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Funding arb · Price arb /

BTC

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Alert: funding
Measured
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Alert: spread
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Funding you earn now, next payment 00:00 UTC+0.0076%/8h= +8.3% APRnext payment +$0.76 per $10,000 · paid last 24h −0.005%
Price spread now: GRVT against Phemex−0.017%77s7-day average 0.000% · you buy dearer than you sell
Net, funding: paid 7d − costs−$17as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$210.211% of the position
Long on PhemexShort on GRVT
What this pair did over the last
the charts below follow
Funding, last 7 days+0.040%+$4 on $10k
Price spread, last 3 days (all we have)+0.102%+$10 · spread now −0.017%, 7d avg 0.000%
Together, before fees+0.142%+ Points / potential airdropGRVT: Active · farm board+$14 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of 0.000%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate. The two prices were read 77 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhemex BTCUSDT86,636.90.0024pay 0.0024% / 8h2h 27m$149.9M$471.4M150x
ShortGRVT BTC_USDT_Perp86,622.10.0100get 0.0100% / 8h2h 27m$217.5M$187.8M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

GRVT against Phemex. 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

Funding earned
$15.87
Price spread: −0.017% → 0.000%
−$1.66
Slippage, 4 orders
−$0.1
Fee Phemex: 6 bp × 2 orders
−$12
Fee GRVT: 4.5 bp × 2 orders
−$9
Net
−$6.89
Costs to cover
0.211%
Break-even
10.0 days
Slippage from Phemex: live order book, 6 min ago; GRVT: live order book, 1 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phemex live order book, 6 min ago0.01 bp6.0 bp −$66.0 bp −$607.3 bp −$728doesn't fit
Sell GRVT live order book, 1 min ago0.01 bp4.5 bp −$54.5 bp −$454.7 bp −$4668.5 bp −$4,240

BTC on 56 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Aftermath Perps BTCUSD−0.0235%1h86,626.7−0.012%$85K$188K20xas long as short
Perpl BTC−0.0223%43m86,651.2+0.017%$428K$24.8M6.7xas long as short
Phoenix BTC−0.0103%1h86,583−0.062%$2.2M$12.4M40xas long as short
Hotstuff BTC-PERP−0.0080%1h86,628−0.010%$9K$3K50xas long as short
dYdX BTC-USD−0.0080%1h86,626.4−0.012%$17.6M$20.5M50xas long as short
01 Exchange BTCUSD0.0000%1h86,655.1+0.021%$362K$2.4M50xas long as short
Deribit BTC-PERPETUAL0.0000%1h86,658.9+0.025%$935.3M$1.44B50xas long as short
KuCoin XBTUSDTM+0.0002%8h86,645.4+0.010%$844.3M$704.7M125xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0004%1h86,647.7+0.012%$36.8M—200xas long as short
Aster BTCUSDT+0.0007%8h86,652.5+0.018%$506.1M$1.16B200xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Reya BTCRUSDPERP+0.0021%1h86,625.4−0.013%$6.7M$144.4M40xas long as short
BingX BTC-USDC+0.0023%8h86,660.5+0.027%—$15.2M—as long as short
Phemex BTCUSDTlong+0.0024%8h86,636.9long leg$149.9M$471.4M150x
Bitget BTCUSDT+0.0032%8h86,662.1+0.029%$2.95B$5.07B150xas long as short
Injective BTC/USDC PERP+0.0049%1h86,639+0.002%$315K$26.8M52xas long as short
MEXC BTC_USDT+0.0053%8h86,661.8+0.029%$5.20B$5.68B500xas long as short
Binance BTCUSDT+0.0054%8h86,667.9+0.036%$9.44B$24.31B150xas long as short
Aevo BTC-PERP+0.0056%1h86,626.8−0.012%$2.4M$1.3M20xas long as short
RISEx BTC/USDC+0.0063%1h86,649.7+0.015%$9.1M$42.0M25xas long as short
Gate BTC_USDT+0.0076%8h86,669.7+0.038%$5.86B$10.64B200xas long as short
OKX BTC-USDT-SWAP+0.0076%8h86,679.8+0.050%$2.56B$12.71B100xas long as short
Bybit BTCUSDT+0.0082%8h86,668.7+0.037%$5.27B$9.67B150xas long as short
Variational Omni BTC+0.0095%8h86,614.5−0.026%$160.3M$564.8M—as long as short
Lighter BTC+0.0096%1h86,635.2−0.002%$172.0M$1.01B50xas long as short
Lighter RH BTC+0.0096%1h86,639.7+0.003%$24.0M$153.5M50xas long as short
Popdex BTCUSDT+0.0096%1h86,639+0.002%$8.5M$52.3M100xas long as short
Katana Perps BTC-USD+0.0100%8h86,632−0.006%$193K$6.8M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,690.7+0.062%$4.8M$8.2M50xas long as short
Nado BTC-PERP+0.0100%1h86,638.1+0.001%$21.7M$235.5M50xas long as short
Hyperliquid BTC+0.0100%1h86,712+0.087%$3.82B$5.13B40xas long as short
Pacifica BTC+0.0100%1h86,670.7+0.039%$40.9M$492.6M50xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,647+0.012%$3.9M$18.5M25xas long as short
Arcus BTC-USD+0.0100%1h86,710.7+0.085%$7.5M$93.7M40xas long as short
Bulk BTC-USD+0.0100%1h86,577.9−0.068%$571.8M$22.4M40xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,632.7−0.005%$38.1M$148.4M75xas long as short
edgeX BTCUSDC+0.0100%4h86,587−0.058%$279.7M$950.9M100xas long as short
GRVT BTC_USDT_Perpshort+0.0100%8h86,622.1−0.017%$217.5M$187.8M50x
ApeX Omni BTCUSDT+0.0100%1h86,626.6−0.012%$141.4M$322.8M100xas long as short
StandX BTC-USD+0.0100%1h86,606.5−0.035%$30.8M$205.3M40xas long as short
Vest BTC-PERP+0.0100%1h86,686.9+0.058%—$11.6M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,642+0.006%$11.1M$13.7M50xas long as short
Bullet BTC-USD+0.0100%1h86,627−0.011%$196K$3.4M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,642.3+0.006%$2.5M$8.5M100xas long as short
Bluefin BTC-PERP+0.0100%1h86,653.2+0.019%$141K$619K40xas long as short
Derive BTC-PERP+0.0100%1h86,636.1−0.001%$30.0M$61.6M15xas long as short
SunX BTC-USDT+0.0100%8h86,643.8+0.008%$3.4M$5.5M100xas long as short
SoDEX BTC-USD+0.0100%1h86,619−0.021%$60.5M$336.4M40xas long as short
HTX BTC-USDT+0.0100%8h86,626.4−0.012%$2.30B$957.0M200xas long as short
Extended BTC-USD+0.0104%1h86,648.2+0.013%$46.4M$227.9M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,660.6+0.027%—$98.4M500xas long as short
Kraken Futures PF_XBTUSD+0.0117%1h86,651.4+0.017%$188.7M$931.8M100xas long as short
Coinbase International BTC-PERP-INTX+0.0120%1h86,664.1+0.031%$131.9M$5.86B50xas long as short
Kalshi KXBTCPERP+0.0126%8h86,660+0.027%$8.9M$723.6M6.4xas long as short
BloFin BTC-USDT+0.0174%8h86,596.5−0.047%$417.0M$653.0M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0178% / S −0.0185%1h86,641.1+0.005%$14.9M—200xas long as short
Hibachi BTC/USDT-P+0.0224%1h86,636.4−0.001%$614K$7.1M30xas long as short