Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0015%/8h= −1.7% APRpaid last 24h +0.013%

Price spread now: Bullet against GRVT−0.362%7-day average −0.008% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$210.209% of the position

Long on GRVT Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.031%−$3 on $10k

Price spread, last 7 days+0.350%+$35 · spread now −0.362%, 7d avg −0.008%

Together, before fees+0.319%+ Points / potential airdropGRVT: Active · farm board+$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Bullet is 0.354% cheaper against GRVT than usual: you would sell low and buy high (−$35 if the spread goes back to its 7-day average of −0.008%). Swap the legs.

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 55m	$159.9M	$81.2M	50x
Short	Bullet ETH-USD	2,739.4	0.0085	get 0.0011% / 1h	55m 18s	$182K	$1.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.362%Rate

Funding earned: −$3.25
Price spread: −0.362% → −0.008%: −$35.41
Slippage, 4 orders: −$3.86
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$59.52
Costs to cover: 0.209%
Break-even: never at this rate

Slippage from GRVT: live order book, 4 min ago; Bullet: live order book, 4 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	0.02 bp	5.2 bp −$5	7.1 bp −$71	9.0 bp −$903	2470.1 bp −$1.24M
Sell Bullet live order book, 4 min ago	0.18 bp	5.1 bp −$5	8.3 bp −$83	doesn't fit	doesn't fit

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 ETHUSDT	−0.0865%	1h	2,751.3	+0.072%	$8.8M	$31.4M	100x	as long as short
Perpl ETH	−0.0447%	43m	2,740.9	−0.307%	$323K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,742.7	−0.242%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,740.2	−0.333%	$5.5M	$11.3M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,739.7	−0.351%	$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	2,740.6	−0.320%	$10.9M	$41.6M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,740.6	−0.318%	$180K	$1.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,740.1	−0.335%	$22.1M	—	200x	as long as short
BingX ETH-USDT	+0.0027%	8h	2,739.9	−0.343%	—	$1.21B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0034%	8h	2,740.3	−0.330%	$1.67B	$11.00B	100x	as long as short
Aster ETHUSDT	+0.0042%	8h	2,740.5	−0.321%	$256.7M	$855.8M	200x	as long as short
HTX ETH-USDT	+0.0044%	8h	2,741.4	−0.290%	$1.06B	$1.23B	200x	as long as short
MEXC ETH_USDT	+0.0054%	8h	2,739.6	−0.356%	$1.57B	$2.52B	500x	as long as short
Binance ETHUSDT	+0.0054%	8h	2,739.7	−0.351%	$6.35B	$16.28B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,741.4	−0.289%	$4.9M	$166K	20x	as long as short
Gate ETH_USDT	+0.0063%	8h	2,739.6	−0.355%	$3.31B	$8.65B	200x	as long as short
Bitget ETHUSDT	+0.0082%	8h	2,740.5	−0.324%	$2.07B	$2.86B	150x	as long as short
Bullet ETH-USDshort	+0.0085%	1h	2,739.4	−0.362%	$182K	$1.7M	20x
KuCoin ETHUSDTM	+0.0085%	8h	2,738.9	−0.379%	$382.6M	$607.0M	100x	as long as short
Aftermath Perps ETHUSD	+0.0085%	1h	2,753.6	+0.156%	$30K	$21K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,743	−0.232%	$59.4M	$4.37B	50x	as long as short
Deribit ETH-PERPETUAL	+0.0093%	1h	2,744	−0.193%	$258.9M	$202.0M	50x	as long as short
Variational Omni ETH	+0.0095%	8h	2,741.6	−0.283%	$132.7M	$345.8M	—	as long as short
Lighter ETH	+0.0096%	1h	2,740.1	−0.338%	$113.0M	$436.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,741.7	−0.278%	$25.0M	$105.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,742.4	−0.252%	—	$35.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,746.7	−0.098%	$15.9M	$8.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,740.9	−0.307%	$470K	$2.8M	50x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,742	−0.267%	—	$871K	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,741.2	−0.297%	$14.0M	$113.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,741.8	−0.275%	$3.11B	$2.15B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,741.7	−0.280%	$31.1M	$332.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,740	−0.340%	$2.46B	$4.36B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,739.5	−0.358%	$2.8M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,740.7	−0.313%	$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	2,741.1	−0.299%	$14.9M	$42.4M	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	2,751.9	+0.093%	$21.3M	$65.4M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,739.3	−0.366%	$10.3M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,740.4	−0.325%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,745.2	−0.153%	$41.9M	$29.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,742.5	−0.248%	$961K	$12.6M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,742.9	−0.235%	$54.6M	$187.7M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,742.3	−0.256%	$266.8M	$66.0M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,740.6	−0.320%	$30.5M	$74.8M	50x	as long as short
Kalshi KXETHPERP	+0.0128%	8h	2,746	−0.122%	$7.5M	$670.8M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0159%	8h	2,742.9	−0.236%	$32.3M	$11.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.0168%	1h	2,743.9	−0.198%	$250K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0175%	8h	2,750	+0.024%	$285.5M	$177.5M	150x	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	2,739.2	−0.369%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0355%	1h	2,743	−0.231%	$93.2M	$320.5M	100x	as long as short