Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0106%/8h= +11.6% APRpaid last 24h +0.019%

Price spread now: GRVT against Injective−0.091%7-day average −0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$210.211% of the position

Long on Injective Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.022%+$2 on $10k

Price spread, last 4 days (all we have)+0.356%+$36 · spread now −0.091%, 7d avg −0.021%

Together, before fees+0.378%+ Points / potential airdropGRVT: Active · farm board+$38 on $10k · with fees, hour by hour

Funding pays, the price is against you. GRVT is 0.070% cheaper against Injective than usual: you would sell low and buy high (spread −0.091% now, against its 7-day average of −0.021%). If the spread goes back, that is −$7 on $10k: about 2.2 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.022% in total) that is about 22 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BTC/USDC PERP	85,495	−0.0006	get 0.0001% / 1h	40m 10s	$307K	$24.2M	52x
Short	GRVT BTC_USDT_Perp	85,417.2	0.0100	get 0.0100% / 8h	7h 40m	$214.5M	$154.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Injective. 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 InjectivebpFee GRVTbpOrdersPrice spread, now −0.091%Rate

Funding earned: $22.21
Price spread: −0.091% → −0.021%: −$6.99
Slippage, 4 orders: −$12.11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$5.91
Costs to cover: 0.211%
Break-even: 8.9 days

Slippage from Injective: live order book, 4 min ago; GRVT: live order book, 4 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 Injective live order book, 4 min ago	2.69 bp	3.0 bp −$3	27.9 bp −$279	doesn't fit	doesn't fit
Sell GRVT live order book, 4 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	5.2 bp −$515	9.1 bp −$4,547

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
Bluefin BTC-PERP	−0.2316%	1h	85,499.6	+0.005%	$194K	$796K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,432	−0.074%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,434.1	−0.071%	$422.8M	$681.7M	150x	as long as short
Injective BTC/USDC PERPlong	−0.0006%	1h	85,495	long leg	$307K	$24.2M	52x
01 Exchange BTCUSD	0.0000%	1h	85,454	−0.048%	$346K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,459.5	−0.042%	$36.5M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0012%	8h	85,473.4	−0.025%	$931.7M	$776.3M	125x	as long as short
Aster BTCUSDT	+0.0031%	8h	85,477.5	−0.020%	$502.9M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0052%	1h	85,468.3	−0.031%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,503.9	+0.010%	$186.4M	$946.8M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,525	+0.035%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDT	+0.0080%	8h	85,486	−0.011%	—	$1.58B	—	as long as short
Lighter BTC	+0.0096%	1h	85,499.7	+0.005%	$170.5M	$943.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,498.5	+0.004%	$23.6M	$134.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,442	−0.062%	$8.7M	$58.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,444.1	−0.060%	$2.4M	$6.7M	20x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,440.5	−0.064%	$24.0M	$217.5M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,423	−0.084%	$267K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,497.4	+0.003%	$5.7M	$9.6M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,483.1	−0.014%	$40.1M	$605.5M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,480.1	−0.017%	$9.41B	$25.10B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,488.5	−0.008%	$5.09B	$9.99B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,490.6	−0.005%	$2.61B	$12.21B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,447	−0.056%	$3.9M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,467.4	−0.032%	$4.7M	$97.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,453	−0.049%	$700.3M	$171.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,490	−0.006%	$5.51B	$9.88B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,480.3	−0.017%	$5.06B	$5.73B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,484.3	−0.013%	$2.98B	$5.17B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,481.2	−0.016%	$37.8M	$193.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,426.7	−0.080%	$156.0M	$543.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,469.8	−0.030%	$283.4M	$962.5M	100x	as long as short
GRVT BTC_USDT_Perpshort	+0.0100%	8h	85,417.2	−0.091%	$214.5M	$154.9M	50x
ApeX Omni BTCUSDT	+0.0100%	1h	85,478.7	−0.019%	$136.6M	$312.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,483.9	−0.013%	$30.1M	$218.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,521.7	+0.031%	—	$10.3M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,230	−0.310%	$10.9M	$14.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,451	−0.051%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,455.5	−0.046%	$2.7M	$9.9M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,481.1	−0.016%	$2.9M	$6.7M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,480	−0.018%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,470	−0.029%	$2.26B	$974.1M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,488.7	−0.007%	$161.5M	$517.6M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,448.7	−0.054%	$45.8M	$241.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,471.6	−0.027%	—	$107.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,522.5	+0.032%	$111.6M	$5.46B	50x	as long as short
Reya BTCRUSDPERP	+0.0148%	1h	85,432.3	−0.073%	$6.6M	$138.7M	40x	as long as short
Derive BTC-PERP	+0.0161%	1h	85,508.7	+0.016%	$28.9M	$52.4M	15x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0148%	1h	85,504.8	+0.011%	$13.0M	—	200x	as long as short
Hyperliquid BTC	+0.0176%	1h	85,570	+0.088%	$3.84B	$5.20B	40x	as long as short
Kalshi KXBTCPERP	+0.0191%	8h	85,486	−0.011%	$10.6M	$738.3M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,463	−0.037%	$8.9M	$42.6M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0224%	1h	85,525.3	+0.035%	$828.1M	$1.66B	50x	as long as short
Aftermath Perps BTCUSD	+0.0307%	1h	85,506.9	+0.014%	$81K	$248K	20x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	85,487.4	−0.009%	$688K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,478.6	−0.019%	$467K	$18.3M	6.7x	as long as short