Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.053%

Price spread now: GRVT against Deribit+0.039%75s7-day average −0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$160.161% of the position

Long on Deribit Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.014%−$1 on $10k

Price spread, last 3 days (all we have)−0.042%−$4 · spread now +0.039%, 7d avg −0.046%

Together, before fees−0.056%+ Points / potential airdropGRVT: Active · farm board−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and GRVT is 0.085% dearer against Deribit than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.046%. The two prices were read 75 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BTC-PERPETUAL	86,384.7	0	get 0.0000% / 1h	11m 50s	$917.8M	$1.49B	50x
Short	GRVT BTC_USDT_Perp	86,418.2	0.0100	get 0.0100% / 8h	1h 11m	$217.1M	$176.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Deribit. 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 DeribitbpFee GRVTbpOrdersPrice spread, now +0.039%Rate

Funding earned: $21
Price spread: +0.039% → −0.046%: $8.45
Slippage, 4 orders: −$0.07
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: $13.38
Costs to cover: 0.161%
Break-even: 2.5 days

Slippage from Deribit: live order book, 2 min ago; GRVT: live order book, 2 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 Deribit live order book, 2 min ago	0.03 bp	3.5 bp −$4	3.8 bp −$38	6.5 bp −$651	12.1 bp −$6,045
Sell GRVT live order book, 2 min ago	0.01 bp	4.5 bp −$5	4.8 bp −$48	7.8 bp −$777	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	−0.0656%	1h	86,373.6	−0.013%	$140K	$620K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,402	+0.020%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,347	−0.044%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,366.1	−0.021%	$360K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0011%	8h	86,333.2	−0.060%	$503.1M	$1.15B	200x	as long as short
Deribit BTC-PERPETUALlong	0.0000%	1h	86,384.7	long leg	$917.8M	$1.49B	50x
KuCoin XBTUSDTM	+0.0003%	8h	86,326.8	−0.067%	$850.6M	$712.2M	125x	as long as short
dYdX BTC-USD	+0.0004%	1h	86,406.9	+0.026%	$17.0M	$21.1M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,371.6	−0.015%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,360.9	−0.027%	$8.4M	$42.8M	25x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0023%	1h	86,345.8	−0.045%	$6.7M	$145.0M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,360	−0.029%	$332K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0037%	8h	86,339.8	−0.052%	—	$1.59B	—	as long as short
Aftermath Perps BTCUSD	+0.0038%	1h	86,428	+0.050%	$81K	$218K	20x	as long as short
Phemex BTCUSDT	+0.0041%	8h	86,357.1	−0.032%	$150.1M	$476.7M	150x	as long as short
Bitget BTCUSDT	+0.0046%	8h	86,330.7	−0.062%	$2.95B	$5.11B	150x	as long as short
MEXC BTC_USDT	+0.0063%	8h	86,338	−0.054%	$5.14B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0064%	8h	86,338	−0.054%	$9.41B	$24.44B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,345	−0.046%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0080%	8h	86,335.8	−0.057%	$5.84B	$10.75B	200x	as long as short
Bybit BTCUSDT	+0.0093%	8h	86,341	−0.051%	$5.25B	$9.78B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,356.8	−0.032%	$170.5M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,370.6	−0.016%	$24.1M	$152.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,357	−0.032%	$8.4M	$52.4M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,336	−0.056%	$202K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,390.4	+0.007%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,352.8	−0.037%	$21.6M	$234.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,401	+0.019%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,389.5	+0.006%	$40.7M	$513.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,344.5	−0.046%	$2.53B	$12.71B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,362	−0.026%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,412	+0.032%	$7.8M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,498.7	+0.132%	$571.7M	$18.6M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,337.9	−0.054%	$37.8M	$155.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,394.8	+0.012%	$155.5M	$568.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,426.9	+0.049%	$279.3M	$949.8M	100x	as long as short
GRVT BTC_USDT_Perpshort	+0.0100%	8h	86,418.2	+0.039%	$217.1M	$176.0M	50x
ApeX Omni BTCUSDT	+0.0100%	1h	86,418.4	+0.039%	$141.3M	$323.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,380	−0.005%	$30.7M	$203.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,401.9	+0.020%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,354	−0.035%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,357	−0.032%	$190K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,356.2	−0.033%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,366.6	−0.021%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,349.3	−0.041%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,350	−0.040%	$60.4M	$337.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,346.3	−0.044%	$2.29B	$968.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,310.4	−0.086%	$45.6M	$226.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,371.2	−0.016%	—	$98.8M	500x	as long as short
Perpl BTC	+0.0112%	43m	86,372.8	−0.014%	$421K	$23.6M	6.7x	as long as short
Hibachi BTC/USDT-P	+0.0112%	1h	86,387.5	+0.003%	$719K	$8.1M	30x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,389.1	+0.005%	$131.3M	$5.69B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,372.4	−0.014%	$191.1M	$944.0M	100x	as long as short
BloFin BTC-USDT	+0.0184%	8h	86,353.7	−0.036%	$414.2M	$653.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0187% / S −0.0213%	1h	86,365.2	−0.023%	$15.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0199%	8h	86,386	+0.002%	$9.8M	$734.6M	6.4x	as long as short