Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0047%/8h= −5.1% APRpaid last 24h 0.000%

Price spread now: Injective against GRVT+0.112%7-day average +0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

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

costs, in and out, $10k−$170.170% of the position

Long on GRVT Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.004%$0 on $10k

Price spread, last 3 days (all we have)−0.377%−$38 · spread now +0.112%, 7d avg +0.017%

Together, before fees−0.372%+ Points / potential airdropGRVT: Active · farm board−$37 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.095% dearer against GRVT than usual: you sell high and buy low (spread +0.112% now, against its 7-day average of +0.017%): +$9 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 6.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT BTC_USDT_Perp	86,635.2	0.0096	pay 0.0096% / 8h	2h 49m	$217.5M	$189.0M	50x
Short	Injective BTC/USDC PERP	86,732	0.0049	get 0.0006% / 1h	49m 00s	$315K	$26.8M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.112%Rate

Funding earned: −$9.86
Price spread: +0.112% → +0.017%: $9.49
Slippage, 4 orders: −$7.93
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$17.32
Costs to cover: 0.170%
Break-even: never at this rate

Slippage from GRVT: live order book, 5 min ago; Injective: live order book, 5 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, 5 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	13.1 bp −$1,308	10315.3 bp −$5.16M
Sell Injective live order book, 5 min ago	2.88 bp	4.7 bp −$5	13.6 bp −$136	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
Perpl BTC	−0.0335%	43m	86,625	−0.012%	$426K	$25.1M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0200%	1h	86,707.1	+0.083%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,701	+0.076%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0090%	1h	86,651.2	+0.018%	$18.0M	$20.0M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,590	−0.052%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,590.8	−0.051%	$844.5M	$709.4M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,606.1	−0.034%	$361K	$2.5M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,629.6	−0.006%	$921.2M	$1.39B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,614.5	−0.024%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0013%	8h	86,587.3	−0.055%	$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
BingX BTC-USDT	+0.0020%	8h	86,601	−0.039%	—	$1.60B	—	as long as short
Reya BTCRUSDPERP	+0.0021%	1h	86,587.6	−0.055%	$6.7M	$144.0M	40x	as long as short
Phemex BTCUSDT	+0.0024%	8h	86,586.9	−0.056%	$149.5M	$469.6M	150x	as long as short
Bitget BTCUSDT	+0.0026%	8h	86,600.8	−0.040%	$2.94B	$5.08B	150x	as long as short
MEXC BTC_USDT	+0.0047%	8h	86,600.5	−0.040%	$5.19B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0048%	8h	86,600.7	−0.040%	$9.43B	$24.35B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,594.3	−0.047%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERPshort	+0.0049%	1h	86,732	+0.112%	$315K	$26.8M	52x
OKX BTC-USDT-SWAP	+0.0060%	8h	86,607.3	−0.032%	$2.57B	$12.73B	100x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,600.2	−0.040%	$9.2M	$42.2M	25x	as long as short
Gate BTC_USDT	+0.0064%	8h	86,609.9	−0.029%	$5.86B	$10.57B	200x	as long as short
Bybit BTCUSDT	+0.0077%	8h	86,605	−0.035%	$5.27B	$9.70B	150x	as long as short
Variational Omni BTC	+0.0088%	8h	86,626.8	−0.010%	$159.8M	$564.2M	—	as long as short
Lighter BTC	+0.0096%	1h	86,604.6	−0.035%	$172.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,612.3	−0.026%	$24.0M	$152.8M	50x	as long as short
GRVT BTC_USDT_Perplong	+0.0096%	8h	86,635.2	long leg	$217.5M	$189.0M	50x
Popdex BTCUSDT	+0.0096%	1h	86,578	−0.066%	$8.5M	$52.1M	100x	as long as short
Orderly PERP_BTC_USDC	+0.0099%	8h	86,608.2	−0.031%	$2.4M	$8.4M	100x	as long as short
SoDEX BTC-USD	+0.0099%	1h	86,592	−0.050%	$60.4M	$336.5M	40x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,628	−0.008%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,579	−0.065%	$200K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,600	−0.041%	$21.8M	$237.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,650	+0.017%	$3.83B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,620.7	−0.017%	$40.9M	$485.8M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,630	−0.006%	$3.9M	$18.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,667.5	+0.037%	$7.4M	$95.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,665	+0.034%	$572.2M	$23.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,592.9	−0.049%	$38.2M	$148.1M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,704.2	+0.080%	$280.1M	$946.6M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,636.4	+0.001%	$141.8M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,664	+0.033%	$30.8M	$205.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,656.9	+0.025%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,588	−0.054%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,587.2	−0.055%	$198K	$3.4M	20x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,611	−0.028%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,596	−0.045%	$30.0M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,576.6	−0.068%	$3.4M	$5.6M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,578.8	−0.065%	$2.30B	$956.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,592.4	−0.049%	$46.5M	$229.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,613.5	−0.025%	—	$98.1M	500x	as long as short
Kalshi KXBTCPERP	+0.0106%	8h	86,635	0.000%	$8.8M	$724.4M	6.4x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,632.7	−0.003%	$192.1M	$926.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,642.1	+0.008%	$131.9M	$5.91B	50x	as long as short
BloFin BTC-USDT	+0.0168%	8h	86,592.1	−0.050%	$418.0M	$642.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0198%	1h	86,609.5	−0.030%	$15.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	86,672.4	+0.043%	$598K	$7.2M	30x	as long as short