Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Pacifica against Nado+0.044%7-day average +0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$150.152% of the position

Long on Nado Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 7 days−0.041%−$4 · spread now +0.044%, 7d avg +0.016%

Together, before fees−0.040%+ Points / potential airdropNado: Active · Pacifica: Active · farm board−$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Pacifica is 0.028% dearer against Nado than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado BTC-PERP	86,681.2	0.0100	pay 0.0012% / 1h	11m 09s	$21.7M	$235.3M	50x
Short	Pacifica BTC	86,719.3	0.0100	get 0.0013% / 1h	11m 09s	$41.0M	$494.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica against Nado. 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 NadobpFee PacificabpOrdersPrice spread, now +0.044%Rate

Funding earned: $0
Price spread: +0.044% → +0.016%: $2.76
Slippage, 4 orders: −$0.23
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$12.47
Costs to cover: 0.152%
Break-even: 1281065084430743.3 days

Slippage from Nado: 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 Nado live order book, 3 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	4.4 bp −$442	10.3 bp −$5,167
Sell Pacifica live order book, 3 min ago	0.06 bp	4.1 bp −$4	4.5 bp −$45	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	−0.0246%	1h	86,727	+0.053%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,703.5	+0.026%	$425K	$24.6M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,676	−0.006%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,680	−0.001%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0062%	1h	86,692.6	+0.013%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,704.4	+0.027%	$362K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,705.7	+0.028%	$928.0M	$1.47B	50x	as long as short
Aster BTCUSDT	+0.0004%	8h	86,661.5	−0.023%	$506.0M	$1.16B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,702	+0.024%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0006%	8h	86,668.7	−0.014%	$851.2M	$707.8M	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	+0.0022%	1h	86,678.2	−0.003%	$6.7M	$144.4M	40x	as long as short
Phemex BTCUSDT	+0.0029%	8h	86,679.3	−0.002%	$150.1M	$472.0M	150x	as long as short
BingX BTC-USDT	+0.0029%	8h	86,673.8	−0.008%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0036%	8h	86,671.7	−0.011%	$2.96B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,770	+0.103%	$316K	$26.8M	52x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,674.2	−0.008%	$9.43B	$24.37B	150x	as long as short
MEXC BTC_USDT	+0.0060%	8h	86,678.1	−0.004%	$5.19B	$5.71B	500x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,700	+0.022%	$9.3M	$41.9M	25x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,672	−0.011%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,670.8	−0.012%	$5.85B	$10.69B	200x	as long as short
Bybit BTCUSDT	+0.0084%	8h	86,673.2	−0.009%	$5.28B	$9.72B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0091%	8h	86,679.9	−0.001%	$2.56B	$12.74B	100x	as long as short
Lighter BTC	+0.0096%	1h	86,682.8	+0.002%	$171.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,690.8	+0.011%	$24.1M	$154.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,683	+0.002%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,672	−0.011%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,739	+0.067%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERPlong	+0.0100%	1h	86,681.2	long leg	$21.7M	$235.3M	50x
Hyperliquid BTC	+0.0100%	1h	86,748	+0.077%	$3.82B	$5.12B	40x	as long as short
Pacifica BTCshort	+0.0100%	1h	86,719.3	+0.044%	$41.0M	$494.9M	50x
Ondo Perps BTC-USD.P	+0.0100%	1h	86,680	−0.001%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,754.2	+0.084%	$7.4M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,682.4	+0.001%	$572.6M	$21.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,676.4	−0.005%	$38.2M	$149.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,796.1	+0.133%	$159.7M	$566.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,761.4	+0.093%	$280.3M	$953.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,716	+0.040%	$217.6M	$186.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,754.9	+0.085%	$141.6M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,730.5	+0.057%	$30.8M	$203.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,740.2	+0.068%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,679	−0.002%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,682.3	+0.001%	$196K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,688.3	+0.008%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,700.7	+0.023%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,696.2	+0.017%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,686.9	+0.007%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,671	−0.012%	$60.6M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,670.8	−0.012%	$2.30B	$959.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,657.4	−0.027%	$46.4M	$226.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,710.9	+0.034%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,701.4	+0.023%	$187.9M	$934.0M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,719.2	+0.044%	$131.9M	$5.84B	50x	as long as short
Kalshi KXBTCPERP	+0.0167%	8h	86,710	+0.033%	$9.6M	$727.7M	6.4x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,682.4	+0.001%	$416.7M	$655.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,697.7	+0.019%	$15.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	86,711.1	+0.035%	$780K	$7.8M	30x	as long as short