Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.015%

Price spread now: Backpack against GRVT+0.062%7-day average −0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$190.190% of the position

Long on GRVT Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.124%−$12 on $10k

Price spread, last 7 days−0.536%−$54 · spread now +0.062%, 7d avg −0.008%

Together, before fees−0.660%+ Points / potential airdropGRVT: Active · farm board−$66 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: Backpack is 0.070% dearer against GRVT than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT BTC_USDT_Perp	85,597.4	0.0100	pay 0.0100% / 8h	6h 33m	$214.9M	$168.6M	50x
Short	Backpack BTC_USDC_PERP	85,650.7	0.0100	get 0.0013% / 1h	33m 18s	$35.1M	$162.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against GRVT. 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 GRVTbpFee BackpackbpOrdersPrice spread, now +0.062%Rate

Funding earned: $0
Price spread: +0.062% → −0.008%: $7.01
Slippage, 4 orders: −$0.02
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$12.01
Costs to cover: 0.190%
Break-even: never at this rate

Slippage from GRVT: live order book, 6 min ago; Backpack: live order book, 1 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 GRVT live order book, 6 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	12.0 bp −$1,204	9258.6 bp −$4.63M
Sell Backpack live order book, 1 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	6.3 bp −$627	26.0 bp −$13.0K

BTC on 55 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	−0.0144%	1h	85,641	+0.051%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,666	+0.080%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,541.1	−0.066%	$363K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,578.4	−0.022%	$516K	$20.9M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,611.9	+0.017%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,563.6	−0.039%	$36.6M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	+0.109%	$340K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0036%	8h	85,580.8	−0.019%	$496.2M	$1.14B	200x	as long as short
KuCoin XBTUSDTM	+0.0036%	8h	85,553.4	−0.051%	$900.8M	$756.4M	125x	as long as short
ApeX Omni BTCUSDT	+0.0037%	1h	85,595.3	−0.002%	$140.0M	$320.4M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0044%	1h	85,571.3	−0.031%	$7.9M	$42.4M	25x	as long as short
BingX BTC-USDT	+0.0054%	8h	85,553.9	−0.051%	—	$1.58B	—	as long as short
Reya BTCRUSDPERP	+0.0056%	1h	85,566	−0.037%	$6.7M	$146.1M	40x	as long as short
HTX BTC-USDT	+0.0058%	8h	85,534.2	−0.074%	$2.27B	$954.7M	200x	as long as short
Nado BTC-PERP	+0.0068%	1h	85,580.9	−0.019%	$22.6M	$229.3M	50x	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,565.1	−0.038%	$2.94B	$5.12B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,563.3	−0.040%	$2.5M	$1.8M	20x	as long as short
Gate BTC_USDT	+0.0087%	8h	85,575.2	−0.026%	$5.61B	$10.50B	200x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,573.7	−0.028%	$5.06B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,560.8	−0.043%	$9.31B	$24.50B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,558	−0.046%	$169.3M	$985.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,564.6	−0.038%	$23.2M	$146.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,563	−0.040%	$8.4M	$52.1M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,525	−0.085%	$206K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,560.1	−0.044%	$3.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,636	+0.045%	$3.76B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,604	+0.008%	$40.7M	$569.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,575.3	−0.026%	$5.29B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,575.3	−0.026%	$2.53B	$12.43B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,556	−0.048%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,538.2	−0.069%	$7.2M	$98.4M	40x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	85,650.7	+0.062%	$35.1M	$162.6M	75x
Variational Omni BTC	+0.0100%	8h	85,619.2	+0.025%	$156.3M	$559.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,580.7	−0.019%	$278.2M	$944.9M	100x	as long as short
GRVT BTC_USDT_Perplong	+0.0100%	8h	85,597.4	long leg	$214.9M	$168.6M	50x
StandX BTC-USD	+0.0100%	1h	85,582.3	−0.018%	$30.3M	$208.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,643.5	+0.054%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,569	−0.033%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,574.4	−0.027%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,575.3	−0.026%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,608.7	+0.013%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,571.7	−0.030%	$29.9M	$57.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,521.5	−0.089%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,569	−0.033%	$59.9M	$337.5M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,553.1	−0.052%	$153.1M	$480.3M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,587.5	−0.012%	$583.6M	$150.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,542.6	−0.064%	$44.0M	$229.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,595.7	−0.002%	—	$101.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,587.3	−0.012%	$130.7M	$5.21B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0122%	1h	85,594.4	−0.004%	$894.0M	$1.54B	50x	as long as short
Hibachi BTC/USDT-P	+0.0128%	1h	85,673.6	+0.089%	$697K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,569.5	−0.033%	$188.5M	$966.6M	100x	as long as short
Aftermath Perps BTCUSD	+0.0160%	1h	85,637.1	+0.046%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0191%	1h	85,579.1	−0.021%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0207%	8h	85,610	+0.015%	$10.0M	$771.1M	6.4x	as long as short