Funding arb · Price arb /

XLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h −0.004%

Price spread now: tradeXYZ against GRVT−0.063%46s7-day average −0.110% · you buy dearer than you sell

Net, funding: paid 7d − costs−$92as 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−$1081.081% of the position

Long on GRVT Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.161%+$16 on $10k

Price spread, last 4 days (all we have)−0.005%$0 · spread now −0.063%, 7d avg −0.110%

Together, before fees+0.156%+ Points / potential airdropGRVT: Active · tradeXYZ: Active · farm board+$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and tradeXYZ is 0.047% dearer against GRVT than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.110%. The two prices were read 46 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 XLE_USDT_Perp	62.742	0	get 0.0000% / 8h	1h 38m	$13K	$170K	10x
Short	tradeXYZ xyz:XLE	62.702	0.0050	get 0.0006% / 1h	38m 33s	$2.4M	$3.8M	20x

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 −0.063%Rate

Funding earned: $10.5
Price spread: −0.063% → −0.110%: $4.67
Slippage, 4 orders: −$81.12
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$92.95
Costs to cover: 1.081%
Break-even: 69.0 days

Slippage from GRVT: live order book, 4 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, 4 min ago	3.98 bp	21.9 bp −$22	58.6 bp −$586	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 10 min ago	5.26 bp	17.5 bp −$18	doesn't fit	doesn't fit	doesn't fit

XLE on 16 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
KuCoin XLEUSDTM	−0.0234%	8h	62.710	−0.050%	$808K	$690K	20x	as long as short
edgeX XLEUSDC	−0.0028%	4h	62.760	+0.030%	$48K	$208K	10x	as long as short
BloFin XLE-USDT	−0.0015%	8h	62.740	−0.002%	$58K	$9K	20x	as long as short
Aster XLEUSDT	0.0000%	8h	62.755	+0.022%	$4K	$9K	20x	as long as short
Binance XLEUSDT	0.0000%	8h	62.768	+0.042%	$795K	$1.0M	20x	as long as short
Bybit XLEUSDT	0.0000%	8h	62.770	+0.045%	$323K	$201K	25x	as long as short
OKX XLE-USDT-SWAP	0.0000%	8h	62.720	−0.034%	$302K	$570K	20x	as long as short
Gate XLE_USDT	0.0000%	8h	62.700	−0.066%	$64K	$12K	20x	as long as short
MEXC XLE_USDT	0.0000%	8h	62.770	+0.045%	$220K	$86K	20x	as long as short
Bitget XLEUSDT	0.0000%	8h	62.760	+0.029%	$95K	$87K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni XLE	0.0000%	8h	62.764	+0.036%	$44K	$15K	—	as long as short
GRVT XLE_USDT_Perplong	0.0000%	8h	62.742	long leg	$13K	$170K	10x
SunX XLE-USDT	0.0000%	8h	62.770	+0.045%	$1K	$4.4M	10x	as long as short
HTX XLE-USDT	0.0000%	8h	62.693	−0.077%	$5K	$35K	10x	as long as short
QFEX XLE-USD	+0.0031%	1h	62.740	−0.002%	$1.2M	$4.1M	30x	as long as short
tradeXYZ xyz:XLEshort	+0.0050%	1h	62.702	−0.063%	$2.4M	$3.8M	20x