Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0071%/8h= −7.8% APRpaid last 24h −0.019%

Price spread now: Phemex against Pacifica−0.046%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−$21as 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−0.087%−$9 on $10k

Price spread, last 3 days (all we have)−0.064%−$6 · spread now −0.046%, 7d avg −0.034%

Together, before fees−0.151%+ Points / potential airdropPacifica: Active · farm board−$15 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.034%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica BTC	86,719.3	0.0100	pay 0.0013% / 1h	11m 13s	$41.0M	$494.9M	50x
Short	Phemex BTCUSDT	86,679.3	0.0029	get 0.0029% / 8h	2h 11m	$150.1M	$472.0M	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 −0.046%Rate

Funding earned: −$14.99
Price spread: −0.046% → −0.034%: −$1.23
Slippage, 4 orders: −$0.13
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$36.35
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	6.1 bp −$61	7.2 bp −$720	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	+0.009%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,703.5	−0.018%	$425K	$24.6M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,676	−0.050%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,680	−0.045%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0062%	1h	86,692.6	−0.031%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,704.4	−0.017%	$362K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,705.7	−0.016%	$928.0M	$1.47B	50x	as long as short
Aster BTCUSDT	+0.0004%	8h	86,663.3	−0.065%	$506.0M	$1.16B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,702	−0.020%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0006%	8h	86,675.3	−0.051%	$851.3M	$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	−0.047%	$6.7M	$144.4M	40x	as long as short
BingX BTC-USDC	+0.0028%	8h	86,670	−0.057%	—	$15.4M	—	as long as short
Phemex BTCUSDTshort	+0.0029%	8h	86,679.3	−0.046%	$150.1M	$472.0M	150x
Bitget BTCUSDT	+0.0036%	8h	86,673.3	−0.053%	$2.96B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,770	+0.059%	$316K	$26.8M	52x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,677.1	−0.049%	$9.43B	$24.37B	150x	as long as short
MEXC BTC_USDT	+0.0060%	8h	86,682.3	−0.043%	$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	−0.054%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,678.5	−0.047%	$5.85B	$10.69B	200x	as long as short
Bybit BTCUSDT	+0.0084%	8h	86,673.5	−0.053%	$5.28B	$9.72B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0091%	8h	86,675.4	−0.051%	$2.56B	$12.74B	100x	as long as short
Lighter BTC	+0.0096%	1h	86,682.8	−0.042%	$171.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,690.8	−0.033%	$24.1M	$154.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,683	−0.042%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,672	−0.054%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,739	+0.023%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,681.2	−0.044%	$21.7M	$235.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,759	+0.046%	$3.82B	$5.12B	40x	as long as short
Pacifica BTClong	+0.0100%	1h	86,719.3	long leg	$41.0M	$494.9M	50x
Ondo Perps BTC-USD.P	+0.0100%	1h	86,680	−0.045%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,754.2	+0.040%	$7.4M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,682.4	−0.043%	$572.6M	$21.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,687.5	−0.037%	$38.2M	$149.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,796.1	+0.089%	$159.7M	$566.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,761.4	+0.049%	$280.3M	$953.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,716	−0.004%	$217.6M	$186.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,754.9	+0.041%	$141.6M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,730.5	+0.013%	$30.8M	$203.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,740.2	+0.024%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,679	−0.046%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,682.3	−0.043%	$196K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,688.3	−0.036%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,700.7	−0.021%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,696.2	−0.027%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,686.9	−0.037%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,671	−0.056%	$60.6M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,670.8	−0.056%	$2.30B	$959.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,657.4	−0.071%	$46.4M	$226.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,710.9	−0.010%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,701.4	−0.021%	$187.9M	$934.0M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,719.2	0.000%	$131.9M	$5.84B	50x	as long as short
Kalshi KXBTCPERP	+0.0167%	8h	86,710	−0.011%	$9.6M	$727.7M	6.4x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,682.4	−0.042%	$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	−0.025%	$15.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	86,711.1	−0.009%	$780K	$7.8M	30x	as long as short