Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0015%/8h= −1.6% APRpaid last 24h −0.012%

Price spread now: SoDEX against GRVT+0.081%7-day average −0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$9as in the Price arb table

costs, in and out, $10k−$170.171% of the position

Long on GRVT Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.024%−$2 on $10k

Price spread, last 4 days (all we have)−0.120%−$12 · spread now +0.081%, 7d avg −0.001%

Together, before fees−0.144%+ Points / potential airdropGRVT: Active · farm board−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SoDEX is 0.082% dearer against GRVT than usual: you sell high and buy low (spread +0.081% now, against its 7-day average of −0.001%): +$8 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 19 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT BTC_USDT_Perp	85,522	0.0100	pay 0.0100% / 8h	3h 30m	$214.9M	$168.8M	50x
Short	SoDEX BTC-USD	85,591	0.0085	get 0.0011% / 1h	30m 50s	$60.0M	$336.0M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.081%Rate

Funding earned: −$3.06
Price spread: +0.081% → −0.001%: $8.2
Slippage, 4 orders: −$0.13
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$11.99
Costs to cover: 0.171%
Break-even: never at this rate

Slippage from GRVT: live order book, 3 min ago; SoDEX: live order book, 3 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, 3 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	5.1 bp −$507	334.8 bp −$167.4K
Sell SoDEX live order book, 3 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	5.0 bp −$503	45.1 bp −$22.6K

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	−0.0140%	1h	85,533	+0.013%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,531	+0.010%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0041%	8h	85,561.7	+0.046%	$919.5M	$756.8M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,579.1	+0.067%	$419.6M	$675.6M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,587.7	+0.077%	$366K	$2.3M	50x	as long as short
Aster BTCUSDT	+0.0003%	8h	85,538.5	+0.019%	$515.1M	$1.10B	200x	as long as short
Nado BTC-PERP	+0.0003%	1h	85,521.7	0.000%	$24.7M	$223.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,594.6	+0.085%	$36.6M	—	200x	as long as short
dYdX BTC-USD	+0.0025%	1h	85,526.9	+0.006%	$16.8M	$21.2M	50x	as long as short
Injective BTC/USDC PERP	+0.0044%	1h	85,574	+0.061%	$340K	$26.9M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BTCUSDT	+0.0065%	8h	85,593.7	+0.084%	$148.1M	$494.4M	150x	as long as short
BingX BTC-USDC	+0.0065%	8h	85,549.7	+0.032%	—	$17.1M	—	as long as short
Deribit BTC-PERPETUAL	+0.0080%	1h	85,642.4	+0.141%	$884.6M	$1.59B	50x	as long as short
Bitget BTCUSDT	+0.0081%	8h	85,529.6	+0.009%	$2.95B	$5.12B	150x	as long as short
SoDEX BTC-USDshort	+0.0085%	1h	85,591	+0.081%	$60.0M	$336.0M	40x
Lighter BTC	+0.0096%	1h	85,560.9	+0.045%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,556.1	+0.040%	$24.0M	$148.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,578	+0.065%	$8.4M	$55.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,605.5	+0.098%	$2.5M	$1.7M	20x	as long as short
Reya BTCRUSDPERP	+0.0098%	1h	85,586.1	+0.075%	$6.6M	$147.0M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,560	+0.044%	$200K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,567.3	+0.053%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,620	+0.115%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,570	+0.056%	$40.3M	$584.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,560.3	+0.045%	$9.42B	$24.40B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,549.7	+0.032%	$5.19B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,552.8	+0.036%	$2.59B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,575	+0.062%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,578.7	+0.066%	$4.7M	$100.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,517.4	−0.005%	$680.3M	$725.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,582.6	+0.071%	$5.54B	$10.80B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,579.3	+0.067%	$5.08B	$5.66B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,588.1	+0.077%	$36.2M	$179.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,584.9	+0.073%	$154.4M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,489.2	−0.038%	$279.3M	$927.3M	100x	as long as short
GRVT BTC_USDT_Perplong	+0.0100%	8h	85,522	long leg	$214.9M	$168.8M	50x
ApeX Omni BTCUSDT	+0.0100%	1h	85,519.9	−0.003%	$139.8M	$315.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,549	+0.032%	$30.2M	$207.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,632	+0.129%	—	$11.4M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,591	+0.081%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,580	+0.068%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,609.1	+0.102%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,655.4	+0.156%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,597.6	+0.088%	$30.1M	$50.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,583.5	+0.072%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,580.2	+0.068%	$2.27B	$948.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,539.1	+0.020%	$44.9M	$233.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,520.8	−0.001%	—	$107.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,627	+0.123%	$117.5M	$5.25B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,613.8	+0.107%	$187.9M	$954.8M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,612.1	+0.105%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0153%	1h	85,592.7	+0.083%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0204%	8h	85,589	+0.078%	$11.7M	$755.0M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0245%	1h	85,555.3	+0.039%	$78K	$221K	20x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,568.4	+0.054%	$697K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,580.7	+0.069%	$504K	$18.8M	6.7x	as long as short