Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0093%/8h= +10.2% APRpaid last 24h +0.028%

Price spread now: GRVT against gTrade (Gains Network)+0.046%68s7-day average +0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$170.175% of the position

Long on gTrade (Gains Network)Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.094%+$9 on $10k

Price spread, last 7 days−0.103%−$10 · spread now +0.046%, 7d avg +0.017%

Together, before fees−0.009%+ Points / potential airdropGRVT: Active · farm board−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and GRVT is 0.029% dearer against gTrade (Gains Network) than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.017%. The two prices were read 68 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	gTrade (Gains Network) ETH/USD	2,736.3	L +0.0007% / S −0.0007%	pay 0.0001% / 1h	32m 00s	$28.1M	—	200x
Short	GRVT ETH_USDT_Perp	2,737.6	0.0100	get 0.0100% / 8h	3h 32m	$159.3M	$86.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee GRVTbpOrdersPrice spread, now +0.046%Rate

Funding earned: $19.57
Price spread: +0.046% → +0.017%: $2.94
Slippage, 4 orders: −$1.47
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: $5.04
Costs to cover: 0.175%
Break-even: 5.2 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), 2 min ago; GRVT: live order book, 2 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 gTrade (Gains Network) virtual book (oracle venue), 2 min ago	0.53 bp	4.0 bp −$4	4.1 bp −$41	5.0 bp −$500	8.9 bp −$4,452
Sell GRVT live order book, 2 min ago	0.02 bp	4.9 bp −$5	5.7 bp −$57	9.1 bp −$908	18.4 bp −$9,182

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	−0.0447%	43m	2,737	+0.024%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,736.8	+0.018%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,736.3	−0.001%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,737.1	+0.029%	$822K	$2.9M	25x	as long as short
HTX ETH-USDT	−0.0001%	8h	2,735.4	−0.034%	$1.06B	$1.20B	200x	as long as short
dYdX ETH-USD	+0.0004%	1h	2,737.1	+0.028%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USDlong	L +0.0007% / S −0.0007%	1h	2,736.3	long leg	$28.1M	—	200x
Bullet ETH-USD	+0.0028%	1h	2,735.8	−0.019%	$179K	$1.7M	20x	as long as short
BingX ETH-USDT	+0.0032%	8h	2,735.4	−0.034%	—	$1.15B	—	as long as short
Bybit ETHUSDT	+0.0041%	8h	2,734.8	−0.054%	$2.37B	$4.37B	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni ETHUSDT	+0.0044%	1h	2,737.4	+0.040%	$8.7M	$31.2M	100x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,736.5	+0.007%	$187K	$816K	50x	as long as short
Deribit ETH-PERPETUAL	+0.0064%	1h	2,737	+0.026%	$259.5M	$200.1M	50x	as long as short
KuCoin ETHUSDTM	+0.0067%	8h	2,735.8	−0.019%	$381.2M	$573.8M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0075%	8h	2,735	−0.048%	$1.67B	$10.74B	100x	as long as short
Phemex ETHUSDT	+0.0078%	8h	2,735.8	−0.018%	$265.2M	$65.1M	150x	as long as short
SunX ETH-USDT	+0.0084%	8h	2,734.8	−0.057%	$960K	$11.2M	100x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,735.5	−0.031%	$251.3M	$842.2M	200x	as long as short
MEXC ETH_USDT	+0.0092%	8h	2,735.7	−0.024%	$1.55B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0093%	8h	2,735.4	−0.034%	$6.36B	$15.89B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,736.1	−0.008%	$112.9M	$432.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,737.4	+0.039%	$23.4M	$104.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,737.5	+0.044%	—	$30.9M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,734.5	−0.065%	$4.9M	$155K	20x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,737.8	+0.054%	$117K	$22.5M	52x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,740	+0.134%	$15.6M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,736.1	−0.008%	$505K	$3.3M	50x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,735.8	−0.019%	$54.5M	$187.7M	40x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,737.3	+0.038%	$13.8M	$104.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,738	+0.062%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,737.8	+0.054%	$32.1M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,736.9	+0.022%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,736.8	+0.019%	$1.5M	$15.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,736.4	+0.004%	$170.3M	$327.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,735.6	−0.026%	$3.34B	$8.88B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,735.4	−0.032%	$2.07B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,735	−0.049%	$15.2M	$41.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,735.4	−0.034%	$133.6M	$322.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,735.7	−0.022%	$184.0M	$670.9M	100x	as long as short
GRVT ETH_USDT_Perpshort	+0.0100%	8h	2,737.6	+0.046%	$159.3M	$86.9M	50x
StandX ETH-USD	+0.0100%	1h	2,737.4	+0.040%	$21.1M	$69.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,737.1	+0.029%	—	$844K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,737.5	+0.043%	$11.2M	$9.2M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,737	+0.026%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,737.8	+0.054%	$41.3M	$29.9M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,735.1	−0.044%	$30.6M	$73.0M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,736.7	+0.013%	$5.6M	$11.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0110%	1h	2,737.3	+0.038%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,736.4	+0.001%	$51.0M	$4.28B	50x	as long as short
Kalshi KXETHPERP	+0.0138%	8h	2,737.7	+0.051%	$6.5M	$683.4M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,736.2	−0.003%	$83.4M	$315.1M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0197%	8h	2,738.3	+0.073%	$32.2M	$11.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0211%	1h	2,735.1	−0.043%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0264%	1h	2,737.7	+0.050%	$245K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0372%	8h	2,736.6	+0.009%	$283.4M	$175.3M	150x	as long as short