Pacifica vs Risex Funding Arbitrage
23 shared markets · net of estimated fees · updated every few minutesPacifica and Risex both quote 23 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 SKHYNIX — long Risex / short Pacifica at 26.2% net APR — but the median across all shared markets is 11.4%, 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 3 markets go long on Pacifica and 20 on Risex. 20 markets clear 5% net APR, 12 clear 10%.
How this pair behaves
Pacifica pays funding every 1h on 53 markets; Risex pays every 1h on 43 markets. Both sides settle on the same clock, so a position opened here collects or pays on both legs at once — the spread you see is the spread you get. Pacifica quotes 53 perpetual markets in total and Risex quotes 43; the 23 they share are what this page ranks. Across its own book Pacifica runs a median funding rate of 10.9% and Risex 0.0% — the two sit on opposite sides of zero, which is why this combination throws up spreads at all.
Spreads by market
top 23 of 23 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| DRAM | Risex | Pacifica | 182.8% | 186.3% | +7.8% | $37K |
| MU | Risex | Pacifica | 112.7% | 115.3% | +5.4% | $73K |
| SPCX | Risex | Pacifica | 35.8% | 38.3% | +14.1% | $206K |
| SKHYNIX | Risex | Pacifica | 26.2% | 29.2% | -0.8% | $1.2M |
| ENA | Risex | Pacifica | 24.4% | 27.8% | +9.4% | $148K |
| NVDA | Risex | Pacifica | 20.8% | 23.8% | +5.1% | $149K |
| AAVE | Risex | Pacifica | 19.4% | 22.9% | +10.0% | $126K |
| TSLA | Risex | Pacifica | 18.1% | 21.1% | +9.5% | $115K |
| WLD | Pacifica | Risex | 18.1% | 22.9% | -4.6% | $772K |
| HYPE | Risex | Pacifica | 14.2% | 16.7% | -0.3% | $3.9M |
| ZEC | Risex | Pacifica | 11.4% | 13.8% | +7.7% | $1.9M |
| SOL | Risex | Pacifica | 11.4% | 13.7% | +14.2% | $1.3M |
| ARB | Pacifica | Risex | 9.6% | 14.3% | -9.5% | $72K |
| MON | Risex | Pacifica | 8.2% | 13.3% | +4.2% | $198K |
| HOOD | Risex | Pacifica | 7.9% | 10.9% | +6.4% | $25K |
| MSTR | Risex | Pacifica | 7.6% | 10.9% | +0.9% | $79K |
| META | Risex | Pacifica | 6.7% | 10.9% | +1.7% | $50K |
| GOOGL | Risex | Pacifica | 6.5% | 10.9% | -0.2% | $25K |
| CRCL | Risex | Pacifica | 6.1% | 10.9% | +1.3% | $11K |
| NEAR | Pacifica | Risex | 5.2% | 8.2% | -2.8% | $1.9M |
| PUMP | Risex | Pacifica | 3.6% | 6.9% | -2.7% | $616K |
| XAU | Risex | Pacifica | 3.2% | 5.1% | +0.6% | $585K |
| BNB | Risex | Pacifica | 2.2% | 4.4% | -0.5% | $92K |
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.
Pacifica vs Risex — FAQ
How many markets can you arbitrage between Pacifica and Risex?
23 perpetual markets are quoted on both Pacifica and Risex right now. 20 of them show a net spread of at least 5% APR after estimated fees, and 5 have at least $1M of 24h volume on the smaller leg.
What is the best Pacifica / Risex funding spread right now?
SKHYNIX: long Risex and short Pacifica for about 26.2% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 23 shared markets is 11.4%, so the top of the list is not typical.
Which side pays on the Pacifica / Risex pair?
It varies by market: Pacifica is the long (funding-receiving) leg in 3 of the shared markets and Risex in the other 20. The direction is set per market by which venue currently prices funding lower.
Trading the Pacifica / Risex 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: Pacifica funding rates · Risex funding rates; the full calculation is in the methodology.