Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0021%/8h= +2.3% APRpaid last 24h +0.015%

Price spread now: Kraken Futures against GRVT−0.027%7-day average +0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$200.200% of the position

Long on GRVT Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.021%+$2 on $10k

Price spread, last 3 days (all we have)+0.013%+$1 · spread now −0.027%, 7d avg +0.015%

Together, before fees+0.034%+ Points / potential airdropGRVT: Active · farm board+$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.042% cheaper against GRVT than usual: you would sell low and buy high (spread −0.027% now, against its 7-day average of +0.015%). If the spread goes back, that is −$4 on $10k: about 6.7 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.021% in total) that is about 14 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT BTC_USDT_Perp	86,543.9	0.0100	pay 0.0100% / 8h	1h 32m	$217.3M	$174.1M	50x
Short	Kraken Futures PF_XBTUSD	86,520.5	0.0121	get 0.0015% / 1h	32m 52s	$191.1M	$937.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.027%Rate

Funding earned: $4.37
Price spread: −0.027% → +0.015%: −$4.2
Slippage, 4 orders: −$0.98
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$19.8
Costs to cover: 0.200%
Break-even: 38.7 days

Slippage from GRVT: live order book, 6 min ago; Kraken Futures: 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	5.4 bp −$539	440.4 bp −$220.2K
Sell Kraken Futures live order book, 1 min ago	0.06 bp	5.1 bp −$5	5.6 bp −$56	7.1 bp −$713	9.6 bp −$4,817

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	−0.0571%	1h	86,515	−0.033%	$140K	$618K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,627	+0.096%	$2.2M	$11.8M	40x	as long as short
Aftermath Perps BTCUSD	−0.0110%	1h	86,586	+0.049%	$83K	$216K	20x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,509	−0.040%	$9K	$3K	50x	as long as short
Aster BTCUSDT	−0.0010%	8h	86,451.2	−0.107%	$504.5M	$1.15B	200x	as long as short
dYdX BTC-USD	−0.0010%	1h	86,530.8	−0.015%	$17.1M	$20.7M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,531.3	−0.015%	$358K	$2.4M	50x	as long as short
KuCoin XBTUSDTM	0.0000%	8h	86,451.7	−0.106%	$850.7M	$708.5M	125x	as long as short
Perpl BTC	0.0000%	43m	86,519.8	−0.028%	$419K	$23.8M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,528.8	−0.017%	$923.1M	$1.47B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,517.1	−0.031%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,521.1	−0.026%	$8.5M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,491.1	−0.061%	$6.7M	$144.9M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.017%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0030%	8h	86,488.2	−0.064%	$149.8M	$475.8M	150x	as long as short
BingX BTC-USDC	+0.0034%	8h	86,442.7	−0.117%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0043%	8h	86,453.9	−0.104%	$2.94B	$5.08B	150x	as long as short
Hibachi BTC/USDT-P	+0.0048%	1h	86,562.5	+0.022%	$729K	$8.2M	30x	as long as short
MEXC BTC_USDT	+0.0060%	8h	86,459.6	−0.097%	$5.17B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,461.9	−0.095%	$9.41B	$24.32B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,479.7	−0.074%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0074%	8h	86,455.4	−0.102%	$5.85B	$10.66B	200x	as long as short
Bybit BTCUSDT	+0.0089%	8h	86,459.8	−0.097%	$5.27B	$9.71B	150x	as long as short
SoDEX BTC-USD	+0.0096%	1h	86,491	−0.061%	$60.5M	$337.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,502	−0.048%	$171.4M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,512.5	−0.036%	$24.0M	$151.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,519	−0.029%	$8.5M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,503	−0.047%	$201K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,550.6	+0.008%	$4.8M	$8.4M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,518.4	−0.029%	$21.7M	$233.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,555	+0.013%	$3.81B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,547.5	+0.004%	$41.1M	$505.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,457.9	−0.099%	$2.54B	$12.69B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,514	−0.035%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,587.8	+0.051%	$7.4M	$93.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,703.1	+0.184%	$573.0M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,473.1	−0.082%	$38.4M	$153.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,541.3	−0.003%	$156.5M	$566.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,509.2	−0.040%	$279.5M	$944.8M	100x	as long as short
GRVT BTC_USDT_Perplong	+0.0100%	8h	86,543.9	long leg	$217.3M	$174.1M	50x
ApeX Omni BTCUSDT	+0.0100%	1h	86,543.1	−0.001%	$141.5M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,563.2	+0.022%	$30.7M	$203.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,558.5	+0.017%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,516	−0.032%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,500.1	−0.051%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,496.5	−0.055%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,495.3	−0.056%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,515.5	−0.033%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,476.7	−0.078%	$2.30B	$965.0M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,439.1	−0.121%	$46.4M	$225.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,542.7	−0.001%	—	$98.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,530	−0.016%	$131.8M	$5.70B	50x	as long as short
Kraken Futures PF_XBTUSDshort	+0.0121%	1h	86,520.5	−0.027%	$191.1M	$937.6M	100x
BloFin BTC-USDT	+0.0180%	8h	86,473.2	−0.082%	$414.5M	$651.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0182% / S −0.0216%	1h	86,509.3	−0.040%	$15.4M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0195%	8h	86,540	−0.004%	$9.6M	$729.3M	6.4x	as long as short