Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0024%/8h= −2.6% APRpaid last 24h −0.032%

Price spread now: GRVT against Coinbase International−0.008%7-day average −0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$190.190% of the position

Long on Coinbase International Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.009%−$1 on $10k

Price spread, last 3 days (all we have)+0.176%+$18 · spread now −0.008%, 7d avg −0.041%

Together, before fees+0.167%+ Points / potential airdropGRVT: Active · farm board+$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GRVT is 0.033% dearer against Coinbase International than usual: you sell high and buy low (spread −0.008% now, against its 7-day average of −0.041%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.6 days. At the pace of the last 7 days (−0.009% in total) that is about 25 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BTC-PERP-INTX	86,642.1	0.0120	pay 0.0015% / 1h	48m 50s	$131.9M	$5.91B	50x
Short	GRVT BTC_USDT_Perp	86,635.2	0.0096	get 0.0096% / 8h	2h 48m	$217.5M	$189.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Coinbase International. 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 Coinbase InternationalbpFee GRVTbpOrdersPrice spread, now −0.008%Rate

Funding earned: −$5.04
Price spread: −0.008% → −0.041%: $3.29
Slippage, 4 orders: −$0.02
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$20.77
Costs to cover: 0.190%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; GRVT: live order book, 5 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 Coinbase International live order book, 5 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.7 bp −$566	12.9 bp −$6,448
Sell GRVT live order book, 5 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	9.9 bp −$991	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
Perpl BTC	−0.0335%	43m	86,625	−0.020%	$426K	$25.1M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0200%	1h	86,707.1	+0.075%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,701	+0.068%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0094%	1h	86,651.2	+0.010%	$18.0M	$20.0M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,590	−0.060%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,590.8	−0.059%	$844.5M	$709.4M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,606.1	−0.042%	$361K	$2.5M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,629.6	−0.014%	$921.2M	$1.39B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,614.5	−0.032%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	86,617.1	−0.029%	$505.7M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0020%	8h	86,599.5	−0.049%	—	$15.3M	—	as long as short
Reya BTCRUSDPERP	+0.0021%	1h	86,587.6	−0.063%	$6.7M	$144.0M	40x	as long as short
Phemex BTCUSDT	+0.0024%	8h	86,586.9	−0.064%	$149.5M	$469.6M	150x	as long as short
Bitget BTCUSDT	+0.0026%	8h	86,611	−0.036%	$2.94B	$5.08B	150x	as long as short
MEXC BTC_USDT	+0.0047%	8h	86,600.5	−0.048%	$5.19B	$5.63B	500x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,594.3	−0.055%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0048%	8h	86,629.9	−0.014%	$9.44B	$24.36B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.104%	$315K	$26.8M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0061%	8h	86,647	+0.006%	$2.57B	$12.70B	100x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,600.2	−0.048%	$9.2M	$42.2M	25x	as long as short
Gate BTC_USDT	+0.0064%	8h	86,609.9	−0.037%	$5.86B	$10.57B	200x	as long as short
Bybit BTCUSDT	+0.0079%	8h	86,635.4	−0.008%	$5.28B	$9.70B	150x	as long as short
Variational Omni BTC	+0.0088%	8h	86,626.8	−0.018%	$159.8M	$564.2M	—	as long as short
Lighter BTC	+0.0096%	1h	86,634.2	−0.009%	$171.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,642	0.000%	$24.0M	$152.8M	50x	as long as short
GRVT BTC_USDT_Perpshort	+0.0096%	8h	86,635.2	−0.008%	$217.5M	$189.0M	50x
Popdex BTCUSDT	+0.0096%	1h	86,578	−0.074%	$8.5M	$52.1M	100x	as long as short
Orderly PERP_BTC_USDC	+0.0099%	8h	86,608.2	−0.039%	$2.4M	$8.4M	100x	as long as short
SoDEX BTC-USD	+0.0099%	1h	86,592	−0.058%	$60.4M	$336.5M	40x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,628	−0.016%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,579	−0.073%	$200K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,600	−0.049%	$21.8M	$237.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,672	+0.035%	$3.83B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,657.2	+0.017%	$41.0M	$485.8M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,630	−0.014%	$3.9M	$18.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,667.5	+0.029%	$7.4M	$95.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,665	+0.026%	$572.2M	$23.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,592.9	−0.057%	$38.2M	$148.1M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,704.2	+0.072%	$280.1M	$946.6M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,636.4	−0.007%	$141.8M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,664	+0.025%	$30.8M	$205.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,656.9	+0.017%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,588	−0.062%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,587.2	−0.063%	$198K	$3.4M	20x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,611	−0.036%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,596	−0.053%	$30.0M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,576.6	−0.076%	$3.4M	$5.6M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,578.8	−0.073%	$2.30B	$956.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,592.4	−0.057%	$46.5M	$229.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,613.5	−0.033%	—	$98.1M	500x	as long as short
Kalshi KXBTCPERP	+0.0106%	8h	86,635	−0.008%	$8.8M	$724.4M	6.4x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,632.7	−0.011%	$192.1M	$926.7M	100x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0120%	1h	86,642.1	long leg	$131.9M	$5.91B	50x
BloFin BTC-USDT	+0.0168%	8h	86,592.1	−0.058%	$418.0M	$642.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0198%	1h	86,609.5	−0.038%	$15.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	86,672.4	+0.035%	$598K	$7.2M	30x	as long as short