bp −$16.4K	doesn't fit
Sell Phemex live order book, 6 min ago	6.11 bp	14.5 bp −$15	22.7 bp −$227	doesn't fit	doesn't fit

BCH on 32 exchanges

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
SoDEX BCH-USD	−0.0417%	1h	269.89	−0.055%	$2K	$8K	10x	as long as short
Phemex BCHUSDTshort	−0.0290%	8h	269.90	−0.051%	$4.9M	$6.3M	50x
ApeX Omni BCHUSDT	−0.0170%	1h	270.02	−0.007%	$98K	$245K	50x	as long as short
Variational Omni BCH	−0.0131%	8h	269.88	−0.058%	$152K	$229K	—	as long as short
OKX BCH-USDT-SWAP	−0.0114%	8h	269.90	−0.051%	$26.0M	$75.5M	50x	as long as short
Bybit BCHUSDT	−0.0090%	8h	269.90	−0.051%	$39.5M	$30.9M	75x	as long as short
Deribit BCH_USDC-PERPETUAL	−0.0072%	1h	270.05	+0.004%	$426K	$356K	25x	as long as short
Binance BCHUSDT	−0.0068%	8h	269.91	−0.047%	$74.2M	$201.2M	75x	as long as short
MEXC BCH_USDT	−0.0067%	8h	270.63	+0.219%	$73.5M	$9.4M	200x	as long as short
Extended BCH-USD	−0.0064%	1h	269.79	−0.090%	$118K	$917K	25x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT BCH_USDT_Perp	−0.0063%	8h	270.04	+0.001%	$394K	$17K	10x	as long as short
Gate BCH_USDT	−0.0062%	8h	270.03	−0.003%	$8.2M	$12.2M	75x	as long as short
BingX BCH-USDC	−0.0005%	8h	269.96	−0.029%	—	$6.5M	—	as long as short
gTrade (Gains Network) BCH/USD	L −0.0003% / S +0.0007%	1h	269.91	−0.048%	$18K	—	150x	as long as short
KuCoin BCHUSDTM	−0.0002%	8h	270.07	+0.012%	$8.8M	$5.5M	75x	as long as short
dYdX BCH-USD	0.0000%	1h	269.99	−0.019%	$5K	$240	10x	as long as short
Kalshi KXBCHPERP	0.0000%	8h	270.16	+0.045%	$1.0M	$8.7M	2.7x	as long as short
Bitget BCHUSDT	+0.0001%	8h	269.94	−0.036%	$19.4M	$26.0M	75x	as long as short
Kraken Futures PF_BCHUSD	+0.0024%	1h	270.14	+0.039%	$875K	$2.5M	50x	as long as short
HTX BCH-USDT	+0.0026%	8h	269.85	−0.070%	$788K	$1.2M	75x	as long as short
Pacifica BCH	+0.0033%	1h	269.78	−0.096%	$156K	$270K	10x	as long as short
Injective BCH/USDC PERP	+0.0033%	1h	270.20	+0.060%	$721	$130K	12x	as long as short
Aster BCHUSDT	+0.0038%	8h	269.80	−0.088%	$146K	$507K	75x	as long as short
Orderly PERP_BCH_USDC	+0.0041%	8h	269.91	−0.047%	$2K	$540	10x	as long as short
Nado BCH-PERP	+0.0049%	1h	269.74	−0.109%	$460K	$374K	10x	as long as short
BloFin BCH-USDT	+0.0052%	8h	269.95	−0.033%	$3.6M	$5.4M	50x	as long as short
Lighter BCHlong	+0.0096%	1h	270.04	long leg	$395K	$432K	10x
Hyperliquid BCH	+0.0100%	1h	270.24	+0.075%	$6.0M	$4.5M	10x	as long as short
edgeX BCHUSDC	+0.0100%	4h	269.95	−0.033%	$19K	$346K	20x	as long as short
SunX BCH-USDT	+0.0100%	8h	269.73	−0.114%	$1K	$1.4M	30x	as long as short
Coinbase International BCH-PERP-INTX	+0.0200%	1h	270.12	+0.030%	$357K	$2.1M	50x	as long as short
GMX BCH/USD [WBTC.b-USDC]	L +0.0227% / S −0.0201%	1h	269.85	−0.071%	$15K	—	100x	as long as short