Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0024%/8h= −2.6% APRpaid last 24h −0.017%

Price spread now: Phemex against Pacifica−0.063%7-day average −0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

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

Long on Pacifica Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.085%−$8 on $10k

Price spread, last 3 days (all we have)+0.018%+$2 · spread now −0.063%, 7d avg −0.034%

Together, before fees−0.067%+ Points / potential airdropPacifica: Active · farm board−$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.030% cheaper against Pacifica than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.034%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica BTC	86,410.2	0.0100	pay 0.0013% / 1h	31m 25s	$40.7M	$551.7M	50x
Short	Phemex BTCUSDT	86,355.4	0.0076	get 0.0076% / 8h	7h 31m	$154.2M	$473.9M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.063%Rate

Funding earned: −$4.95
Price spread: −0.063% → −0.034%: −$2.98
Slippage, 4 orders: −$0.13
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$28.06
Costs to cover: 0.201%
Break-even: never at this rate

Slippage from Pacifica: live order book, 3 min ago; Phemex: live order book, 3 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, 3 min ago	0.06 bp	4.1 bp −$4	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	0.01 bp	6.0 bp −$6	6.6 bp −$66	7.9 bp −$795	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
Bluefin BTC-PERP	−0.0458%	1h	86,410.7	+0.001%	$144K	$666K	40x	as long as short
Phoenix BTC	−0.0129%	1h	86,337	−0.085%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,404	−0.007%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,398.8	−0.013%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,403.1	−0.008%	$482K	$21.6M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,407.2	−0.003%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0020%	8h	86,384.1	−0.030%	$501.0M	$1.14B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	−0.060%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0025%	1h	86,374.9	−0.041%	$16.9M	$20.5M	50x	as long as short
KuCoin XBTUSDTM	+0.0040%	8h	86,404.2	−0.007%	$831.2M	$720.7M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0045%	1h	86,395.8	−0.017%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDC	+0.0050%	8h	86,379.7	−0.035%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,407	−0.004%	$8.3M	$42.5M	25x	as long as short
Bitget BTCUSDT	+0.0063%	8h	86,396	−0.016%	$2.97B	$5.04B	150x	as long as short
HTX BTC-USDT	+0.0073%	8h	86,323.6	−0.100%	$2.29B	$965.1M	200x	as long as short
MEXC BTC_USDT	+0.0076%	8h	86,395.1	−0.017%	$5.13B	$5.70B	500x	as long as short
Phemex BTCUSDTshort	+0.0076%	8h	86,355.4	−0.063%	$154.2M	$473.9M	150x
Binance BTCUSDT	+0.0077%	8h	86,393.5	−0.019%	$9.40B	$24.30B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,329.1	−0.094%	$2.5M	$1.7M	20x	as long as short
SoDEX BTC-USD	+0.0096%	1h	86,349	−0.071%	$60.4M	$338.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,387.4	−0.026%	$170.5M	$985.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,390.2	−0.023%	$23.7M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,395	−0.018%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,370	−0.046%	$203K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,422.3	+0.014%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,376.3	−0.039%	$22.0M	$228.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,465	+0.063%	$3.79B	$5.00B	40x	as long as short
Pacifica BTClong	+0.0100%	1h	86,410.2	long leg	$40.7M	$551.7M	50x
Bybit BTCUSDT	+0.0100%	8h	86,393.3	−0.020%	$5.26B	$9.66B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,383.7	−0.031%	$2.57B	$12.49B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,398	−0.014%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,418.8	+0.010%	$7.2M	$94.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,348	−0.072%	$573.1M	$19.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,393.2	−0.020%	$5.81B	$10.53B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,354.9	−0.064%	$37.6M	$156.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,400.1	−0.012%	$158.2M	$561.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,352.6	−0.067%	$278.9M	$950.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,334.3	−0.088%	$216.8M	$165.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,356.3	−0.062%	$141.6M	$321.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,327	−0.096%	$30.6M	$209.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,426	+0.018%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,400	−0.012%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,392.7	−0.020%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,378.5	−0.037%	$2.5M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,375.4	−0.040%	$30.5M	$58.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,325.6	−0.098%	$3.4M	$5.2M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,386.5	−0.027%	$45.9M	$222.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,411.3	+0.001%	—	$98.6M	500x	as long as short
Deribit BTC-PERPETUAL	+0.0115%	1h	86,392.1	−0.021%	$902.8M	$1.51B	50x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,393	−0.020%	$132.1M	$5.41B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,383.1	−0.031%	$192.4M	$942.3M	100x	as long as short
Aftermath Perps BTCUSD	+0.0166%	1h	86,401.7	−0.010%	$77K	$217K	20x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,353.9	−0.065%	$710K	$7.9M	30x	as long as short
BloFin BTC-USDT	+0.0197%	8h	86,325.8	−0.098%	$415.7M	$645.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0219%	1h	86,402.7	−0.009%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	86,340	−0.081%	$10.2M	$763.8M	6.4x	as long as short