Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.004%

Price spread now: Bulk against GRVT+0.053%55s7-day average −0.020% · 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−$160.161% of the position

Long on GRVT Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.003%$0 on $10k

Price spread, last 7 days−0.054%−$5 · spread now +0.053%, 7d avg −0.020%

Together, before fees−0.057%+ Points / potential airdropGRVT: Active · farm board−$6 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: Bulk is 0.073% dearer against GRVT than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.020%. The two prices were read 55 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 ETH_USDT_Perp	2,725.7	0.0100	pay 0.0100% / 8h	24m 30s	$158.4M	$81.8M	50x
Short	Bulk ETH-USD	2,727.2	0.0100	get 0.0013% / 1h	24m 30s	$162.8M	$356.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now +0.053%Rate

Funding earned: $0
Price spread: +0.053% → −0.020%: $7.33
Slippage, 4 orders: −$0.12
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$8.79
Costs to cover: 0.161%
Break-even: 18060482568523528.0 days

Slippage from GRVT: live order book, 5 min ago; Bulk: 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	4.6 bp −$5	5.2 bp −$52	7.3 bp −$727	16.2 bp −$8,115
Sell Bulk live order book, 5 min ago	0.02 bp	3.5 bp −$4	3.5 bp −$35	3.8 bp −$377	5.1 bp −$2,538

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	2,722.8	−0.108%	$277K	$5.7M	8.3x	as long as short
BloFin ETH-USDT	−0.0181%	8h	2,722.7	−0.110%	$281.2M	$177.3M	150x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,723.5	−0.082%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0015%	1h	2,724.3	−0.052%	$808K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,723.1	−0.096%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,723.5	−0.084%	$10.5M	$41.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,723.2	−0.093%	$6.7M	$679.9M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,722.9	−0.105%	$262.3M	$212.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,723.1	−0.098%	$32.9M	—	200x	as long as short
BingX ETH-USDC	+0.0017%	8h	2,721.4	−0.158%	—	$18.6M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0021%	8h	2,721.5	−0.157%	$2.31B	$4.35B	150x	as long as short
HTX ETH-USDT	+0.0030%	8h	2,722	−0.136%	$1.05B	$1.22B	200x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,722.5	−0.119%	$190K	$884K	50x	as long as short
ApeX Omni ETHUSDT	+0.0046%	1h	2,727	+0.047%	$8.5M	$31.6M	100x	as long as short
Hibachi ETH/USDT-P	+0.0048%	1h	2,723.8	−0.072%	$241K	$1.4M	20x	as long as short
Injective ETH/USDC PERP	+0.0050%	1h	2,723.9	−0.067%	$117K	$21.2M	52x	as long as short
Kraken Futures PF_ETHUSD	+0.0060%	1h	2,722.6	−0.115%	$81.8M	$310.4M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0071%	8h	2,721.7	−0.147%	$1.65B	$10.79B	100x	as long as short
KuCoin ETHUSDTM	+0.0072%	8h	2,721.6	−0.153%	$381.5M	$577.7M	100x	as long as short
Aster ETHUSDT	+0.0077%	8h	2,722	−0.138%	$252.1M	$848.4M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,719.8	−0.217%	$4.9M	$172K	20x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,721.7	−0.149%	$6.30B	$16.12B	150x	as long as short
MEXC ETH_USDT	+0.0090%	8h	2,721.8	−0.143%	$1.58B	$2.58B	500x	as long as short
SoDEX ETH-USD	+0.0092%	1h	2,722	−0.137%	$54.2M	$182.7M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,722.2	−0.129%	$112.0M	$432.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,723.6	−0.080%	$23.4M	$102.3M	50x	as long as short
Aftermath Perps ETHUSD	+0.0099%	1h	2,725.6	−0.003%	$30K	$20K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,721.8	−0.144%	$499K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,726.5	+0.028%	$15.3M	$7.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,721.5	−0.155%	$14.1M	$104.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,723.9	−0.067%	$3.10B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,722.9	−0.103%	$31.9M	$333.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,721.8	−0.144%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,722.3	−0.127%	$1.6M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,721.9	−0.140%	$3.30B	$8.92B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,721.6	−0.151%	$2.10B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,722.9	−0.104%	$14.9M	$40.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,722	−0.138%	$133.5M	$316.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,726.1	+0.013%	$185.4M	$681.3M	100x	as long as short
GRVT ETH_USDT_Perplong	+0.0100%	8h	2,725.7	long leg	$158.4M	$81.8M	50x
StandX ETH-USD	+0.0100%	1h	2,724.5	−0.045%	$20.9M	$70.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,723.6	−0.077%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,723	−0.100%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,722.7	−0.110%	$184K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,722.8	−0.109%	$20K	$23K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,723.7	−0.073%	$40.8M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,721.5	−0.154%	$954K	$10.8M	100x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,722.6	−0.116%	$262.4M	$64.4M	150x	as long as short
Bulk ETH-USDshort	+0.0100%	1h	2,727.2	+0.053%	$162.8M	$356.2M	25x
Extended ETH-USD	+0.0104%	1h	2,720.9	−0.178%	$30.4M	$71.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,723.1	−0.096%	—	$30.2M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,723.4	−0.087%	$46.5M	$4.27B	50x	as long as short
RISEx ETH/USDC	+0.0114%	1h	2,722.2	−0.130%	$5.6M	$11.7M	25x	as long as short
Reya ETHRUSDPERP	+0.0180%	1h	2,721.9	−0.140%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0184%	8h	2,724.8	−0.033%	$32.1M	$11.2M	100x	as long as short