Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.020%

Price spread now: Nado against GRVT−0.126%61s7-day average +0.004% · 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—prices read too far apart to compare

costs, in and out, $10k−$160.161% of the position

Long on GRVT Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.020%+$2 on $10k

Price spread, last 7 days+0.131%+$13 · spread now −0.126%, 7d avg +0.004%

Together, before fees+0.151%+ Points / potential airdropGRVT: Active · Nado: Active · farm board+$15 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Nado is 0.130% cheaper against GRVT than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of +0.004%. The two prices were read 61 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT BTC_USDT_Perp	86,468.6	0.0100	pay 0.0100% / 8h	7h 40m	$217.0M	$165.5M	50x
Short	Nado BTC-PERP	86,360.1	0.0100	get 0.0012% / 1h	40m 18s	$21.9M	$230.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.126%Rate

Funding earned: $0
Price spread: −0.126% → +0.004%: −$12.99
Slippage, 4 orders: −$0.13
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$29.12
Costs to cover: 0.161%
Break-even: never at this rate

Slippage from GRVT: live order book, 4 min ago; Nado: live order book, 4 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	5.6 bp −$562	9.3 bp −$4,640
Sell Nado live order book, 4 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	4.6 bp −$459	12.3 bp −$6,142

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
Phoenix BTC	−0.0129%	1h	86,448	−0.024%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,373	−0.111%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,410.4	−0.067%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,409.8	−0.068%	$479K	$21.9M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,435.4	−0.038%	$36.9M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0019%	1h	86,454.2	−0.017%	$903.6M	$1.51B	50x	as long as short
dYdX BTC-USD	+0.0019%	1h	86,402.9	−0.076%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0020%	8h	86,419.1	−0.057%	$501.2M	$1.14B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,616	+0.170%	$333K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0036%	8h	86,411.5	−0.066%	$831.2M	$723.5M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BTCUSDT	+0.0039%	8h	86,351.2	−0.136%	$153.5M	$476.2M	150x	as long as short
Reya BTCRUSDPERP	+0.0043%	1h	86,412.8	−0.065%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDT	+0.0049%	8h	86,419.8	−0.056%	—	$1.58B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,415.1	−0.062%	$8.3M	$42.6M	25x	as long as short
Bitget BTCUSDT	+0.0062%	8h	86,418.1	−0.058%	$2.97B	$5.05B	150x	as long as short
MEXC BTC_USDT	+0.0078%	8h	86,408.6	−0.069%	$5.13B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0079%	8h	86,421.2	−0.055%	$9.41B	$24.39B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,400.6	−0.079%	$2.5M	$1.7M	20x	as long as short
Lighter BTC	+0.0096%	1h	86,388.2	−0.093%	$170.2M	$984.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,386.6	−0.095%	$23.7M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,404	−0.075%	$8.4M	$52.1M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,379	−0.104%	$202K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,435.4	−0.038%	$4.6M	$8.5M	50x	as long as short
Nado BTC-PERPshort	+0.0100%	1h	86,360.1	−0.126%	$21.9M	$230.1M	50x
Hyperliquid BTC	+0.0100%	1h	86,481	+0.014%	$3.80B	$5.05B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,407.3	−0.071%	$40.7M	$546.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,426.5	−0.049%	$5.26B	$9.70B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,434.9	−0.039%	$2.57B	$12.55B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,374	−0.109%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,436.5	−0.037%	$7.2M	$95.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,420.3	−0.056%	$5.82B	$10.52B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,345.7	−0.142%	$37.4M	$156.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,351.7	−0.135%	$158.4M	$564.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,429.4	−0.045%	$279.2M	$949.5M	100x	as long as short
GRVT BTC_USDT_Perplong	+0.0100%	8h	86,468.6	long leg	$217.0M	$165.5M	50x
ApeX Omni BTCUSDT	+0.0100%	1h	86,422.4	−0.053%	$141.5M	$322.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,404	−0.075%	$30.7M	$208.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,441.1	−0.032%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,412	−0.065%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,420	−0.056%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,422.7	−0.053%	$2.5M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,456.2	−0.014%	$144K	$667K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,447.6	−0.024%	$30.5M	$62.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,350	−0.137%	$3.4M	$5.2M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,421	−0.055%	$60.4M	$338.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,341.1	−0.147%	$2.29B	$964.3M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,336.3	−0.153%	$571.6M	$13.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,408.6	−0.069%	$45.9M	$222.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,419.7	−0.057%	—	$99.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,461.9	−0.008%	$132.2M	$5.47B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,455.8	−0.015%	$192.3M	$943.7M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,468	−0.001%	$712K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	86,429.2	−0.046%	$78K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0199%	8h	86,354.6	−0.132%	$414.4M	$649.7M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0217%	1h	86,426.2	−0.049%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	86,409	−0.069%	$9.9M	$762.2M	6.4x	as long as short