Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.005%

Price spread now: gTrade (Gains Network) against GRVT−0.019%7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$170.171% of the position

Long on GRVT Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.062%−$6 on $10k

Price spread, last 3 days (all we have)+0.038%+$4 · spread now −0.019%, 7d avg +0.011%

Together, before fees−0.023%+ Points / potential airdropGRVT: Active · farm board−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and gTrade (Gains Network) is 0.030% cheaper against GRVT than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.011%). Swap the legs.

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 10m	$217.0M	$174.8M	50x
Short	gTrade (Gains Network) BTC/USD	86,341.6	L +0.0005% / S −0.0004%	get 0.0001% / 1h	10m 49s	$36.8M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.019%Rate

Funding earned: −$20.06
Price spread: −0.019% → +0.011%: −$3.04
Slippage, 4 orders: −$1.05
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$40.15
Costs to cover: 0.171%
Break-even: never at this rate

Slippage from GRVT: live order book, 3 min ago; gTrade (Gains Network): virtual book (oracle venue), 3 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, 3 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	10.6 bp −$1,060	9931.8 bp −$4.97M
Sell gTrade (Gains Network) virtual book (oracle venue), 3 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,182

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-PERP	−0.0631%	1h	86,336.6	−0.025%	$140K	$620K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,356	−0.003%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,328	−0.035%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,332.1	−0.030%	$359K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0011%	8h	86,308	−0.058%	$502.9M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	86,313.3	−0.052%	$851.0M	$712.1M	125x	as long as short
gTrade (Gains Network) BTC/USDshort	L +0.0005% / S −0.0004%	1h	86,341.6	−0.019%	$36.8M	—	200x
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	86,333.3	−0.029%	$8.4M	$42.8M	25x	as long as short
Reya BTCRUSDPERP	+0.0023%	1h	86,314	−0.051%	$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
Deribit BTC-PERPETUAL	+0.0027%	1h	86,357	−0.001%	$917.7M	$1.49B	50x	as long as short
BingX BTC-USDT	+0.0037%	8h	86,322.2	−0.042%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0042%	8h	86,323.2	−0.041%	$150.0M	$476.7M	150x	as long as short
Aftermath Perps BTCUSD	+0.0042%	1h	86,413.8	+0.064%	$81K	$218K	20x	as long as short
Bitget BTCUSDT	+0.0046%	8h	86,309.2	−0.057%	$2.94B	$5.11B	150x	as long as short
MEXC BTC_USDT	+0.0063%	8h	86,321.3	−0.043%	$5.13B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0064%	8h	86,319	−0.046%	$9.41B	$24.44B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,315.2	−0.050%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,322	−0.042%	$5.84B	$10.75B	200x	as long as short
Bybit BTCUSDT	+0.0093%	8h	86,320	−0.044%	$5.25B	$9.78B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,321.1	−0.043%	$170.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,341.8	−0.019%	$24.1M	$152.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,326	−0.037%	$8.4M	$52.4M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,309	−0.057%	$201K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,370.3	+0.014%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,338	−0.024%	$21.6M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,382	+0.027%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,367.9	+0.011%	$40.7M	$513.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,313.6	−0.052%	$2.53B	$12.71B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,342	−0.019%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,384.7	+0.031%	$7.8M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,498.7	+0.163%	$571.7M	$18.6M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,317.1	−0.048%	$37.8M	$154.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,394.8	+0.042%	$155.5M	$568.5M	—	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	86,380	+0.025%	$30.7M	$203.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,372.2	+0.016%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,332	−0.030%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,320.9	−0.043%	$191K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,322.2	−0.042%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,338	−0.023%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,327.5	−0.036%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,322	−0.042%	$60.3M	$337.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,317.6	−0.047%	$2.29B	$968.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,303.3	−0.064%	$45.6M	$226.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,337.6	−0.024%	—	$98.8M	500x	as long as short
Perpl BTC	+0.0112%	43m	86,344.1	−0.016%	$421K	$23.6M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,362.4	+0.005%	$131.3M	$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	86,344.5	−0.016%	$191.1M	$944.8M	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 −0.0213%	1h	86,331.3	−0.031%	$15.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0199%	8h	86,352	−0.007%	$9.8M	$734.8M	6.4x	as long as short