Funding arb · Price arb /

MINIMAX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1373%/8h= −150.3% APRpaid last 24h +0.064%

Price spread now: tradeXYZ against GRVT+0.081%86s7-day average +0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$63as 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−$810.813% of the position

Long on GRVT Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.180%+$18 on $10k

Price spread, last 4 days (all we have)−0.177%−$18 · spread now +0.081%, 7d avg +0.001%

Together, before fees+0.004%+ Points / potential airdropGRVT: Active · tradeXYZ: Active · farm board$0 on $10k · with fees, hour by hour

The price spread pays, funding is against you. tradeXYZ is 0.080% dearer against GRVT than usual: you sell high and buy low (spread +0.081% now, against its 7-day average of +0.001%): +$8 on $10k if it goes back. Holding the pair costs −$41 a day in funding at the current rate, which eats that in about 5 hours. Mind the row above: over the last 7 days funding on this pair paid +0.180%, so the current rate has only just turned against you. The two prices were read 86 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.180% in total (about 9.4% 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.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT MINIMAX_USDT_Perp	38.330	0.1742	pay 0.0871% / 4h	1h 48m	$306	$125K	10x
Short	tradeXYZ xyz:MINIMAX	38.361	0.0369	get 0.0046% / 1h	48m 08s	$4.4M	$2.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now +0.081%Rate

Funding earned: −$288.29
Price spread: +0.081% → +0.001%: $8
Slippage, 4 orders: −$54.27
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$361.56
Costs to cover: 0.813%
Break-even: never at this rate

Slippage from GRVT: live order book, 9 min ago; tradeXYZ: live order book, 10 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, 9 min ago	5.16 bp	21.9 bp −$22	79.5 bp −$795	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 10 min ago	3.22 bp	17.5 bp −$18	doesn't fit	doesn't fit	doesn't fit

MINIMAX 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
Gate MINIMAX_USDT	0.0000%	8h	38.340	+0.026%	$1.4M	$3.9M	50x	as long as short
SunX MINIMAX-USDT	0.0000%	4h	38.340	+0.026%	$15	$2.8M	10x	as long as short
HTX MINIMAX-USDT	0.0000%	4h	38.285	−0.118%	$45K	$214K	20x	as long as short
Lighter MINIMAX	+0.0032%	1h	38.320	−0.026%	$43K	$25K	10x	as long as short
SoDEX MINIMAX-USD	+0.0050%	1h	38.309	−0.055%	$96K	$3K	10x	as long as short
Ondo Perps MINIMAX-USD.P	+0.0050%	1h	38.470	+0.365%	$30K	$37K	5x	as long as short
edgeX MINIMAXUSDC	+0.0287%	4h	38.532	+0.527%	$29K	$187K	10x	as long as short
tradeXYZ xyz:MINIMAXshort	+0.0369%	1h	38.361	+0.081%	$4.4M	$2.9M	10x
Aster MINIMAXUSDT	+0.0370%	8h	38.371	+0.108%	$34K	$150K	20x	as long as short
Aevo MINIMAX-PERP	+0.0384%	1h	38.311	−0.049%	—	—	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin MINIMAXUSDTM	+0.0502%	4h	38.300	−0.078%	$97K	$36K	20x	as long as short
Bybit MINIMAXUSDT	+0.0922%	8h	38.330	0.000%	$914K	$1.2M	25x	as long as short
Binance MINIMAXUSDT	+0.1159%	4h	38.323	−0.019%	$6.4M	$31.1M	25x	as long as short
Extended MINIMAX-USD	+0.1160%	1h	38.280	−0.132%	$3K	—	10x	as long as short
Bitget MINIMAXUSDT	+0.1198%	8h	38.343	+0.034%	$1.3M	$2.5M	20x	as long as short
OKX MINIMAX-USDT-SWAP	+0.1323%	8h	38.400	+0.182%	$2.2M	$8.2M	20x	as long as short
GRVT MINIMAX_USDT_Perplong	+0.1742%	4h	38.330	long leg	$306	$125K	10x