Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.001%

Price spread now: GRVT against Extended+0.243%112s7-day average +0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as 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−$140.141% of the position

Long on Extended Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.036%−$4 on $10k

Price spread, last 7 days−0.218%−$22 · spread now +0.243%, 7d avg +0.040%

Together, before fees−0.255%+ Points / potential airdropExtended: Active · GRVT: Active · farm board−$25 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 0.203% dearer against Extended than usual: you sell high and buy low, +$20 on $10k if it goes back to its 7-day average of +0.040%. The two prices were read 112 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	Extended BTC-USD	85,175	0.0104	pay 0.0013% / 1h	39m 39s	$45.5M	$237.7M	50x
Short	GRVT BTC_USDT_Perp	85,382.3	0.0100	get 0.0100% / 8h	2h 39m	$214.6M	$168.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Extended. 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 ExtendedbpFee GRVTbpOrdersPrice spread, now +0.243%Rate

Funding earned: −$0.84
Price spread: +0.243% → +0.040%: $20.35
Slippage, 4 orders: −$0.14
Fee Extended: 2.5 bp × 2 orders: −$5
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: $5.37
Costs to cover: 0.141%
Break-even: from the start

Slippage from Extended: 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 Extended live order book, 5 min ago	0.06 bp	2.6 bp −$3	2.6 bp −$26	2.6 bp −$258	8.0 bp −$4,011
Sell GRVT live order book, 5 min ago	0.01 bp	4.5 bp −$5	4.6 bp −$46	5.4 bp −$544	9.1 bp −$4,536

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	−0.0112%	43m	85,200	+0.029%	$529K	$18.8M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,377	+0.237%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,209	+0.040%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,190.9	+0.019%	$921.6M	$762.0M	125x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,214.6	+0.046%	$420.2M	$678.7M	150x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	85,209.3	+0.040%	$381K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0015%	8h	85,192.2	+0.020%	$512.4M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,238.9	+0.075%	$16.7M	$21.7M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,240.9	+0.077%	$36.4M	—	200x	as long as short
Nado BTC-PERP	+0.0011%	1h	85,192.8	+0.021%	$24.5M	$222.7M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0023%	1h	85,449	+0.322%	$339K	$26.8M	52x	as long as short
SoDEX BTC-USD	+0.0038%	1h	85,224	+0.057%	$59.6M	$335.9M	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,249	+0.087%	$187.5M	$955.8M	100x	as long as short
Bullet BTC-USD	+0.0058%	1h	85,212.7	+0.044%	$205K	$3.3M	20x	as long as short
BingX BTC-USDC	+0.0066%	8h	85,176	+0.001%	—	$17.4M	—	as long as short
Phemex BTCUSDT	+0.0072%	8h	85,237.7	+0.074%	$149.3M	$502.7M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,226.1	+0.060%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0082%	8h	85,200.1	+0.029%	$2.94B	$5.17B	150x	as long as short
Binance BTCUSDT	+0.0084%	8h	85,203.1	+0.033%	$9.42B	$24.80B	150x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,198.2	+0.027%	$5.06B	$5.69B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,209.1	+0.040%	$171.3M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,209.7	+0.041%	$23.7M	$147.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,200	+0.029%	$8.3M	$55.5M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,261.1	+0.101%	$117.2M	$5.32B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,177	+0.002%	$239K	$8.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,264.5	+0.105%	$5.6M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,273.7	+0.116%	$3.75B	$5.05B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,241.4	+0.078%	$40.1M	$595.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,194.5	+0.023%	$5.15B	$9.92B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,207.9	+0.039%	$2.57B	$12.16B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,201	+0.030%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,205.6	+0.036%	$4.6M	$99.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,324.1	+0.175%	$679.5M	$626.7M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,199.3	+0.028%	$5.51B	$10.85B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,225.5	+0.059%	$36.0M	$174.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,226.6	+0.061%	$154.6M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,305.9	+0.154%	$279.2M	$939.3M	100x	as long as short
GRVT BTC_USDT_Perpshort	+0.0100%	8h	85,382.3	+0.243%	$214.6M	$168.8M	50x
ApeX Omni BTCUSDT	+0.0100%	1h	85,308.3	+0.156%	$139.4M	$315.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,283	+0.127%	$30.1M	$206.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,282.7	+0.126%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,218	+0.050%	$11.0M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,230	+0.065%	$2.3M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,272.3	+0.114%	$206K	$739K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,214	+0.046%	$30.0M	$50.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,216.2	+0.048%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,207.2	+0.038%	$2.26B	$953.9M	200x	as long as short
Extended BTC-USDlong	+0.0104%	1h	85,175	long leg	$45.5M	$237.7M	50x
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,211.4	+0.043%	—	$107.0M	500x	as long as short
Reya BTCRUSDPERP	+0.0112%	1h	85,207.6	+0.038%	$6.6M	$147.4M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,227.6	+0.062%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0177%	8h	85,240	+0.076%	$11.3M	$749.0M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0182%	1h	85,277.8	+0.121%	$872.3M	$1.60B	50x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,291.8	+0.137%	$720K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0236%	1h	85,350.7	+0.206%	$79K	$225K	20x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,225.1	+0.059%	$8.7M	$43.1M	25x	as long as short