Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:36 UTC−0.0430%/8h= −47.1% APRpaid last 24h −0.014%

Price spread now: Perpl against GRVT−0.115%7-day average +0.016% · you buy dearer than you sell

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

Long on GRVT Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.342%+$34 on $10k

Price spread, last 7 days+0.197%+$20 · spread now −0.115%, 7d avg +0.016%

Together, before fees+0.539%+ Points / potential airdropGRVT: Active · Perpl: Active · farm board+$54 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Perpl is 0.131% cheaper against GRVT than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.016%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.342%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT BTC_USDT_Perp	86,798	0.0095	pay 0.0095% / 8h	2h 52m	$217.8M	$191.2M	50x
Short	Perpl BTC	86,698.3	−0.0335	pay 0.0030% / 43m	39m 38s	$425K	$25.4M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.115%Rate

Funding earned: −$90.28
Price spread: −0.115% → +0.016%: −$13.1
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$126.17
Costs to cover: 0.228%
Break-even: never at this rate

Slippage unknown: GRVT: live order book, 2 min ago; Perpl: 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, 2 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	13.1 bp −$1,308	10315.3 bp −$5.16M
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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
Perpl BTCshort	−0.0335%	43m	86,698.3	−0.115%	$425K	$25.4M	6.7x
Aftermath Perps BTCUSD	−0.0190%	1h	86,813.6	+0.018%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,701	−0.112%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,691	−0.123%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0073%	1h	86,696.3	−0.117%	$18.1M	$19.9M	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,663.9	−0.154%	$845.6M	$709.5M	125x	as long as short
Bluefin BTC-PERP	−0.0001%	1h	86,682.8	−0.133%	$160K	$575K	40x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,694.9	−0.119%	$361K	$2.5M	50x	as long as short
Kalshi KXBTCPERP	0.0000%	8h	86,746	−0.060%	$8.8M	$725.0M	6.4x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,743.2	−0.063%	$36.7M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BTCUSDT	+0.0015%	8h	86,653.2	−0.167%	$505.9M	$1.16B	200x	as long as short
BingX BTC-USDT	+0.0019%	8h	86,667.1	−0.151%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0021%	8h	86,698.8	−0.114%	$149.6M	$469.3M	150x	as long as short
Reya BTCRUSDPERP	+0.0021%	1h	86,718.9	−0.091%	$6.8M	$143.9M	40x	as long as short
Bitget BTCUSDT	+0.0026%	8h	86,664.9	−0.153%	$2.95B	$5.08B	150x	as long as short
MEXC BTC_USDT	+0.0047%	8h	86,673.6	−0.143%	$5.21B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0047%	8h	86,666.5	−0.152%	$9.45B	$24.34B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,709.2	−0.102%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	−0.076%	$315K	$26.8M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0058%	8h	86,675.7	−0.141%	$2.58B	$12.72B	100x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,687.4	−0.127%	$9.0M	$42.1M	25x	as long as short
Gate BTC_USDT	+0.0064%	8h	86,670.6	−0.147%	$5.86B	$10.55B	200x	as long as short
Deribit BTC-PERPETUAL	+0.0069%	1h	86,747	−0.059%	$922.1M	$1.38B	50x	as long as short
Bybit BTCUSDT	+0.0077%	8h	86,666.3	−0.152%	$5.28B	$9.69B	150x	as long as short
Variational Omni BTC	+0.0088%	8h	86,792.9	−0.006%	$161.2M	$563.4M	—	as long as short
GRVT BTC_USDT_Perplong	+0.0095%	8h	86,798	long leg	$217.8M	$191.2M	50x
Lighter BTC	+0.0096%	1h	86,683	−0.132%	$172.3M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,694.6	−0.119%	$24.1M	$152.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,667	−0.151%	$8.5M	$52.1M	100x	as long as short
Orderly PERP_BTC_USDC	+0.0098%	8h	86,715.4	−0.095%	$2.5M	$8.4M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,727.8	−0.081%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,665	−0.153%	$202K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,658.2	−0.161%	$21.9M	$237.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,755	−0.050%	$3.85B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,707.4	−0.104%	$41.6M	$484.5M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,683	−0.132%	$3.9M	$18.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,749.5	−0.056%	$7.6M	$95.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,919.5	+0.140%	$573.8M	$23.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,700.6	−0.112%	$38.2M	$148.1M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,752.1	−0.053%	$280.2M	$945.8M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,805.9	+0.009%	$142.0M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,692.9	−0.121%	$30.8M	$205.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,780.3	−0.020%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,731	−0.077%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,722.6	−0.087%	$201K	$3.4M	20x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,704.9	−0.107%	$30.0M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,705.2	−0.107%	$3.4M	$5.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,696	−0.118%	$60.5M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,704.3	−0.108%	$2.30B	$954.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,658.6	−0.161%	$46.3M	$228.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,739.7	−0.067%	—	$98.1M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,738.2	−0.069%	$192.7M	$927.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,750.2	−0.055%	$132.2M	$5.93B	50x	as long as short
BloFin BTC-USDT	+0.0167%	8h	86,696.6	−0.117%	$419.6M	$641.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0200%	1h	86,733.9	−0.074%	$15.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	86,708.9	−0.103%	$748K	$7.0M	30x	as long as short