Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0709%/8h= −77.6% APRpaid last 24h −0.164%

Price spread now: Bluefin against GRVT−0.081%72s7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as 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−$220.218% of the position

Long on GRVT Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.257%−$26 on $10k

Price spread, last 3 days (all we have)+0.038%+$4 · spread now −0.081%, 7d avg −0.030%

Together, before fees−0.219%+ Points / potential airdropGRVT: Active · farm board−$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Bluefin is 0.051% cheaper against GRVT than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.030%). Swap the legs. The two prices were read 72 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.257% in total (about -13.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT BTC_USDT_Perp	86,358.3	0.0100	pay 0.0100% / 8h	1h 09m	$217.0M	$174.8M	50x
Short	Bluefin BTC-PERP	86,288.3	−0.0609	pay 0.0076% / 1h	9m 54s	$140K	$620K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now −0.081%Rate

Funding earned: −$148.81
Price spread: −0.081% → −0.030%: −$5.12
Slippage, 4 orders: −$5.78
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$175.71
Costs to cover: 0.218%
Break-even: never at this rate

Slippage from GRVT: live order book, 4 min ago; Bluefin: live order book, 9 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, 4 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	10.6 bp −$1,060	9931.8 bp −$4.97M
Sell Bluefin live order book, 9 min ago	1.10 bp	6.4 bp −$6	11.4 bp −$114	doesn't fit	doesn't fit

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
Bluefin BTC-PERPshort	−0.0609%	1h	86,288.3	−0.081%	$140K	$620K	40x
Phoenix BTC	−0.0159%	1h	86,356	−0.003%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,314	−0.051%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,304.3	−0.063%	$359K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0012%	8h	86,290.1	−0.079%	$502.8M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	86,295.5	−0.073%	$850.3M	$712.1M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,290.8	−0.078%	$36.7M	—	200x	as long as short
dYdX BTC-USD	+0.0005%	1h	86,353.5	−0.006%	$16.9M	$21.1M	50x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,302.3	−0.065%	$8.4M	$42.8M	25x	as long as short
Reya BTCRUSDPERP	+0.0023%	1h	86,257.5	−0.117%	$6.7M	$145.0M	40x	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	+0.0024%	1h	86,360	+0.002%	$332K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0037%	8h	86,300.2	−0.067%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0043%	8h	86,295	−0.073%	$150.0M	$476.8M	150x	as long as short
Bitget BTCUSDT	+0.0046%	8h	86,297.4	−0.071%	$2.94B	$5.11B	150x	as long as short
Aftermath Perps BTCUSD	+0.0048%	1h	86,397.1	+0.045%	$80K	$219K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0056%	1h	86,314.5	−0.051%	$917.7M	$1.49B	50x	as long as short
MEXC BTC_USDT	+0.0063%	8h	86,299.2	−0.068%	$5.13B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0064%	8h	86,295.1	−0.073%	$9.41B	$24.46B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,264.2	−0.109%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,296.7	−0.071%	$5.84B	$10.76B	200x	as long as short
Bybit BTCUSDT	+0.0094%	8h	86,300.9	−0.066%	$5.25B	$9.79B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,298.9	−0.069%	$170.2M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,310	−0.056%	$24.0M	$152.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,298	−0.070%	$8.4M	$52.4M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,281	−0.090%	$201K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,336.9	−0.025%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,321	−0.043%	$21.6M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,362.4	+0.005%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,338.3	−0.023%	$40.7M	$513.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,308.8	−0.057%	$2.53B	$12.71B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,299	−0.069%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,359.5	+0.001%	$7.8M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,320.9	−0.043%	$570.7M	$18.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,284.8	−0.085%	$37.8M	$154.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,316.3	−0.049%	$155.5M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,350.3	−0.009%	$279.1M	$943.8M	100x	as long as short
GRVT BTC_USDT_Perplong	+0.0100%	8h	86,358.3	long leg	$217.0M	$174.8M	50x
ApeX Omni BTCUSDT	+0.0100%	1h	86,353.6	−0.005%	$141.2M	$323.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,332.2	−0.030%	$30.6M	$204.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,350.2	−0.009%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,285	−0.085%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,279	−0.092%	$191K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,280.9	−0.090%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,294.7	−0.074%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,300.4	−0.067%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,277	−0.094%	$60.3M	$337.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,268.1	−0.104%	$2.29B	$968.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,282.3	−0.088%	$45.6M	$226.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,315.3	−0.050%	—	$98.9M	500x	as long as short
Perpl BTC	+0.0112%	43m	86,328.8	−0.034%	$420K	$23.6M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,322	−0.042%	$131.1M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0120%	1h	86,390.4	+0.037%	$719K	$8.1M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,314.2	−0.051%	$191.0M	$945.5M	100x	as long as short
BloFin BTC-USDT	+0.0184%	8h	86,337.9	−0.024%	$414.2M	$653.4M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0187% / S −0.0209%	1h	86,284.5	−0.085%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0198%	8h	86,321	−0.043%	$9.8M	$735.1M	6.4x	as long as short