Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.020%

Price spread now: GRVT against Nado−0.073%7-day average −0.004% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

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

Long on Nado Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.020%−$2 on $10k

Price spread, last 7 days+0.067%+$7 · spread now −0.073%, 7d avg −0.004%

Together, before fees+0.047%+ Points / potential airdropNado: Active · GRVT: Active · farm board+$5 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: GRVT is 0.069% cheaper against Nado than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado BTC-PERP	86,275.1	0.0100	pay 0.0012% / 1h	14m 47s	$22.0M	$227.0M	50x
Short	GRVT BTC_USDT_Perp	86,212.1	0.0100	get 0.0100% / 8h	7h 14m	$216.4M	$165.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Nado. 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 NadobpFee GRVTbpOrdersPrice spread, now −0.073%Rate

Funding earned: $0
Price spread: −0.073% → −0.004%: −$6.86
Slippage, 4 orders: −$0.33
Fee Nado: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$23.19
Costs to cover: 0.163%
Break-even: 2382922058832509.0 days

Slippage from Nado: 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 Nado live order book, 4 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	5.6 bp −$559	12.7 bp −$6,366
Sell GRVT live order book, 4 min ago	0.08 bp	4.6 bp −$5	4.7 bp −$47	173.9 bp −$17.4K	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
Phoenix BTC	−0.0129%	1h	86,239	−0.042%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,299	+0.028%	$9K	$3K	50x	as long as short
Bluefin BTC-PERP	−0.0049%	1h	86,329.8	+0.063%	$144K	$667K	40x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,286.3	+0.013%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	86,286.3	+0.013%	$538K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,307.7	+0.038%	$36.9M	—	200x	as long as short
dYdX BTC-USD	+0.0023%	1h	86,288.1	+0.015%	$16.9M	$20.5M	50x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	+0.096%	$343K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0031%	8h	86,309.4	+0.040%	$500.5M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0043%	8h	86,308.8	+0.039%	$831.6M	$718.4M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0048%	1h	86,289	+0.016%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDT	+0.0051%	8h	86,318.8	+0.051%	—	$1.58B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,287.3	+0.014%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0065%	8h	86,313.5	+0.045%	$2.98B	$5.05B	150x	as long as short
SoDEX BTC-USD	+0.0078%	1h	86,305	+0.035%	$60.4M	$338.2M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,292.5	+0.020%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0083%	8h	86,310.3	+0.041%	$5.09B	$5.74B	500x	as long as short
Binance BTCUSDT	+0.0084%	8h	86,313.9	+0.045%	$9.41B	$24.32B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,337.7	+0.073%	$170.4M	$990.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,341.8	+0.077%	$23.7M	$151.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,283	+0.009%	$8.4M	$52.1M	100x	as long as short
Gate BTC_USDT	+0.0099%	8h	86,315.9	+0.047%	$5.77B	$10.61B	200x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,259	−0.019%	$196K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,308.5	+0.039%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERPlong	+0.0100%	1h	86,275.1	long leg	$22.0M	$227.0M	50x
Hyperliquid BTC	+0.0100%	1h	86,387	+0.130%	$3.78B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,315.1	+0.046%	$40.6M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,320	+0.052%	$5.26B	$9.64B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,326.4	+0.060%	$2.57B	$12.46B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,280	+0.006%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,304.8	+0.034%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.150%	$580.3M	$59.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,292.9	+0.021%	$35.7M	$160.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,226.1	−0.057%	$156.7M	$559.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,200.2	−0.087%	$278.4M	$953.3M	100x	as long as short
GRVT BTC_USDT_Perpshort	+0.0100%	8h	86,212.1	−0.073%	$216.4M	$165.7M	50x
ApeX Omni BTCUSDT	+0.0100%	1h	86,240.1	−0.040%	$141.3M	$320.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,233.9	−0.048%	$30.6M	$208.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,318.1	+0.050%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,288	+0.015%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,295.1	+0.023%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,294.9	+0.023%	$2.4M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,318.4	+0.050%	$30.3M	$56.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,257.2	−0.021%	$3.3M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,274.7	0.000%	$2.29B	$959.1M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,305.1	+0.035%	$155.2M	$473.1M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,294.9	+0.023%	$46.0M	$222.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,278.2	+0.004%	—	$99.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,345.8	+0.082%	$132.3M	$5.32B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,337.2	+0.072%	$191.4M	$947.1M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,254.4	−0.024%	$712K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0168%	1h	86,314.8	+0.046%	$77K	$217K	20x	as long as short
Kalshi KXBTCPERP	+0.0204%	8h	86,310	+0.041%	$10.6M	$765.8M	6.4x	as long as short
BloFin BTC-USDT	+0.0204%	8h	86,297	+0.025%	$416.1M	$641.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,303.2	+0.033%	$14.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0226%	1h	86,352.3	+0.090%	$902.2M	$1.51B	50x	as long as short