Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0454%/8h= +49.7% APRpaid last 24h +0.030%

Price spread now: Backpack against GRVT+0.919%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on GRVT Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropGRVT: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Backpack is 0.919% dearer against GRVT than usual: you sell high and buy low: +$92 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT W_USDT_Perp	0.01176	0.0100	pay 0.0050% / 4h	3h 23m	$126K	$374K	10x
Short	Backpack W_USDC_PERP	0.01187	0.0554	get 0.0069% / 1h	23m 13s	$44K	$52K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against GRVT. 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 GRVTbpFee BackpackbpOrdersPrice spread, now +0.919%Rate

Funding earned: $95.25
Price spread: +0.919% → 0.000%: $91.91
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: $168.17
Costs to cover: 0.190%
Break-even: from the start

Slippage unknown: GRVT: live order book, 9 min ago; Backpack: no order-book sample. Net counts fees only.

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 GRVT live order book, 9 min ago	8.52 bp	205.5 bp −$206	318.1 bp −$3,181	doesn't fit	doesn't fit
Sell Backpack no order-book sample	—	—	—	—	—

Backpack: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

W on 17 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
Deribit W_USDC-PERPETUAL	0.0000%	1h	0.01186	+0.843%	$14K	$4K	10x	as long as short
Injective W/USDC PERP	+0.0033%	1h	0.01209	+2.816%	$1K	$1K	12x	as long as short
Hyperliquid W	+0.0100%	1h	0.01184	+0.690%	$2.0M	$267K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01184	+0.715%	$3.0M	$5.0M	50x	as long as short
Bybit WUSDT	+0.0100%	4h	0.01183	+0.562%	$4.1M	$1.5M	50x	as long as short
OKX W-USDT-SWAP	+0.0100%	4h	0.01184	+0.647%	$1.3M	$1.4M	20x	as long as short
Gate W_USDT	+0.0100%	4h	0.01178	+0.196%	$430K	$217K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01185	+0.749%	$12.4M	$1.3M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01182	+0.519%	$388K	$190K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01184	+0.690%	$1.3M	$541K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX W-USDT	+0.0100%	4h	0.01183	+0.562%	—	$6.6M	—	as long as short
Variational Omni W	+0.0100%	4h	0.01171	−0.431%	$71K	$35K	—	as long as short
GRVT W_USDT_Perplong	+0.0100%	4h	0.01176	long leg	$126K	$374K	10x
Extended W-USD	+0.0104%	1h	0.01183	+0.595%	$64K	$388K	5x	as long as short
Coinbase International W-PERP-INTX	+0.0384%	1h	0.01185	+0.817%	$13K	$13K	50x	as long as short
Backpack W_USDC_PERPshort	+0.0554%	1h	0.01187	+0.919%	$44K	$52K	15x
Kraken Futures PF_WUSD	+0.0890%	1h	0.01188	+1.025%	$148K	$48K	20x	as long as short