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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 21:00 UTC+0.0198%/8h= +21.7% APRpaid last 24h −0.007%
Price spread now: GRVT against Phoenix+0.112%7-day average −0.054% · you sell dearer than you buy
Net, funding: paid 7d − costs−$11as in the Funding arb table
Net, price: spread back to 7d avg − costs$0as in the Price arb table
costs, in and out, $10k−$160.164% of the position
Long on PhoenixShort on GRVT
What this pair did over the last
the charts below follow
Funding, last 7 days+0.059%+$6 on $10k
Price spread, last 7 days−0.171%−$17 · spread now +0.112%, 7d avg −0.054%
Together, before fees−0.113%+ Points / potential airdropGRVT: Active · farm board−$11 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and GRVT is 0.166% dearer against Phoenix than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of −0.054%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.059% in total (about 3.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix BTC86,701−0.0103get 0.0013% / 1h50m 25s$2.2M$12.4M40x
ShortGRVT BTC_USDT_Perp86,7980.0095get 0.0095% / 8h2h 50m$217.8M$191.2M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

GRVT against Phoenix. 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
$41.59
Price spread: +0.112% → −0.054%
$16.61
Slippage, 4 orders
−$0.36
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee GRVT: 4.5 bp × 2 orders
−$9
Net
$41.83
Costs to cover
0.164%
Break-even
from the start
Slippage from Phoenix: 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
LegHalf-spread$10k$100k$1M$5M
Buy Phoenix live order book, 4 min ago0.06 bp3.7 bp −$46.2 bp −$6211.9 bp −$1,191doesn't fit
Sell GRVT live order book, 4 min ago0.01 bp4.5 bp −$54.5 bp −$459.9 bp −$991doesn't fit

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
Perpl BTC−0.0335%43m86,641.3−0.069%$428K$25.4M6.7xas long as short
Aftermath Perps BTCUSD−0.0197%1h86,736+0.040%$85K$188K20xas long as short
Phoenix BTClong−0.0103%1h86,701long leg$2.2M$12.4M40x
dYdX BTC-USD−0.0093%1h86,651.2−0.057%$18.0M$20.0M50xas long as short
Hotstuff BTC-PERP−0.0080%1h86,622−0.091%$9K$3K50xas long as short
KuCoin XBTUSDTM−0.0002%8h86,627.7−0.085%$845.1M$708.9M125xas long as short
01 Exchange BTCUSD0.0000%1h86,662.3−0.045%$361K$2.5M50xas long as short
Deribit BTC-PERPETUAL0.0000%1h86,662.2−0.045%$921.9M$1.38B50xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0005%1h86,638.2−0.072%$36.6M—200xas long as short
Aster BTCUSDT+0.0013%8h86,611.3−0.104%$505.7M$1.16B200xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
BingX BTC-USDC+0.0020%8h86,609.2−0.106%—$15.3M—as long as short
Reya BTCRUSDPERP+0.0021%1h86,624.2−0.089%$6.7M$143.9M40xas long as short
Phemex BTCUSDT+0.0025%8h86,615.5−0.099%$149.5M$469.5M150xas long as short
Bitget BTCUSDT+0.0026%8h86,627.3−0.085%$2.95B$5.08B150xas long as short
MEXC BTC_USDT+0.0047%8h86,627.3−0.085%$5.20B$5.63B500xas long as short
Binance BTCUSDT+0.0048%8h86,613.6−0.101%$9.44B$24.34B150xas long as short
Aevo BTC-PERP+0.0048%1h86,613.8−0.101%$2.4M$1.3M20xas long as short
Injective BTC/USDC PERP+0.0049%1h86,732+0.036%$315K$26.8M52xas long as short
OKX BTC-USDT-SWAP+0.0059%8h86,613.3−0.101%$2.57B$12.73B100xas long as short
RISEx BTC/USDC+0.0063%1h86,659−0.048%$9.2M$42.2M25xas long as short
Gate BTC_USDT+0.0063%8h86,612.6−0.102%$5.85B$10.57B200xas long as short
Bybit BTCUSDT+0.0077%8h86,606.5−0.109%$5.28B$9.69B150xas long as short
Variational Omni BTC+0.0088%8h86,626.8−0.086%$159.8M$564.2M—as long as short
GRVT BTC_USDT_Perpshort+0.0095%8h86,798+0.112%$217.8M$191.2M50x
Lighter BTC+0.0096%1h86,647.8−0.061%$172.2M$1.00B50xas long as short
Lighter RH BTC+0.0096%1h86,653.8−0.054%$24.1M$152.7M50xas long as short
Popdex BTCUSDT+0.0096%1h86,641−0.069%$8.5M$52.1M100xas long as short
SoDEX BTC-USD+0.0096%1h86,613−0.101%$60.5M$336.4M40xas long as short
Orderly PERP_BTC_USDC+0.0098%8h86,620.2−0.093%$2.5M$8.4M100xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,701.7+0.001%$4.8M$8.2M50xas long as short
Katana Perps BTC-USD+0.0100%8h86,630−0.082%$200K$6.8M50xas long as short
Nado BTC-PERP+0.0100%1h86,641−0.069%$21.8M$237.7M50xas long as short
Hyperliquid BTC+0.0100%1h86,700−0.001%$3.84B$5.10B40xas long as short
Pacifica BTC+0.0100%1h86,672−0.033%$41.5M$484.5M50xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,638−0.073%$3.9M$18.8M25xas long as short
Arcus BTC-USD+0.0100%1h86,720.4+0.022%$7.6M$95.4M40xas long as short
Bulk BTC-USD+0.0100%1h86,665−0.042%$572.2M$23.5M40xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,621.8−0.091%$38.2M$148.1M75xas long as short
edgeX BTCUSDC+0.0100%4h86,704.2+0.004%$280.1M$946.6M100xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,714.1+0.015%$141.9M$322.6M100xas long as short
StandX BTC-USD+0.0100%1h86,664−0.043%$30.8M$205.9M40xas long as short
Vest BTC-PERP+0.0100%1h86,695.3−0.007%—$11.6M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,649−0.060%$11.0M$13.7M50xas long as short
Bullet BTC-USD+0.0100%1h86,613.5−0.101%$198K$3.4M20xas long as short
Bluefin BTC-PERP+0.0100%1h86,633−0.078%$141K$619K40xas long as short
Derive BTC-PERP+0.0100%1h86,612.1−0.103%$30.0M$61.5M15xas long as short
SunX BTC-USDT+0.0100%8h86,641.8−0.068%$3.4M$5.6M100xas long as short
HTX BTC-USDT+0.0100%8h86,626.2−0.086%$2.30B$956.4M200xas long as short
Kalshi KXBTCPERP+0.0101%8h86,679−0.025%$8.9M$725.3M6.4xas long as short
Extended BTC-USD+0.0104%1h86,635.7−0.075%$46.6M$229.2M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,663.1−0.044%—$97.9M500xas long as short
Kraken Futures PF_XBTUSD+0.0116%1h86,657.9−0.050%$192.1M$927.2M100xas long as short
Coinbase International BTC-PERP-INTX+0.0120%1h86,662.8−0.044%$131.9M$5.92B50xas long as short
BloFin BTC-USDT+0.0168%8h86,613.6−0.101%$418.1M$642.2M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0181% / S −0.0199%1h86,631.1−0.081%$15.4M—200xas long as short
Hibachi BTC/USDT-P+0.0208%1h86,672.4−0.033%$598K$7.2M30xas long as short