Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0076%/8h= −8.3% APRpaid last 24h −0.021%

Price spread now: GRVT against GMX+0.062%7-day average −0.011% · you sell dearer than you buy

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

Long on GMX Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.078%−$8 on $10k

Price spread, last 4 days (all we have)−0.104%−$10 · spread now +0.062%, 7d avg −0.011%

Together, before fees−0.182%+ Points / potential airdropGRVT: Active · farm board−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GRVT is 0.074% dearer against GMX than usual: you sell high and buy low (spread +0.062% now, against its 7-day average of −0.011%): +$7 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BTC/USD [WBTC.b-USDC]	85,220.5	L +0.0176% / S −0.0151%	pay 0.0022% / 1h	38m 48s	$13.0M	—	200x
Short	GRVT BTC_USDT_Perp	85,273.7	0.0100	get 0.0100% / 8h	2h 38m	$214.3M	$168.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GMXbpFee GRVTbpOrdersPrice spread, now +0.062%Rate

Funding earned: −$15.91
Price spread: +0.062% → −0.011%: $7.39
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$29.52
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; GRVT: live order book, 5 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 GMX no order-book sample	—	—	—	—	—
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

GMX: 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	−0.0112%	43m	85,196.6	−0.028%	$528K	$18.7M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,200	−0.024%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,209	−0.014%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,236.8	+0.019%	$921.9M	$762.9M	125x	as long as short
BloFin BTC-USDT	−0.0036%	8h	85,202.1	−0.022%	$420.1M	$679.3M	150x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	85,194.7	−0.030%	$381K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0015%	8h	85,231	+0.012%	$512.7M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,238.9	+0.022%	$16.7M	$21.7M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,235	+0.017%	$36.4M	—	200x	as long as short
Nado BTC-PERP	+0.0014%	1h	85,195.6	−0.029%	$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	85,225	+0.005%	$338K	$26.8M	52x	as long as short
SoDEX BTC-USD	+0.0044%	1h	85,205	−0.018%	$59.6M	$335.9M	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,221.5	+0.001%	$186.9M	$956.7M	100x	as long as short
Bullet BTC-USD	+0.0058%	1h	85,199	−0.025%	$205K	$3.3M	20x	as long as short
BingX BTC-USDT	+0.0066%	8h	85,241.3	+0.024%	—	$1.56B	—	as long as short
Phemex BTCUSDT	+0.0075%	8h	85,207.2	−0.016%	$149.1M	$503.0M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,212.6	−0.009%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0082%	8h	85,240	+0.023%	$2.95B	$5.17B	150x	as long as short
Binance BTCUSDT	+0.0084%	8h	85,237.5	+0.020%	$9.42B	$24.81B	150x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,241.8	+0.025%	$5.06B	$5.69B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,247.7	+0.032%	$171.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,246.2	+0.030%	$23.7M	$147.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,185	−0.042%	$8.3M	$55.6M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,235.7	+0.018%	$117.3M	$5.32B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,174	−0.055%	$237K	$8.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,264.5	+0.052%	$5.6M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,311	+0.106%	$3.75B	$5.05B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,241.4	+0.024%	$40.1M	$595.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,234.3	+0.016%	$5.15B	$9.93B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,245.4	+0.029%	$2.57B	$12.17B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,201	−0.023%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,205.6	−0.018%	$4.6M	$99.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,324.1	+0.122%	$679.5M	$626.7M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,241.2	+0.024%	$5.51B	$10.86B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,207.1	−0.016%	$36.0M	$174.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,226.6	+0.007%	$154.6M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,305.9	+0.100%	$279.2M	$939.3M	100x	as long as short
GRVT BTC_USDT_Perpshort	+0.0100%	8h	85,273.7	+0.062%	$214.3M	$168.8M	50x
ApeX Omni BTCUSDT	+0.0100%	1h	85,282.7	+0.073%	$139.4M	$315.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,190	−0.036%	$30.1M	$206.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,263.2	+0.050%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,191	−0.035%	$11.0M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,223.4	+0.003%	$2.3M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,263	+0.050%	$206K	$739K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,204.2	−0.019%	$30.0M	$50.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,172	−0.057%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,203.5	−0.020%	$2.26B	$954.1M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,215.7	−0.006%	$45.5M	$237.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,209.2	−0.013%	—	$107.0M	500x	as long as short
Reya BTCRUSDPERP	+0.0112%	1h	85,193.9	−0.031%	$6.6M	$147.4M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0156%	1h	85,256.9	+0.043%	$872.4M	$1.61B	50x	as long as short
Kalshi KXBTCPERP	+0.0175%	8h	85,238	+0.021%	$11.3M	$749.0M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0176% / S −0.0151%	1h	85,220.5	long leg	$13.0M	—	200x
Hibachi BTC/USDT-P	+0.0224%	1h	85,291.8	+0.084%	$720K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0229%	1h	85,327.5	+0.125%	$79K	$225K	20x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,225.1	+0.005%	$8.7M	$43.1M	25x	as long as short