Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0134%/8h= −14.6% APRpaid last 24h −0.045%

Price spread now: Phoenix against GRVT+0.109%7-day average +0.049% · you sell dearer than you buy

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$10as in the Price arb table

costs, in and out, $10k−$160.163% of the position

Long on GRVT Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.110%−$11 on $10k

Price spread, last 7 days−0.067%−$7 · spread now +0.109%, 7d avg +0.049%

Together, before fees−0.177%+ Points / potential airdropGRVT: Active · farm board−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.060% dearer against GRVT than usual: you sell high and buy low (spread +0.109% now, against its 7-day average of +0.049%): +$6 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 36 hours. At the pace of the last 7 days (−0.110% in total) that is about 3.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT BTC_USDT_Perp	85,315.9	0.0100	pay 0.0100% / 8h	52m 49s	$214.1M	$158.8M	50x
Short	Phoenix BTC	85,409	−0.0034	pay 0.0004% / 1h	52m 49s	$2.3M	$10.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.109%Rate

Funding earned: −$28.08
Price spread: +0.109% → +0.049%: $6
Slippage, 4 orders: −$0.3
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$38.38
Costs to cover: 0.163%
Break-even: never at this rate

Slippage from GRVT: live order book, 1 min ago; Phoenix: live order book, 6 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, 1 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	5.0 bp −$502	8.9 bp −$4,447
Sell Phoenix live order book, 6 min ago	0.06 bp	3.7 bp −$4	6.3 bp −$63	11.9 bp −$1,187	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
Hotstuff BTC-PERP	−0.0080%	1h	85,330	+0.017%	$8K	$3K	50x	as long as short
Phoenix BTCshort	−0.0034%	1h	85,409	+0.109%	$2.3M	$10.8M	40x
KuCoin XBTUSDTM	−0.0030%	8h	85,311.5	−0.005%	$928.0M	$773.3M	125x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,310.6	−0.006%	$421.6M	$681.2M	150x	as long as short
Aster BTCUSDT	−0.0005%	8h	85,323.7	+0.009%	$511.9M	$1.08B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,332.1	+0.019%	$16.7M	$21.0M	50x	as long as short
Perpl BTC	0.0000%	43m	85,319.9	+0.005%	$491K	$18.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,308.7	−0.008%	$36.5M	—	200x	as long as short
01 Exchange BTCUSD	+0.0016%	1h	85,325.4	+0.011%	$351K	$2.3M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,329.7	+0.016%	$185.5M	$951.8M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni BTCUSDT	+0.0030%	1h	85,327.1	+0.013%	$139.5M	$313.0M	100x	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,367	+0.060%	$338K	$24.6M	52x	as long as short
BingX BTC-USDT	+0.0071%	8h	85,333.7	+0.021%	—	$1.57B	—	as long as short
Bybit BTCUSDT	+0.0086%	8h	85,323.5	+0.009%	$5.13B	$9.98B	150x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,328.6	+0.015%	$2.96B	$5.17B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,328.2	+0.014%	$169.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,323.3	+0.009%	$23.6M	$147.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,312	−0.005%	$8.4M	$57.3M	100x	as long as short
MEXC BTC_USDT	+0.0096%	8h	85,323.2	+0.009%	$5.03B	$5.71B	500x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,288.4	−0.032%	$2.4M	$6.7M	20x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,338	+0.026%	$9.39B	$24.97B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,300	−0.019%	$271K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,371.4	+0.065%	$5.8M	$9.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,301.1	−0.017%	$24.1M	$219.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,393	+0.090%	$3.74B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,349.7	+0.040%	$39.9M	$605.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,326	+0.012%	$2.60B	$12.19B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,295	−0.024%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,318	+0.003%	$5.1M	$96.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,324.1	+0.010%	$690.8M	$302.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,341.3	+0.030%	$5.53B	$10.99B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,307	−0.010%	$37.1M	$184.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,296	−0.023%	$156.1M	$556.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,321.4	+0.006%	$279.5M	$951.5M	100x	as long as short
GRVT BTC_USDT_Perplong	+0.0100%	8h	85,315.9	long leg	$214.1M	$158.8M	50x
StandX BTC-USD	+0.0100%	1h	85,300.8	−0.018%	$30.1M	$208.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,373.7	+0.068%	—	$9.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,312	−0.005%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,301.7	−0.017%	$196K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,294	−0.026%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,328.6	+0.015%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,274.1	−0.049%	$30.0M	$46.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,307	−0.010%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,304	−0.014%	$59.7M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,293.1	−0.027%	$2.26B	$964.3M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,328.7	+0.015%	$157.3M	$512.9M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,296	−0.023%	$45.5M	$241.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,327.7	+0.014%	—	$104.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,324.2	+0.010%	$112.7M	$5.46B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0136%	1h	85,351.1	+0.041%	$841.9M	$1.65B	50x	as long as short
Reya BTCRUSDPERP	+0.0136%	1h	85,289.6	−0.031%	$6.6M	$146.9M	40x	as long as short
Kalshi KXBTCPERP	+0.0169%	8h	85,335	+0.022%	$11.9M	$738.1M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,343.2	+0.032%	$8.7M	$42.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,308.5	−0.009%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,382.5	+0.078%	$684K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0288%	1h	85,359.5	+0.051%	$79K	$247K	20x	as long as short