Ostium vs Pacifica Funding Arbitrage
8 shared markets · net of estimated fees · updated every few minutesOstium and Pacifica both quote 8 of the same perpetual markets, so a delta-neutral position can be split across the two and collect the difference in their funding. The widest spread on a market with real depth is SOL — long Pacifica / short Ostium at 10.6% net APR — but the median across all shared markets is 3.4%, which is the number worth planning around.
The long leg is whichever venue prices funding lower for that market. It is a property of the MARKET, not of the exchange, and it flips as rates move: here 7 markets go long on Ostium and 1 on Pacifica. 2 markets clear 5% net APR, 1 clear 10%.
Spreads by market
top 8 of 8 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| SOL | Pacifica | Ostium | 10.6% | 17.0% | +2.2% | $11.9M |
| ETH | Ostium | Pacifica | 5.1% | 10.9% | +5.7% | $58.0M |
| XRP | Ostium | Pacifica | 4.4% | 10.9% | +6.7% | $134K |
| SNDK | Ostium | Pacifica | 3.5% | 10.9% | +7.3% | $237K |
| SPCX | Ostium | Pacifica | 3.4% | 10.9% | +7.3% | $137K |
| MU | Ostium | Pacifica | 3.1% | 10.9% | +10.8% | $140K |
| DRAM | Ostium | Pacifica | 1.8% | 10.9% | +13.1% | $35K |
| BTC | Ostium | Pacifica | 1.7% | 7.5% | +8.0% | $331.5M |
Net APR subtracts entry and exit fees, both legs' bid/ask spread and estimated slippage from the gross funding spread. The 7-day average is historical gross funding for the same pair: a current rate close to it suggests the spread has persisted, one far above it is usually a spike that will decay.
Coverage note: Ostium and Pacifica share 8 markets, 3 of them with real depth — below the 10 markets / 5 liquid this page treats as full coverage, so this is a thin sample rather than a picture of the pair.
Ostium vs Pacifica — FAQ
How many markets can you arbitrage between Ostium and Pacifica?
8 perpetual markets are quoted on both Ostium and Pacifica right now. 2 of them show a net spread of at least 5% APR after estimated fees, and 3 have at least $1M of 24h volume on the smaller leg.
What is the best Ostium / Pacifica funding spread right now?
SOL: long Pacifica and short Ostium for about 10.6% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 8 shared markets is 3.4%, so the top of the list is not typical.
Which side pays on the Ostium / Pacifica pair?
It varies by market: Ostium is the long (funding-receiving) leg in 7 of the shared markets and Pacifica in the other 1. The direction is set per market by which venue currently prices funding lower.
Trading the Ostium / Pacifica spread
The trade is one position split across two venues: long the exchange paying the more negative funding, short the one paying the more positive, in the same size. What limits it is not the headline APR but the smaller leg's liquidity, the fees on both sides, and how long the spread survives — funding decays and flips, often within hours. Venue detail: Ostium funding rates · Pacifica funding rates; the full calculation is in the methodology.