Funding arb · Price arb /

BCH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0265%/8h= +29.0% APRpaid last 24h +0.020%

Price spread now: Lighter against Phemex−0.071%7-day average +0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$300.299% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.050%−$5 on $10k

Price spread, last 3 days (all we have)+0.215%+$21 · spread now −0.071%, 7d avg +0.003%

Together, before fees+0.165%+ Points / potential airdropLighter: Season 3 · farm board+$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.074% cheaper against Phemex than usual: you would sell low and buy high (spread −0.071% now, against its 7-day average of +0.003%). If the spread goes back, that is −$7 on $10k: about 22 hours of funding at the current rate (+$8 a day).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.050% in total (about -2.6% 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	Phemex BCHUSDT	268.11	−0.0169	get 0.0169% / 8h	2h 00m	$4.9M	$6.3M	50x
Short	Lighter BCH	267.92	0.0096	get 0.0012% / 1h	0m 20s	$376K	$581K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.071%Rate

Funding earned: $55.65
Price spread: −0.071% → +0.003%: −$7.42
Slippage, 4 orders: −$17.87
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: $18.36
Costs to cover: 0.299%
Break-even: 4.7 days

Slippage from Phemex: live order book, 4 min ago; Lighter: live order book, 15 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, 4 min ago	0.19 bp	8.6 bp −$9	18.3 bp −$183	doesn't fit	doesn't fit
Sell Lighter live order book, 15 min ago	3.50 bp	9.1 bp −$9	62.2 bp −$622	161.4 bp −$16.1K	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
Injective BCH/USDC PERP	−0.0304%	1h	268.50	+0.145%	$716	$110K	12x	as long as short
Deribit BCH_USDC-PERPETUAL	−0.0272%	1h	268.28	+0.064%	$439K	$247K	25x	as long as short
Phemex BCHUSDTlong	−0.0169%	8h	268.11	long leg	$4.9M	$6.3M	50x
SoDEX BCH-USD	−0.0137%	1h	268.11	0.000%	$2K	$6K	10x	as long as short
Extended BCH-USD	−0.0088%	1h	268.12	+0.003%	$115K	$653K	25x	as long as short
MEXC BCH_USDT	−0.0088%	8h	268.87	+0.283%	$71.2M	$6.4M	200x	as long as short
Binance BCHUSDT	−0.0087%	8h	268.27	+0.058%	$74.0M	$229.6M	75x	as long as short
Variational Omni BCH	−0.0071%	8h	267.74	−0.139%	$85K	$291K	—	as long as short
Bitget BCHUSDT	−0.0032%	8h	268.13	+0.007%	$19.9M	$29.0M	75x	as long as short
Gate BCH_USDT	−0.0029%	8h	268.21	+0.037%	$8.4M	$14.5M	75x	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	−0.0024%	1h	268.55	+0.164%	$230K	$2.1M	50x	as long as short
GRVT BCH_USDT_Perp	−0.0017%	8h	267.84	−0.101%	$390K	$17K	10x	as long as short
dYdX BCH-USD	0.0000%	1h	268.07	−0.015%	$5K	$248	10x	as long as short
Bybit BCHUSDT	0.0000%	8h	268.10	−0.004%	$39.4M	$32.2M	75x	as long as short
Kalshi KXBCHPERP	0.0000%	8h	268.32	+0.078%	$1.0M	$11.3M	2.7x	as long as short
gTrade (Gains Network) BCH/USD	L 0.0000% / S +0.0007%	1h	268.28	+0.063%	$4K	—	150x	as long as short
Orderly PERP_BCH_USDC	+0.0026%	8h	268.17	+0.022%	$2K	$176	10x	as long as short
BingX BCH-USDT	+0.0028%	8h	268.22	+0.041%	—	$32.0M	—	as long as short
BloFin BCH-USDT	+0.0031%	8h	267.90	−0.078%	$4.0M	$4.1M	50x	as long as short
OKX BCH-USDT-SWAP	+0.0036%	8h	268.10	−0.004%	$26.2M	$76.0M	50x	as long as short
Kraken Futures PF_BCHUSD	+0.0074%	1h	268.39	+0.105%	$805K	$3.2M	50x	as long as short
Lighter BCHshort	+0.0096%	1h	267.92	−0.071%	$376K	$581K	10x
Nado BCH-PERP	+0.0100%	1h	268.13	+0.007%	$439K	$425K	10x	as long as short
Hyperliquid BCH	+0.0100%	1h	268.62	+0.190%	$6.0M	$4.1M	10x	as long as short
Aster BCHUSDT	+0.0100%	8h	268.27	+0.060%	$235K	$666K	75x	as long as short
Pacifica BCH	+0.0100%	1h	267.90	−0.080%	$169K	$455K	10x	as long as short
KuCoin BCHUSDTM	+0.0100%	8h	268.29	+0.067%	$8.9M	$7.9M	75x	as long as short
edgeX BCHUSDC	+0.0100%	4h	267.86	−0.093%	$19K	$290K	20x	as long as short
ApeX Omni BCHUSDT	+0.0100%	1h	268.05	−0.022%	$73K	$214K	50x	as long as short
SunX BCH-USDT	+0.0100%	8h	267.72	−0.145%	$1K	$2.0M	30x	as long as short
HTX BCH-USDT	+0.0100%	8h	268.06	−0.019%	$772K	$1.6M	75x	as long as short
GMX BCH/USD [WBTC.b-USDC]	L +0.0340% / S −0.0467%	1h	268.35	+0.088%	$26K	—	100x	as long as short