Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.020%

Price spread now: Bybit against GRVT−0.308%50s7-day average −0.074% · you buy dearer than you sell

Net, funding: paid 7d − costs−$299as 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−$2932.930% of the position

Long on GRVT Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.058%−$6 on $10k

Price spread, last 3 days (all we have)+0.079%+$8 · spread now −0.308%, 7d avg −0.074%

Together, before fees+0.021%+ Points / potential airdropGRVT: Active · farm board+$2 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: Bybit is 0.234% cheaper against GRVT than usual: you would sell low and buy high, −$23 on $10k if it goes back to its 7-day average of −0.074%. The two prices were read 50 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	GRVT W_USDT_Perp	0.01179	0.0100	pay 0.0050% / 4h	34m 44s	$130K	$385K	10x
Short	Bybit WUSDT	0.01175	0.0100	get 0.0050% / 4h	34m 44s	$4.1M	$1.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.308%Rate

Funding earned: $0
Price spread: −0.308% → −0.074%: −$23.35
Slippage, 4 orders: −$272.99
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$316.34
Costs to cover: 2.930%
Break-even: never at this rate

Slippage from GRVT: live order book, 43 min ago; Bybit: live order book, 3 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 GRVT live order book, 43 min ago	8.50 bp	69.7 bp −$70	250.3 bp −$2,503	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	4.25 bp	32.2 bp −$32	129.9 bp −$1,299	doesn't fit	doesn't fit

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
OKX W-USDT-SWAP	−0.0045%	4h	0.01177	−0.180%	$1.3M	$2.0M	20x	as long as short
Deribit W_USDC-PERPETUAL	0.0000%	1h	0.01178	−0.087%	$17K	$1K	10x	as long as short
Injective W/USDC PERP	+0.0033%	1h	0.01209	+2.560%	$1K	$1K	12x	as long as short
Hyperliquid W	+0.0100%	1h	0.01178	−0.070%	$2.0M	$423K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01177	−0.167%	$3.0M	$6.8M	50x	as long as short
Bybit WUSDTshort	+0.0100%	4h	0.01175	−0.308%	$4.1M	$1.9M	50x
Gate W_USDT	+0.0100%	4h	0.01180	+0.099%	$446K	$290K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01177	−0.155%	$12.8M	$1.5M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01179	+0.015%	$456K	$212K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01178	−0.070%	$1.3M	$572K	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	0.01176	−0.197%	—	$6.9M	—	as long as short
Variational Omni W	+0.0100%	4h	0.01175	−0.311%	$71K	$42K	—	as long as short
GRVT W_USDT_Perplong	+0.0100%	4h	0.01179	long leg	$130K	$385K	10x
Extended W-USD	+0.0104%	1h	0.01176	−0.199%	$59K	$228K	5x	as long as short
Coinbase International W-PERP-INTX	+0.0248%	1h	0.01188	+0.753%	$14K	$16K	50x	as long as short
Backpack W_USDC_PERP	+0.0671%	1h	0.01179	−0.019%	$44K	$47K	15x	as long as short
Kraken Futures PF_WUSD	+0.0720%	1h	0.01180	+0.117%	$146K	$181K	20x	as long as short