Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.024%

Price spread now: Orderly against GRVT−0.061%70s7-day average 0.000% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on GRVT Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.063%+$6 on $10k

Price spread, last 3 days (all we have)+0.064%+$6 · spread now −0.061%, 7d avg 0.000%

Together, before fees+0.128%+ Points / potential airdropGRVT: Active · farm board+$13 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: Orderly is 0.061% cheaper against GRVT than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of 0.000%. The two prices were read 70 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	86,485.6	0.0100	pay 0.0100% / 8h	28m 14s	$217.2M	$171.6M	50x
Short	Orderly PERP_BTC_USDC	86,432.5	0.0100	get 0.0100% / 8h	28m 14s	$2.4M	$9.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.061%Rate

Funding earned: $0
Price spread: −0.061% → 0.000%: −$6.12
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$21.12
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: GRVT: live order book, 6 min ago; Orderly: no order-book sample. Net counts fees only.

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	4.6 bp −$462	8.2 bp −$4,079
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0118%	1h	86,477	−0.010%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,446	−0.046%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	+0.095%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,453.7	−0.037%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,461.3	−0.028%	$359K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0001%	8h	86,429.5	−0.065%	$501.5M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,473.6	−0.014%	$416K	$23.1M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,456.7	−0.033%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0017%	8h	86,441.6	−0.051%	$850.0M	$715.6M	125x	as long as short
Reya BTCRUSDPERP	+0.0031%	1h	86,431.6	−0.062%	$6.7M	$145.5M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0033%	1h	86,473.5	−0.014%	$914.6M	$1.48B	50x	as long as short
BingX BTC-USDT	+0.0042%	8h	86,435.6	−0.058%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0052%	8h	86,440.4	−0.052%	$150.8M	$478.5M	150x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,427.3	−0.067%	$2.96B	$5.13B	150x	as long as short
dYdX BTC-USD	+0.0067%	1h	86,493.3	+0.009%	$16.9M	$21.2M	50x	as long as short
MEXC BTC_USDT	+0.0069%	8h	86,434	−0.060%	$5.16B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,430	−0.064%	$9.42B	$24.57B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,425.9	−0.069%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,436.8	−0.056%	$5.86B	$10.77B	200x	as long as short
SoDEX BTC-USD	+0.0084%	1h	86,431	−0.063%	$60.4M	$337.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,439.1	−0.054%	$170.2M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,444.9	−0.047%	$24.0M	$152.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,438	−0.055%	$8.5M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0098%	8h	86,429.8	−0.065%	$5.26B	$9.81B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,426	−0.069%	$199K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,478.5	−0.008%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,445.9	−0.046%	$21.9M	$234.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,515	+0.034%	$3.79B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,477.7	−0.009%	$41.1M	$529.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,439	−0.054%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,450	−0.041%	$3.9M	$18.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,485.3	0.000%	$7.5M	$95.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,451.9	−0.039%	$38.2M	$155.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,474.8	−0.012%	$157.5M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,477.1	−0.010%	$279.3M	$947.6M	100x	as long as short
GRVT BTC_USDT_Perplong	+0.0100%	8h	86,485.6	long leg	$217.2M	$171.6M	50x
ApeX Omni BTCUSDT	+0.0100%	1h	86,488.9	+0.004%	$141.4M	$323.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,471	−0.017%	$30.7M	$205.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,489.7	+0.005%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,437	−0.056%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,434.6	−0.059%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDCshort	+0.0100%	8h	86,432.5	−0.061%	$2.4M	$9.0M	100x
Bluefin BTC-PERP	+0.0100%	1h	86,463.9	−0.025%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,466.5	−0.022%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,429.8	−0.064%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,430.1	−0.064%	$2.29B	$969.5M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,464.9	−0.024%	$572.1M	$16.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,415.3	−0.081%	$45.5M	$227.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,474.6	−0.013%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,461.5	−0.028%	$193.9M	$952.2M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,478	−0.009%	$132.3M	$5.65B	50x	as long as short
Aftermath Perps BTCUSD	+0.0145%	1h	86,510.4	+0.029%	$79K	$218K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,493.4	+0.009%	$728K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0190%	8h	86,461	−0.028%	$415.5M	$658.7M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0195% / S −0.0218%	1h	86,450.2	−0.041%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0207%	8h	86,470	−0.018%	$9.7M	$746.6M	6.4x	as long as short