Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0023%/8h= +2.5% APRpaid last 24h +0.032%

Price spread now: Coinbase International against GRVT+0.074%7-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−$16as in the Price arb table

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

Long on GRVT Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.009%+$1 on $10k

Price spread, last 3 days (all we have)−0.102%−$10 · spread now +0.074%, 7d avg +0.040%

Together, before fees−0.093%+ Points / potential airdropGRVT: Active · farm board−$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Coinbase International is 0.034% dearer against GRVT than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT BTC_USDT_Perp	86,590	0.0097	pay 0.0097% / 8h	2h 47m	$217.4M	$189.0M	50x
Short	Coinbase International BTC-PERP-INTX	86,654	0.0120	get 0.0015% / 1h	47m 16s	$131.9M	$5.88B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.074%Rate

Funding earned: $4.83
Price spread: +0.074% → +0.040%: $3.37
Slippage, 4 orders: −$0.02
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$10.82
Costs to cover: 0.190%
Break-even: 22.7 days

Slippage from GRVT: live order book, 2 min ago; Coinbase International: live order book, 2 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, 2 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	4.8 bp −$479	278.9 bp −$139.4K
Sell Coinbase International live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.6 bp −$562	11.4 bp −$5,720

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	−0.0335%	43m	86,624.5	+0.040%	$426K	$25.1M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0205%	1h	86,674	+0.097%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,579	−0.013%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0092%	1h	86,651.2	+0.071%	$18.0M	$20.0M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,596	+0.007%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,595	+0.006%	$844.7M	$709.3M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,628.4	+0.044%	$361K	$2.5M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,643.1	+0.061%	$938.7M	$1.42B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,635.1	+0.052%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	86,587.8	−0.003%	$505.6M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,601	+0.013%	$6.7M	$144.0M	40x	as long as short
BingX BTC-USDT	+0.0021%	8h	86,603.2	+0.015%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0026%	8h	86,606.6	+0.019%	$149.6M	$470.6M	150x	as long as short
Bitget BTCUSDT	+0.0027%	8h	86,600.1	+0.012%	$2.94B	$5.07B	150x	as long as short
MEXC BTC_USDT	+0.0048%	8h	86,599.5	+0.011%	$5.19B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,616.5	+0.031%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0048%	8h	86,600.3	+0.012%	$9.43B	$24.30B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.164%	$315K	$26.8M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0061%	8h	86,607.2	+0.020%	$2.57B	$12.69B	100x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,620.7	+0.035%	$9.2M	$42.1M	25x	as long as short
Gate BTC_USDT	+0.0066%	8h	86,606.4	+0.019%	$5.86B	$10.58B	200x	as long as short
Bybit BTCUSDT	+0.0079%	8h	86,603.3	+0.015%	$5.28B	$9.66B	150x	as long as short
Variational Omni BTC	+0.0088%	8h	86,626.8	+0.042%	$159.8M	$564.2M	—	as long as short
Lighter BTC	+0.0096%	1h	86,621.4	+0.036%	$171.8M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,623.7	+0.039%	$24.0M	$152.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,603	+0.015%	$8.5M	$52.1M	100x	as long as short
GRVT BTC_USDT_Perplong	+0.0097%	8h	86,590	long leg	$217.4M	$189.0M	50x
Orderly PERP_BTC_USDC	+0.0099%	8h	86,623.7	+0.039%	$2.5M	$8.5M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,648.1	+0.067%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,595	+0.006%	$200K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,599.5	+0.011%	$21.8M	$236.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,678.8	+0.103%	$3.83B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,638.6	+0.056%	$40.9M	$485.8M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,609	+0.022%	$3.9M	$18.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,678.6	+0.102%	$7.4M	$94.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,665	+0.087%	$572.2M	$23.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,637.4	+0.055%	$38.2M	$148.1M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,590.7	+0.001%	$279.7M	$948.0M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,636.4	+0.054%	$141.8M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,613.9	+0.028%	$30.8M	$205.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,670.5	+0.093%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,609	+0.022%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,607.3	+0.020%	$198K	$3.4M	20x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,629	+0.045%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,614.1	+0.028%	$30.0M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,600.3	+0.012%	$3.4M	$5.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,602	+0.014%	$60.4M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,604.4	+0.017%	$2.30B	$955.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,607.6	+0.020%	$46.6M	$229.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,631.8	+0.048%	—	$98.0M	500x	as long as short
Kalshi KXBTCPERP	+0.0109%	8h	86,664	+0.085%	$8.8M	$723.2M	6.4x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,641.1	+0.059%	$191.5M	$927.4M	100x	as long as short
Coinbase International BTC-PERP-INTXshort	+0.0120%	1h	86,654	+0.074%	$131.9M	$5.88B	50x
BloFin BTC-USDT	+0.0168%	8h	86,618.6	+0.033%	$418.8M	$642.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0198%	1h	86,622.7	+0.038%	$15.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	86,618.9	+0.033%	$601K	$7.2M	30x	as long as short