Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:03 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.043%

Price spread now: Pacifica against Perpl+0.024%7-day average +0.005% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Perpl Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days−0.288%−$29 on $10k

Price spread, last 7 days−0.118%−$12 · spread now +0.024%, 7d avg +0.005%

Together, before fees−0.405%+ Points / potential airdropPerpl: Active · Pacifica: Active · farm board−$41 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.005%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.288%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl BTC	86,456.1	0	get 0.0000% / 43m	1m 31s	$421K	$23.8M	6.7x
Short	Pacifica BTC	86,477.2	0.0100	get 0.0013% / 1h	31m 31s	$41.0M	$505.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica against Perpl. 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 PerplbpFee PacificabpOrdersPrice spread, now +0.024%Rate

Funding earned: $21
Price spread: +0.024% → +0.005%: $1.94
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Pacifica: 4 bp × 2 orders: −$8
Net: $1.14
Costs to cover: 0.218%
Break-even: 6.6 days

Slippage unknown: Perpl: no order-book sample; Pacifica: live order book, 3 min ago. Net counts fees only.

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 Perpl no order-book sample	—	—	—	—	—
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

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Bluefin BTC-PERP	−0.0534%	1h	86,457	+0.001%	$140K	$618K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,459	+0.003%	$2.2M	$11.8M	40x	as long as short
Aftermath Perps BTCUSD	−0.0092%	1h	86,549.1	+0.108%	$83K	$216K	20x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,440	−0.019%	$9K	$3K	50x	as long as short
Aster BTCUSDT	−0.0011%	8h	86,429.7	−0.031%	$504.4M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,456.2	0.000%	$358K	$2.4M	50x	as long as short
dYdX BTC-USD	−0.0002%	1h	86,483.7	+0.032%	$17.1M	$20.7M	50x	as long as short
KuCoin XBTUSDTM	−0.0001%	8h	86,428.2	−0.032%	$851.2M	$708.9M	125x	as long as short
Perpl BTClong	0.0000%	43m	86,456.1	long leg	$421K	$23.8M	6.7x
Deribit BTC-PERPETUAL	0.0000%	1h	86,487	+0.036%	$922.9M	$1.48B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,460.7	+0.005%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,447.8	−0.010%	$8.5M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,424.2	−0.037%	$6.7M	$144.9M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.119%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0032%	8h	86,464.9	+0.010%	$149.6M	$475.9M	150x	as long as short
BingX BTC-USDT	+0.0034%	8h	86,432.4	−0.027%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0043%	8h	86,437.2	−0.022%	$2.94B	$5.08B	150x	as long as short
Hibachi BTC/USDT-P	+0.0056%	1h	86,482.2	+0.030%	$724K	$8.2M	30x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,445.2	−0.013%	$9.41B	$24.33B	150x	as long as short
MEXC BTC_USDT	+0.0060%	8h	86,438	−0.021%	$5.15B	$5.66B	500x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,432.2	−0.028%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0074%	8h	86,444.1	−0.014%	$5.84B	$10.67B	200x	as long as short
Bybit BTCUSDT	+0.0089%	8h	86,446.5	−0.011%	$5.27B	$9.71B	150x	as long as short
SoDEX BTC-USD	+0.0090%	1h	86,447	−0.011%	$60.4M	$337.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,450.1	−0.007%	$171.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,461.8	+0.007%	$24.0M	$152.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,443	−0.015%	$8.5M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,429	−0.031%	$200K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,486.1	+0.035%	$4.8M	$8.4M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,450.1	−0.007%	$21.9M	$233.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,511	+0.064%	$3.80B	$5.09B	40x	as long as short
Pacifica BTCshort	+0.0100%	1h	86,477.2	+0.024%	$41.0M	$505.2M	50x
OKX BTC-USDT-SWAP	+0.0100%	8h	86,439.2	−0.020%	$2.54B	$12.69B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,446	−0.012%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,517.7	+0.071%	$7.4M	$93.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,703.1	+0.286%	$573.0M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,432.2	−0.028%	$38.3M	$153.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,541.3	+0.099%	$156.5M	$566.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,500.3	+0.051%	$279.4M	$945.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,543.9	+0.102%	$217.3M	$174.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,518.6	+0.072%	$141.4M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,455.4	−0.001%	$30.7M	$203.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,490.4	+0.040%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,444	−0.014%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,439.5	−0.019%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,457.1	+0.001%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,449.2	−0.008%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,462.6	+0.008%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,442.7	−0.015%	$2.29B	$965.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,416.7	−0.046%	$46.4M	$225.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,483.1	+0.031%	—	$98.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,502.9	+0.054%	$131.7M	$5.70B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,498.6	+0.049%	$191.1M	$937.7M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,473.2	+0.020%	$414.5M	$651.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0183% / S −0.0217%	1h	86,451.9	−0.005%	$15.4M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0195%	8h	86,478	+0.025%	$9.8M	$729.6M	6.4x	as long as short