Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0067%/8h= +7.4% APRpaid last 24h +0.019%

Price spread now: Pacifica against Phemex+0.083%7-day average +0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$200.201% of the position

Long on Phemex Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.088%+$9 on $10k

Price spread, last 3 days (all we have)−0.014%−$1 · spread now +0.083%, 7d avg +0.033%

Together, before fees+0.073%+ Points / potential airdropPacifica: Active · farm board+$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Pacifica is 0.050% dearer against Phemex than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	86,519.8	0.0033	pay 0.0033% / 8h	1h 20m	$149.8M	$476.6M	150x
Short	Pacifica BTC	86,591.8	0.0100	get 0.0013% / 1h	20m 42s	$40.8M	$513.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now +0.083%Rate

Funding earned: $14.1
Price spread: +0.083% → +0.033%: $4.99
Slippage, 4 orders: −$0.13
Fee Phemex: 6 bp × 2 orders: −$12
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$1.04
Costs to cover: 0.201%
Break-even: 7.5 days

Slippage from Phemex: 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 Phemex live order book, 3 min ago	0.01 bp	6.0 bp −$6	6.5 bp −$65	8.3 bp −$828	doesn't fit
Sell Pacifica live order book, 3 min ago	0.06 bp	4.1 bp −$4	4.2 bp −$42	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
Bluefin BTC-PERP	−0.0933%	1h	86,547.7	+0.032%	$140K	$620K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,503	−0.019%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,549	+0.034%	$9K	$3K	50x	as long as short
Aftermath Perps BTCUSD	−0.0013%	1h	86,523.3	+0.004%	$82K	$217K	20x	as long as short
Aster BTCUSDT	−0.0009%	8h	86,500.8	−0.022%	$504.4M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,550.8	+0.036%	$360K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,544.6	+0.029%	$424K	$23.8M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,562.3	+0.049%	$921.1M	$1.48B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,507.8	−0.014%	$851.3M	$711.5M	125x	as long as short
dYdX BTC-USD	+0.0004%	1h	86,541	+0.024%	$17.0M	$21.1M	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	86,546.4	+0.031%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,558.5	+0.045%	$8.5M	$43.0M	25x	as long as short
Reya BTCRUSDPERP	+0.0023%	1h	86,502	−0.021%	$6.7M	$144.9M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.045%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDTlong	+0.0033%	8h	86,519.8	long leg	$149.8M	$476.6M	150x
BingX BTC-USDT	+0.0035%	8h	86,499	−0.024%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0045%	8h	86,493.5	−0.030%	$2.95B	$5.10B	150x	as long as short
MEXC BTC_USDT	+0.0062%	8h	86,498.1	−0.025%	$5.14B	$5.69B	500x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,531.8	+0.014%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0064%	8h	86,496.4	−0.027%	$9.43B	$24.42B	150x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,494.2	−0.030%	$5.85B	$10.73B	200x	as long as short
Hibachi BTC/USDT-P	+0.0080%	1h	86,530.7	+0.013%	$717K	$8.2M	30x	as long as short
Bybit BTCUSDT	+0.0091%	8h	86,496.6	−0.027%	$5.26B	$9.77B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,506.6	−0.015%	$170.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,521.4	+0.002%	$24.1M	$152.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,535	+0.018%	$8.5M	$52.4M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,528	+0.009%	$205K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,586.6	+0.077%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,550	+0.035%	$22.0M	$234.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,567	+0.055%	$3.80B	$5.09B	40x	as long as short
Pacifica BTCshort	+0.0100%	1h	86,591.8	+0.083%	$40.8M	$513.3M	50x
OKX BTC-USDT-SWAP	+0.0100%	8h	86,494.2	−0.030%	$2.54B	$12.74B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,562	+0.049%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,624.1	+0.121%	$7.4M	$94.3M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,343.9	−0.203%	$570.6M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,493.8	−0.030%	$37.9M	$155.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,374.3	−0.168%	$155.6M	$566.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,398.5	−0.140%	$279.2M	$947.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,484.6	−0.041%	$217.1M	$175.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,464.3	−0.064%	$141.4M	$323.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,483.3	−0.042%	$30.7M	$203.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,567.2	+0.055%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,514	−0.007%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,528	+0.009%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,540.3	+0.024%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,525.9	+0.007%	$30.3M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,489.1	−0.035%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,531	+0.013%	$60.4M	$337.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,509.4	−0.012%	$2.30B	$968.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,475.9	−0.051%	$45.4M	$226.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,578.5	+0.068%	—	$98.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,567.6	+0.055%	$132.0M	$5.71B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,553.9	+0.039%	$191.5M	$944.0M	100x	as long as short
BloFin BTC-USDT	+0.0183%	8h	86,513.9	−0.007%	$415.8M	$654.8M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0184% / S −0.0211%	1h	86,537	+0.020%	$15.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0198%	8h	86,567	+0.055%	$9.7M	$733.7M	6.4x	as long as short