Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0015%/8h= +1.6% APRpaid last 24h +0.002%

Price spread now: Pacifica against Bybit+0.045%7-day average +0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$190.191% of the position

Long on Bybit Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.057%+$6 on $10k

Price spread, last 7 days−0.035%−$3 · spread now +0.045%, 7d avg +0.022%

Together, before fees+0.022%+ Points / potential airdropPacifica: Active · farm board+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Pacifica is 0.023% dearer against Bybit than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BTCUSDT	86,766.1	0.0085	pay 0.0085% / 8h	2h 21m	$5.29B	$9.71B	150x
Short	Pacifica BTC	86,805.1	0.0100	get 0.0013% / 1h	21m 10s	$41.0M	$492.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica against Bybit. 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 BybitbpFee PacificabpOrdersPrice spread, now +0.045%Rate

Funding earned: $3.14
Price spread: +0.045% → +0.022%: $2.32
Slippage, 4 orders: −$0.13
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$13.67
Costs to cover: 0.191%
Break-even: 37.5 days

Slippage from Bybit: live order book, 3 min ago; Pacifica: 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 Bybit live order book, 3 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	5.7 bp −$570	6.8 bp −$3,421
Sell Pacifica live order book, 3 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	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
Aftermath Perps BTCUSD	−0.0236%	1h	86,738.4	−0.032%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,786.1	+0.023%	$429K	$24.8M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,781	+0.017%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,726	−0.046%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0067%	1h	86,773.8	+0.009%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,801.2	+0.040%	$364K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,795.5	+0.034%	$933.1M	$1.45B	50x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	86,766.1	0.000%	$849.2M	$707.3M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,784	+0.021%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0009%	8h	86,752	−0.016%	$506.7M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,737.6	−0.033%	$6.7M	$144.4M	40x	as long as short
Phemex BTCUSDT	+0.0023%	8h	86,768.9	+0.003%	$150.2M	$471.8M	150x	as long as short
BingX BTC-USDT	+0.0026%	8h	86,772.6	+0.007%	—	$1.60B	—	as long as short
Bitget BTCUSDT	+0.0035%	8h	86,769.7	+0.004%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.146%	$315K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,762.1	−0.005%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0058%	8h	86,774.2	+0.009%	$5.19B	$5.70B	500x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,768.9	+0.003%	$9.45B	$24.35B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,775	+0.010%	$9.2M	$41.9M	25x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,771.6	+0.006%	$5.86B	$10.67B	200x	as long as short
OKX BTC-USDT-SWAP	+0.0083%	8h	86,783.1	+0.020%	$2.56B	$12.75B	100x	as long as short
Bybit BTCUSDTlong	+0.0085%	8h	86,766.1	long leg	$5.29B	$9.71B	150x
Lighter BTC	+0.0096%	1h	86,778.2	+0.014%	$171.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,784.1	+0.021%	$24.2M	$154.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,773	+0.008%	$8.5M	$52.3M	100x	as long as short
Variational Omni BTC	+0.0097%	8h	86,726.9	−0.045%	$159.3M	$566.6M	—	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,760	−0.007%	$202K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,821.9	+0.064%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,773.4	+0.008%	$21.8M	$235.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,841	+0.086%	$3.82B	$5.11B	40x	as long as short
Pacifica BTCshort	+0.0100%	1h	86,805.1	+0.045%	$41.0M	$492.6M	50x
Ondo Perps BTC-USD.P	+0.0100%	1h	86,785	+0.022%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,837.3	+0.082%	$7.5M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,792.1	+0.030%	$573.3M	$22.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,768.7	+0.003%	$38.1M	$148.5M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,783.9	+0.020%	$280.3M	$951.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,756.8	−0.011%	$217.9M	$187.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,768.2	+0.002%	$141.6M	$322.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,768	+0.002%	$30.8M	$204.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,823.3	+0.066%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,766	0.000%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,760.1	−0.007%	$197K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,774.5	+0.010%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,787.6	+0.025%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,769.3	+0.004%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,762.2	−0.004%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,760	−0.007%	$60.6M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,748.6	−0.020%	$2.30B	$959.1M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,749.6	−0.019%	$46.3M	$227.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,779.6	+0.016%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,797	+0.036%	$188.0M	$933.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,812.2	+0.053%	$132.2M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0144%	8h	86,806	+0.046%	$9.6M	$726.9M	6.4x	as long as short
BloFin BTC-USDT	+0.0179%	8h	86,760.2	−0.007%	$415.6M	$655.3M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,777.1	+0.013%	$15.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	86,784	+0.021%	$698K	$7.1M	30x	as long as short