Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.017%

Price spread now: GRVT against Derive+0.164%73s7-day average −0.039% · you sell dearer than you buy

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

Long on Derive Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.126%−$13 on $10k

Price spread, last 4 days (all we have)+0.126%+$13 · spread now +0.164%, 7d avg −0.039%

Together, before fees0.000%+ Points / potential airdropGRVT: Active · farm board$0 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 0.203% dearer against Derive than usual: you sell high and buy low, +$20 on $10k if it goes back to its 7-day average of −0.039%. The two prices were read 73 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	Derive ETH-PERP	2,743.1	0.0100	pay 0.0013% / 1h	45m 43s	$41.6M	$29.6M	15x
Short	GRVT ETH_USDT_Perp	2,747.6	0.0100	get 0.0100% / 8h	5h 45m	$159.8M	$81.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Derive. 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 DerivebpFee GRVTbpOrdersPrice spread, now +0.164%Rate

Funding earned: $0
Price spread: +0.164% → −0.039%: $20.32
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: $5.32
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Derive: no order-book sample; GRVT: live order book, 3 min ago. 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 Derive no order-book sample	—	—	—	—	—
Sell GRVT live order book, 3 min ago	0.02 bp	4.5 bp −$5	4.5 bp −$45	7.2 bp −$723	16.7 bp −$8,340

Derive: 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.

ETH 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
Perpl ETH	−0.0112%	43m	2,740	−0.113%	$304K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,738.9	−0.154%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,744.7	+0.058%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,741.4	−0.062%	$12.1M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,742.8	−0.011%	$10.8M	$41.8M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,741.7	−0.053%	$22.1M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,741.9	−0.044%	$845K	$2.9M	25x	as long as short
BingX ETH-USDC	+0.0047%	8h	2,742.7	−0.015%	—	$18.5M	—	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,740.9	−0.081%	$182K	$916K	50x	as long as short
OKX ETH-USDT-SWAP	+0.0061%	8h	2,742.8	−0.012%	$1.70B	$10.57B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0064%	8h	2,741.8	−0.046%	$376.6M	$597.6M	100x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,744.2	+0.039%	$5.7M	$11.2M	25x	as long as short
Aster ETHUSDT	+0.0078%	8h	2,741.8	−0.049%	$251.9M	$841.1M	200x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,738.7	−0.162%	$4.9M	$159K	20x	as long as short
MEXC ETH_USDT	+0.0087%	8h	2,742.6	−0.020%	$1.57B	$2.52B	500x	as long as short
Binance ETHUSDT	+0.0088%	8h	2,742.4	−0.026%	$6.38B	$15.72B	150x	as long as short
Bullet ETH-USD	+0.0095%	1h	2,741	−0.078%	$181K	$1.7M	20x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,740.9	−0.082%	$1.06B	$1.18B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,742.4	−0.026%	$112.8M	$431.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,743.2	+0.004%	$24.6M	$103.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,738.1	−0.182%	—	$30.9M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,741.8	−0.048%	$59.0M	$4.27B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,746.7	+0.130%	$16.1M	$7.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,743.3	+0.007%	$469K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,740.9	−0.082%	$13.9M	$106.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,743	−0.004%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,742.9	−0.008%	$31.6M	$334.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,743	−0.005%	$2.45B	$4.18B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,741.3	−0.066%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,744.2	+0.039%	$2.7M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.5	+0.015%	$165.1M	$304.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,743.8	+0.025%	$3.40B	$8.68B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,743.3	+0.005%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,740.7	−0.087%	$14.9M	$40.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,740.4	−0.099%	$132.4M	$336.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,741.1	−0.072%	$181.5M	$691.4M	100x	as long as short
GRVT ETH_USDT_Perpshort	+0.0100%	8h	2,747.6	+0.164%	$159.8M	$81.4M	50x
ApeX Omni ETHUSDT	+0.0100%	1h	2,740.9	−0.080%	$8.7M	$31.1M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,739.8	−0.121%	$21.2M	$69.4M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,741.4	−0.062%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,741.5	−0.059%	$10.7M	$8.4M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,741.2	−0.071%	$21K	$21K	25x	as long as short
Derive ETH-PERPlong	+0.0100%	1h	2,743.1	long leg	$41.6M	$29.6M	15x
SunX ETH-USDT	+0.0100%	8h	2,740.7	−0.088%	$961K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,740.9	−0.081%	$54.6M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,740.8	−0.083%	$266.7M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,742.9	−0.007%	$30.6M	$72.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0131%	1h	2,743.1	−0.001%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0144%	1h	2,742.1	−0.037%	$258.8M	$195.6M	50x	as long as short
Kalshi KXETHPERP	+0.0151%	8h	2,741.1	−0.073%	$7.7M	$668.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0187%	8h	2,743.9	+0.028%	$32.3M	$11.0M	100x	as long as short
BloFin ETH-USDT	+0.0207%	8h	2,737.8	−0.193%	—	$176.6M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,741.4	−0.064%	$87.3M	$310.1M	100x	as long as short
Reya ETHRUSDPERP	+0.0225%	1h	2,740.7	−0.090%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0240%	1h	2,740.9	−0.082%	$249K	$1.4M	20x	as long as short