Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.031%

Price spread now: GRVT against Derive+0.142%7-day average +0.010% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Derive Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.030%+$3 on $10k

Price spread, last 3 days (all we have)+0.100%+$10 · spread now +0.142%, 7d avg +0.010%

Together, before fees+0.131%+ Points / potential airdropGRVT: Active · farm board+$13 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: GRVT is 0.132% dearer against Derive than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of +0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive BTC-PERP	86,808.1	0.0100	pay 0.0013% / 1h	56m 23s	$30.1M	$61.5M	15x
Short	GRVT BTC_USDT_Perp	86,931.5	0.0096	get 0.0096% / 8h	2h 56m	$218.3M	$190.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Derive. 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 DerivebpFee GRVTbpOrdersPrice spread, now +0.142%Rate

Funding earned: −$0.84
Price spread: +0.142% → +0.010%: $13.18
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$2.66
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; GRVT: live order book, 3 min ago. Net counts fees only.

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 Derive no order-book sample	—	—	—	—	—
Sell GRVT live order book, 3 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	5.4 bp −$544	9.3 bp −$4,668

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	86,779.2	−0.033%	$418K	$25.5M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0183%	1h	86,880	+0.083%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0123%	1h	86,795	−0.015%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0082%	1h	86,803.4	−0.005%	$18.1M	$19.9M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,790	−0.021%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0001%	8h	86,713	−0.109%	$838.3M	$708.9M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,750	−0.067%	$364K	$2.5M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,847.7	+0.046%	$923.7M	$1.38B	50x	as long as short
Bluefin BTC-PERP	+0.0002%	1h	86,783.7	−0.028%	$160K	$575K	40x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,767	−0.047%	$36.7M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BTCUSDT	+0.0012%	8h	86,809.6	+0.002%	$149.3M	$468.1M	150x	as long as short
Aster BTCUSDT	+0.0017%	8h	86,752.2	−0.064%	$506.5M	$1.17B	200x	as long as short
BingX BTC-USDT	+0.0019%	8h	86,733.9	−0.085%	—	$1.60B	—	as long as short
Reya BTCRUSDPERP	+0.0021%	1h	86,738.2	−0.080%	$6.7M	$143.7M	40x	as long as short
Bitget BTCUSDT	+0.0025%	8h	86,735	−0.084%	$2.96B	$5.08B	150x	as long as short
MEXC BTC_USDT	+0.0046%	8h	86,735	−0.084%	$5.21B	$5.60B	500x	as long as short
Binance BTCUSDT	+0.0046%	8h	86,715.7	−0.106%	$9.45B	$24.38B	150x	as long as short
ApeX Omni BTCUSDT	+0.0047%	1h	86,939.6	+0.151%	$142.3M	$322.7M	100x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,807.6	−0.001%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,984	+0.203%	$316K	$26.8M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0054%	8h	86,738.4	−0.080%	$2.59B	$12.72B	100x	as long as short
SoDEX BTC-USD	+0.0062%	1h	86,800	−0.009%	$60.6M	$336.5M	40x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,742	−0.076%	$9.3M	$41.9M	25x	as long as short
Gate BTC_USDT	+0.0063%	8h	86,743.3	−0.075%	$5.86B	$10.52B	200x	as long as short
Bybit BTCUSDT	+0.0078%	8h	86,720.7	−0.101%	$5.30B	$9.71B	150x	as long as short
Popdex BTCUSDT	+0.0080%	1h	86,725	−0.096%	$8.5M	$52.1M	100x	as long as short
Variational Omni BTC	+0.0087%	8h	87,051.5	+0.280%	$161.3M	$562.4M	—	as long as short
Lighter BTC	+0.0096%	1h	86,790.1	−0.021%	$172.5M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,798.6	−0.011%	$24.2M	$152.3M	50x	as long as short
GRVT BTC_USDT_Perpshort	+0.0096%	8h	86,931.5	+0.142%	$218.3M	$190.1M	50x
Orderly PERP_BTC_USDC	+0.0097%	8h	86,815.6	+0.009%	$2.5M	$8.4M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,798.5	−0.011%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,723	−0.098%	$195K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,783.4	−0.028%	$23.2M	$237.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,808	0.000%	$3.86B	$5.14B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,807.9	0.000%	$41.6M	$484.5M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,732	−0.088%	$3.9M	$18.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,802.5	−0.006%	$7.6M	$95.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,919.5	+0.128%	$573.8M	$23.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,833.9	+0.030%	$38.4M	$148.3M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,943.1	+0.156%	$280.8M	$943.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,839	+0.036%	$30.9M	$205.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,817.1	+0.010%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,738	−0.081%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,742.2	−0.076%	$202K	$3.4M	20x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	86,808.1	long leg	$30.1M	$61.5M	15x
SunX BTC-USDT	+0.0100%	8h	86,803.2	−0.006%	$3.4M	$5.6M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,806.4	−0.002%	$2.31B	$955.3M	200x	as long as short
Kalshi KXBTCPERP	+0.0102%	8h	86,833	+0.029%	$8.9M	$726.0M	6.4x	as long as short
Extended BTC-USD	+0.0104%	1h	86,723.5	−0.097%	$46.2M	$228.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,837.5	+0.034%	—	$98.1M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,846.9	+0.045%	$194.8M	$927.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,853	+0.052%	$132.3M	$5.97B	50x	as long as short
BloFin BTC-USDT	+0.0167%	8h	86,809.9	+0.002%	$420.2M	$643.1M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0200%	1h	86,823.7	+0.018%	$15.5M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	86,877.5	+0.080%	$753K	$7.0M	30x	as long as short