Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0965%/8h= −105.7% APRpaid last 24h +0.002%

Price spread now: ApeX Omni against GRVT+0.072%7-day average −0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$230.235% of the position

Long on GRVT Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.096%−$10 on $10k

Price spread, last 7 days−0.086%−$9 · spread now +0.072%, 7d avg −0.020%

Together, before fees−0.182%+ Points / potential airdropGRVT: Active · farm board−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. ApeX Omni is 0.091% dearer against GRVT than usual: you sell high and buy low (spread +0.072% now, against its 7-day average of −0.020%): +$9 on $10k if it goes back. Holding the pair costs −$29 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 7 days (−0.096% in total) that is about 6.6 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.096% in total (about -5.0% 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 ETH_USDT_Perp	2,749.3	0.0100	pay 0.0100% / 8h	6h 54m	$159.9M	$81.2M	50x
Short	ApeX Omni ETHUSDT	2,751.3	−0.0865	pay 0.0108% / 1h	54m 00s	$8.8M	$31.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni 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 ApeX OmnibpOrdersPrice spread, now +0.072%Rate

Funding earned: −$202.62
Price spread: +0.072% → −0.020%: $9.12
Slippage, 4 orders: −$4.49
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$216.99
Costs to cover: 0.235%
Break-even: never at this rate

Slippage from GRVT: live order book, 5 min ago; ApeX Omni: live order book, 5 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, 5 min ago	0.02 bp	5.2 bp −$5	7.1 bp −$71	9.0 bp −$903	2470.1 bp −$1.24M
Sell ApeX Omni live order book, 5 min ago	1.67 bp	6.7 bp −$7	6.7 bp −$67	20.9 bp −$2,094	75.4 bp −$37.7K

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
ApeX Omni ETHUSDTshort	−0.0865%	1h	2,751.3	+0.072%	$8.8M	$31.4M	100x
Perpl ETH	−0.0447%	43m	2,739.5	−0.358%	$323K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,739.2	−0.369%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,738.6	−0.390%	$5.5M	$11.3M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,740.1	−0.335%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0003%	1h	2,756.1	+0.246%	$862K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,742.4	−0.254%	$10.9M	$41.6M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,739.2	−0.369%	$180K	$1.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,740.4	−0.324%	$22.1M	—	200x	as long as short
BingX ETH-USDC	+0.0027%	8h	2,743.7	−0.207%	—	$17.3M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0032%	8h	2,742.5	−0.249%	$1.06B	$1.23B	200x	as long as short
OKX ETH-USDT-SWAP	+0.0034%	8h	2,743.6	−0.209%	$1.67B	$11.03B	100x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,742.6	−0.244%	$256.9M	$854.4M	200x	as long as short
Binance ETHUSDT	+0.0054%	8h	2,743.2	−0.224%	$6.35B	$16.30B	150x	as long as short
MEXC ETH_USDT	+0.0054%	8h	2,744.6	−0.171%	$1.58B	$2.52B	500x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,741.2	−0.297%	$4.9M	$163K	20x	as long as short
Gate ETH_USDT	+0.0069%	8h	2,743.9	−0.198%	$3.32B	$8.68B	200x	as long as short
Bitget ETHUSDT	+0.0082%	8h	2,744.6	−0.173%	$2.07B	$2.86B	150x	as long as short
KuCoin ETHUSDTM	+0.0085%	8h	2,744.2	−0.188%	$383.4M	$607.0M	100x	as long as short
Aftermath Perps ETHUSD	+0.0086%	1h	2,751.3	+0.071%	$30K	$21K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,744.2	−0.187%	$59.4M	$4.38B	50x	as long as short
Polymarket Perps ETH-USD	+0.0092%	1h	2,739.4	−0.362%	$10.3M	$8.0M	50x	as long as short
Variational Omni ETH	+0.0095%	8h	2,741.6	−0.283%	$132.7M	$345.8M	—	as long as short
Bullet ETH-USD	+0.0096%	1h	2,739.6	−0.354%	$182K	$1.7M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,743.2	−0.223%	$113.0M	$438.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,744.8	−0.166%	$25.0M	$105.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,741.8	−0.274%	—	$35.6M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,743.9	−0.199%	$15.9M	$8.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,737.8	−0.420%	$469K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,739.7	−0.352%	$13.9M	$113.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,745.8	−0.129%	$3.12B	$2.14B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,741.8	−0.276%	$31.1M	$332.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,743.2	−0.224%	$2.46B	$4.36B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,739.3	−0.366%	$2.8M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,739.8	−0.347%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,752.6	+0.120%	$169.2M	$297.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,742.9	−0.233%	$14.9M	$42.5M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,751.5	+0.078%	$183.7M	$729.4M	100x	as long as short
GRVT ETH_USDT_Perplong	+0.0100%	8h	2,749.3	long leg	$159.9M	$81.2M	50x
StandX ETH-USD	+0.0100%	1h	2,741.2	−0.296%	$21.2M	$65.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,741.3	−0.293%	—	$871K	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,740.9	−0.306%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,744.1	−0.192%	$41.9M	$29.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,742	−0.267%	$962K	$12.7M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,742.8	−0.238%	$54.6M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,744	−0.194%	$266.8M	$66.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,743.1	−0.227%	$30.5M	$74.6M	50x	as long as short
Kalshi KXETHPERP	+0.0128%	8h	2,741.7	−0.278%	$7.7M	$671.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0159%	8h	2,744	−0.194%	$32.2M	$11.1M	100x	as long as short
Hibachi ETH/USDT-P	+0.0168%	1h	2,740.5	−0.323%	$250K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0174%	8h	2,740	−0.340%	$284.7M	$177.8M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0177%	1h	2,744.1	−0.190%	$258.8M	$202.3M	50x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,743.1	−0.227%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0216%	1h	2,739.5	−0.360%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0355%	1h	2,744.1	−0.192%	$92.8M	$319.2M	100x	as long as short