Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0180%/8h= +19.7% APRpaid last 24h +0.030%

Price spread now: GRVT against Hotstuff+0.155%7-day average — · you sell dearer than you buy

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

Long on Hotstuff Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · GRVT: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and GRVT is 0.155% dearer against Hotstuff than usual: you sell high and buy low: +$16 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff BTC-PERP	86,531	−0.0080	get 0.0010% / 1h	50m 40s	$9K	$3K	50x
Short	GRVT BTC_USDT_Perp	86,665.5	0.0100	get 0.0100% / 8h	1h 50m	$217.4M	$182.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Hotstuff. 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 HotstuffbpFee GRVTbpOrdersPrice spread, now +0.155%Rate

Funding earned: $37.8
Price spread: +0.155% → 0.000%: $15.55
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: $39.35
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: Hotstuff: no order-book sample; GRVT: live order book, 4 min ago. 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 Hotstuff no order-book sample	—	—	—	—	—
Sell GRVT live order book, 4 min ago	0.01 bp	4.5 bp −$5	4.6 bp −$46	5.2 bp −$515	12.8 bp −$6,418

Hotstuff: 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
Aftermath Perps BTCUSD	−0.0203%	1h	86,603.6	+0.084%	$79K	$199K	20x	as long as short
Phoenix BTC	−0.0159%	1h	86,601	+0.081%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERPlong	−0.0080%	1h	86,531	long leg	$9K	$3K	50x
dYdX BTC-USD	−0.0025%	1h	86,590.3	+0.069%	$17.6M	$20.7M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,552.8	+0.025%	$359K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0006%	8h	86,560.7	+0.034%	$505.4M	$1.16B	200x	as long as short
Perpl BTC	0.0000%	43m	86,551.9	+0.024%	$421K	$24.2M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,564.9	+0.039%	$925.7M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	86,554.4	+0.027%	$851.0M	$709.4M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,560.9	+0.035%	$36.8M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0006%	1h	86,539.3	+0.010%	$8.5M	$43.2M	25x	as long as short
Hibachi BTC/USDT-P	+0.0016%	1h	86,585.3	+0.063%	$731K	$8.1M	30x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,523.2	−0.009%	$6.7M	$144.7M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,587	+0.065%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0028%	8h	86,533.7	+0.003%	$149.6M	$473.2M	150x	as long as short
BingX BTC-USDC	+0.0030%	8h	86,559.6	+0.033%	—	$15.4M	—	as long as short
Bitget BTCUSDT	+0.0039%	8h	86,575	+0.051%	$2.95B	$5.08B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,533.7	+0.003%	$2.4M	$1.3M	20x	as long as short
SoDEX BTC-USD	+0.0058%	1h	86,528	−0.003%	$60.5M	$336.8M	40x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,565.5	+0.040%	$9.42B	$24.38B	150x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,565.6	+0.040%	$5.19B	$5.61B	500x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,555.7	+0.029%	$5.85B	$10.62B	200x	as long as short
Bybit BTCUSDT	+0.0088%	8h	86,570.3	+0.045%	$5.27B	$9.73B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,577.2	+0.053%	$172.5M	$997.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,587.9	+0.066%	$24.0M	$151.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,529	−0.002%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,516	−0.017%	$205K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,604.7	+0.085%	$4.7M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,533.1	+0.002%	$21.7M	$234.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,637	+0.122%	$3.81B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,601.5	+0.081%	$41.0M	$499.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,578.9	+0.055%	$2.55B	$12.72B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,554	+0.027%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,638.3	+0.124%	$7.4M	$94.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,527.4	−0.004%	$571.7M	$19.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,532.4	+0.002%	$38.2M	$153.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,582.6	+0.060%	$156.4M	$568.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,579.9	+0.056%	$279.6M	$942.4M	100x	as long as short
GRVT BTC_USDT_Perpshort	+0.0100%	8h	86,665.5	+0.155%	$217.4M	$182.6M	50x
ApeX Omni BTCUSDT	+0.0100%	1h	86,588.3	+0.066%	$141.5M	$322.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,561.3	+0.035%	$30.7M	$202.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,587.4	+0.065%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,534	+0.003%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,535	+0.005%	$193K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,543.3	+0.014%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,559	+0.032%	$140K	$618K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,535.2	+0.005%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,527.8	−0.004%	$3.4M	$5.5M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,530.3	−0.001%	$2.30B	$959.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,515.1	−0.018%	$46.4M	$225.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,558.1	+0.031%	—	$99.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,571.9	+0.047%	$131.6M	$5.77B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,562.4	+0.036%	$191.3M	$937.3M	100x	as long as short
BloFin BTC-USDT	+0.0179%	8h	86,545.5	+0.017%	$415.3M	$655.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0210%	1h	86,554.7	+0.027%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0188%	8h	86,566	+0.040%	$9.5M	$726.4M	6.4x	as long as short