Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.017%

Price spread now: GRVT against Popdex−0.164%58s7-day average −0.002% · 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—prices read too far apart to compare

costs, in and out, $10k−$160.158% of the position

Long on Popdex Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.011%−$1 on $10k

Price spread, last 7 days+0.164%+$16 · spread now −0.164%, 7d avg −0.002%

Together, before fees+0.153%+ Points / potential airdropGRVT: Active · farm board+$15 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 0.162% cheaper against Popdex than usual: you would sell low and buy high, −$16 on $10k if it goes back to its 7-day average of −0.002%. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex BTCUSDT	85,721	0.0096	pay 0.0012% / 1h	28m 03s	$8.4M	$51.9M	100x
Short	GRVT BTC_USDT_Perp	85,580.1	0.0100	get 0.0100% / 8h	6h 28m	$214.9M	$167.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Popdex. 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 PopdexbpFee GRVTbpOrdersPrice spread, now −0.164%Rate

Funding earned: $0.84
Price spread: −0.164% → −0.002%: −$16.24
Slippage, 4 orders: −$0.36
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$31.16
Costs to cover: 0.158%
Break-even: 266.7 days

Slippage from Popdex: live order book, 1 min ago; GRVT: live order book, 6 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 Popdex live order book, 1 min ago	0.17 bp	3.4 bp −$3	3.4 bp −$34	3.6 bp −$365	5.0 bp −$2,490
Sell GRVT live order book, 6 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	6.0 bp −$599	9.8 bp −$4,900

BTC on 55 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	−0.0144%	1h	85,735	+0.016%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,696	−0.029%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,717.7	−0.004%	$364K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,749.3	+0.033%	$514K	$20.7M	6.7x	as long as short
dYdX BTC-USD	+0.0003%	1h	85,708.5	−0.015%	$16.8M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,769.7	+0.057%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	−0.035%	$340K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0034%	8h	85,746.9	+0.030%	$903.9M	$754.9M	125x	as long as short
Aster BTCUSDT	+0.0035%	8h	85,752	+0.036%	$509.7M	$1.14B	200x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,747.1	+0.030%	$8.2M	$42.5M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0054%	8h	85,767.3	+0.054%	—	$1.57B	—	as long as short
ApeX Omni BTCUSDT	+0.0056%	1h	85,655.9	−0.076%	$140.1M	$319.3M	100x	as long as short
Reya BTCRUSDPERP	+0.0057%	1h	85,737.8	+0.020%	$6.7M	$146.2M	40x	as long as short
HTX BTC-USDT	+0.0061%	8h	85,758	+0.043%	$2.27B	$952.8M	200x	as long as short
Nado BTC-PERP	+0.0061%	1h	85,693.6	−0.032%	$22.6M	$228.5M	50x	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,748.3	+0.032%	$2.95B	$5.11B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,751.1	+0.035%	$5.08B	$5.72B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,768.4	+0.055%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,762.4	+0.048%	$9.34B	$24.38B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,771.6	+0.059%	$170.4M	$988.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,778.8	+0.067%	$23.4M	$146.7M	50x	as long as short
Popdex BTCUSDTlong	+0.0096%	1h	85,721	long leg	$8.4M	$51.9M	100x
Katana Perps BTC-USD	+0.0100%	8h	85,696	−0.029%	$206K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,713	−0.009%	$3.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,828	+0.125%	$3.77B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,749.6	+0.033%	$40.3M	$571.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,775.6	+0.064%	$5.30B	$9.78B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,760.1	+0.046%	$2.54B	$12.41B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,710	−0.013%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,708.4	−0.015%	$7.3M	$98.2M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,769	+0.056%	$5.62B	$10.53B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,762.2	+0.048%	$35.4M	$164.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,640.3	−0.094%	$156.2M	$559.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,632.3	−0.103%	$278.5M	$946.5M	100x	as long as short
GRVT BTC_USDT_Perpshort	+0.0100%	8h	85,580.1	−0.164%	$214.9M	$167.6M	50x
StandX BTC-USD	+0.0100%	1h	85,731.4	+0.012%	$30.3M	$208.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,773.9	+0.062%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,734	+0.015%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,747	+0.030%	$187K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,763.8	+0.050%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,810.1	+0.104%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,768.5	+0.055%	$30.0M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,703.8	−0.020%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,766	+0.052%	$60.0M	$337.5M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,765.5	+0.052%	$153.5M	$480.3M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,587.5	−0.156%	$583.6M	$150.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,724.4	+0.004%	$44.0M	$228.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,725.6	+0.005%	—	$101.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,801.5	+0.094%	$131.2M	$5.18B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,727.4	+0.008%	$696K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,787.3	+0.077%	$188.9M	$965.0M	100x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	85,690.8	−0.035%	$78K	$219K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0201%	1h	85,814.3	+0.109%	$894.4M	$1.53B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0192%	1h	85,753.7	+0.038%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	85,735	+0.016%	$10.0M	$770.4M	6.4x	as long as short