Funding arb · Price arb /

BCH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0442%/8h= +48.4% APRpaid last 24h +0.072%

Price spread now: Bybit against Deribit−0.072%7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$370.374% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.173%+$17 on $10k

Price spread, last 3 days (all we have)+0.067%+$7 · spread now −0.072%, 7d avg −0.045%

Together, before fees+0.239%+$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.028% cheaper against Deribit than usual: you would sell low and buy high (spread −0.072% now, against its 7-day average of −0.045%). If the spread goes back, that is −$3 on $10k: about 5 hours of funding at the current rate (+$13 a day). At the pace of the last 7 days (+0.173% in total) that is about 27 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.173% in total (about 9.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BCH_USDC-PERPETUAL	269.80	−0.0483	get 0.0060% / 1h	9m 16s	$456K	$266K	25x
Short	Bybit BCHUSDT	269.60	−0.0041	pay 0.0041% / 8h	7h 09m	$39.8M	$32.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Deribit. 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 DeribitbpFee BybitbpOrdersPrice spread, now −0.072%Rate

Funding earned: $92.8
Price spread: −0.072% → −0.045%: −$2.77
Slippage, 4 orders: −$19.39
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $52.64
Costs to cover: 0.374%
Break-even: 3.0 days

Slippage from Deribit: live order book, 64 min ago; Bybit: live order book, 5 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 Deribit live order book, 64 min ago	3.96 bp	8.4 bp −$8	14.6 bp −$146	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	1.85 bp	9.8 bp −$10	20.3 bp −$203	74.7 bp −$7,467	doesn't fit

BCH on 32 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
Phemex BCHUSDT	−0.0591%	8h	269.61	−0.069%	$5.0M	$6.5M	50x	as long as short
SoDEX BCH-USD	−0.0536%	1h	269.56	−0.087%	$2K	$6K	10x	as long as short
Deribit BCH_USDC-PERPETUALlong	−0.0483%	1h	269.80	long leg	$456K	$266K	25x
ApeX Omni BCHUSDT	−0.0198%	1h	269.47	−0.120%	$73K	$214K	50x	as long as short
Gate BCH_USDT	−0.0171%	8h	269.72	−0.028%	$8.5M	$14.3M	75x	as long as short
GRVT BCH_USDT_Perp	−0.0169%	8h	269.62	−0.066%	$393K	$17K	10x	as long as short
Variational Omni BCH	−0.0126%	8h	269.21	−0.218%	$83K	$285K	—	as long as short
Extended BCH-USD	−0.0072%	1h	269.58	−0.079%	$117K	$961K	25x	as long as short
Binance BCHUSDT	−0.0071%	8h	269.52	−0.103%	$73.0M	$229.5M	75x	as long as short
MEXC BCH_USDT	−0.0071%	8h	270.25	+0.169%	$70.9M	$6.7M	200x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International BCH-PERP-INTX	−0.0056%	1h	269.44	−0.132%	$231K	$2.0M	50x	as long as short
Kraken Futures PF_BCHUSD	−0.0049%	1h	269.92	+0.046%	$860K	$3.1M	50x	as long as short
Bybit BCHUSDTshort	−0.0041%	8h	269.60	−0.072%	$39.8M	$32.6M	75x
Bitget BCHUSDT	−0.0025%	8h	269.65	−0.054%	$19.4M	$29.2M	75x	as long as short
OKX BCH-USDT-SWAP	−0.0005%	8h	269.50	−0.109%	$26.2M	$76.4M	50x	as long as short
gTrade (Gains Network) BCH/USD	L −0.0003% / S +0.0007%	1h	269.94	+0.054%	$7K	—	150x	as long as short
dYdX BCH-USD	0.0000%	1h	269.73	−0.025%	$5K	$248	10x	as long as short
Kalshi KXBCHPERP	0.0000%	8h	270.02	+0.083%	$1.1M	$10.9M	2.7x	as long as short
BingX BCH-USDT	+0.0005%	8h	269.72	−0.028%	—	$32.3M	—	as long as short
Orderly PERP_BCH_USDC	+0.0029%	8h	269.71	−0.032%	$2K	$176	10x	as long as short
Injective BCH/USDC PERP	+0.0033%	1h	270.20	+0.150%	$721	$130K	12x	as long as short
Nado BCH-PERP	+0.0038%	1h	269.79	−0.002%	$437K	$419K	10x	as long as short
BloFin BCH-USDT	+0.0049%	8h	269.55	−0.091%	$4.0M	$4.3M	50x	as long as short
Lighter BCH	+0.0096%	1h	269.60	−0.072%	$371K	$530K	10x	as long as short
Hyperliquid BCH	+0.0100%	1h	270.02	+0.083%	$6.6M	$4.6M	10x	as long as short
Aster BCHUSDT	+0.0100%	8h	269.70	−0.034%	$178K	$658K	75x	as long as short
Pacifica BCH	+0.0100%	1h	269.70	−0.036%	$164K	$407K	10x	as long as short
KuCoin BCHUSDTM	+0.0100%	8h	269.73	−0.024%	$8.8M	$7.6M	75x	as long as short
edgeX BCHUSDC	+0.0100%	4h	269.34	−0.170%	$19K	$290K	20x	as long as short
SunX BCH-USDT	+0.0100%	8h	269.52	−0.102%	$2K	$1.9M	30x	as long as short
HTX BCH-USDT	+0.0100%	8h	269.74	−0.020%	$783K	$1.6M	75x	as long as short
GMX BCH/USD [WBTC.b-USDC]	L +0.0335% / S −0.0451%	1h	269.90	+0.037%	$25K	—	100x	as long as short