Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0036%/8h= +4.0% APRpaid last 24h +0.009%

Price spread now: GRVT against dYdX−0.114%50s7-day average +0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as 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−$270.267% of the position

Long on dYdX Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.116%+$12 on $10k

Price spread, last 7 days+0.088%+$9 · spread now −0.114%, 7d avg +0.009%

Together, before fees+0.204%+ Points / potential airdropGRVT: Active · farm board+$20 on $10k · with fees, hour by hour

Funding pays, the price is against you. GRVT is 0.123% cheaper against dYdX than usual: you would sell low and buy high (spread −0.114% now, against its 7-day average of +0.009%). If the spread goes back, that is −$12 on $10k: about 11 days of funding at the current rate (+$1 a day). The two prices were read 50 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	dYdX BTC-USD	86,559.6	0.0064	pay 0.0008% / 1h	4m 16s	$17.0M	$21.2M	50x
Short	GRVT BTC_USDT_Perp	86,461.1	0.0100	get 0.0100% / 8h	4m 16s	$217.1M	$172.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against dYdX. 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 dYdXbpFee GRVTbpOrdersPrice spread, now −0.114%Rate

Funding earned: $7.63
Price spread: −0.114% → +0.009%: −$12.28
Slippage, 4 orders: −$7.67
Fee dYdX: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$31.32
Costs to cover: 0.267%
Break-even: 35.7 days

Slippage from dYdX: 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 dYdX live order book, 5 min ago	1.33 bp	6.3 bp −$6	7.9 bp −$79	9.6 bp −$957	12.8 bp −$6,411
Sell GRVT live order book, 5 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	4.7 bp −$469	8.3 bp −$4,136

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
Phoenix BTC	−0.0118%	1h	86,444	−0.134%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,513	−0.054%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,345	−0.248%	$332K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,571.7	+0.014%	$8.3M	$42.7M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,581.3	+0.025%	$360K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,550.9	−0.010%	$412K	$22.4M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,592.6	+0.038%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	86,578.9	+0.022%	$502.2M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0024%	8h	86,575.9	+0.019%	$835.0M	$728.5M	125x	as long as short
Reya BTCRUSDPERP	+0.0037%	1h	86,575.5	+0.018%	$6.7M	$145.6M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0044%	8h	86,578.5	+0.022%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0054%	8h	86,572.9	+0.015%	$151.9M	$478.9M	150x	as long as short
Bitget BTCUSDT	+0.0056%	8h	86,577.6	+0.021%	$2.97B	$5.12B	150x	as long as short
dYdX BTC-USDlong	+0.0064%	1h	86,559.6	long leg	$17.0M	$21.2M	50x
Aevo BTC-PERP	+0.0072%	1h	86,567.9	+0.010%	$2.5M	$1.4M	20x	as long as short
MEXC BTC_USDT	+0.0075%	8h	86,573	+0.016%	$5.16B	$5.69B	500x	as long as short
Binance BTCUSDT	+0.0075%	8h	86,579.2	+0.023%	$9.45B	$24.54B	150x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,570.9	+0.013%	$5.85B	$10.82B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,582.1	+0.026%	$170.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,584	+0.028%	$23.8M	$153.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,578	+0.021%	$8.5M	$52.3M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,573.8	+0.016%	$5.27B	$9.79B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,540	−0.023%	$195K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,592.1	+0.038%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,531.5	−0.032%	$21.7M	$233.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,657	+0.113%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,580.7	+0.024%	$41.1M	$538.1M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,588	+0.033%	$2.55B	$12.75B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,568	+0.010%	$3.9M	$18.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,588.6	+0.034%	$7.3M	$96.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,577.1	+0.020%	$38.1M	$155.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,474	−0.099%	$157.6M	$567.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,494.6	−0.075%	$279.4M	$947.7M	100x	as long as short
GRVT BTC_USDT_Perpshort	+0.0100%	8h	86,461.1	−0.114%	$217.1M	$172.4M	50x
ApeX Omni BTCUSDT	+0.0100%	1h	86,505.5	−0.062%	$141.8M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,504	−0.064%	$30.7M	$207.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,604.7	+0.052%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,582	+0.026%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,577.4	+0.021%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,570.7	+0.013%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,616.8	+0.066%	$141K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,605.7	+0.053%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,543	−0.019%	$3.4M	$5.3M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,565	+0.006%	$60.5M	$338.0M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,564.1	+0.005%	$2.30B	$968.5M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,452.9	−0.123%	$572.2M	$12.3M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,559.9	0.000%	$45.8M	$225.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,545.6	−0.016%	—	$100.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,600	+0.047%	$193.6M	$953.0M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,617.2	+0.067%	$132.2M	$5.64B	50x	as long as short
Aftermath Perps BTCUSD	+0.0160%	1h	86,521.6	−0.044%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,531.8	−0.032%	$717K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0195%	8h	86,487.6	−0.083%	$415.0M	$659.1M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0225%	1h	86,583	+0.027%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	86,577	+0.020%	$10.4M	$754.5M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0254%	1h	86,619.9	+0.070%	$912.9M	$1.49B	50x	as long as short