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

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

Long on GRVT Short on Derive

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: Derive is 0.203% cheaper against GRVT than usual: you would sell low and buy high, −$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	GRVT ETH_USDT_Perp	2,747.6	0.0100	pay 0.0100% / 8h	5h 45m	$159.8M	$81.4M	50x
Short	Derive ETH-PERP	2,743.1	0.0100	get 0.0013% / 1h	45m 38s	$41.6M	$29.6M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.164%Rate

Funding earned: $0
Price spread: −0.164% → +0.039%: −$20.29
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Derive: 3 bp × 2 orders: −$6
Net: −$35.29
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: GRVT: live order book, 4 min ago; Derive: no order-book sample. 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 GRVT live order book, 4 min ago	0.02 bp	4.5 bp −$5	5.2 bp −$52	8.0 bp −$797	16.8 bp −$8,418
Sell Derive no order-book sample	—	—	—	—	—

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	−0.277%	$304K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,738.9	−0.317%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,744.7	−0.106%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,741.4	−0.226%	$12.1M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,742.8	−0.175%	$10.8M	$41.8M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,741.7	−0.217%	$22.1M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,741.9	−0.208%	$845K	$2.9M	25x	as long as short
BingX ETH-USDC	+0.0047%	8h	2,742.7	−0.178%	—	$18.5M	—	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,740.9	−0.244%	$182K	$916K	50x	as long as short
OKX ETH-USDT-SWAP	+0.0061%	8h	2,742.8	−0.176%	$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	−0.210%	$376.6M	$597.6M	100x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,744.2	−0.125%	$5.7M	$11.2M	25x	as long as short
Aster ETHUSDT	+0.0078%	8h	2,741.8	−0.212%	$251.9M	$841.1M	200x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,738.7	−0.326%	$4.9M	$159K	20x	as long as short
MEXC ETH_USDT	+0.0087%	8h	2,742.6	−0.184%	$1.57B	$2.52B	500x	as long as short
Binance ETHUSDT	+0.0088%	8h	2,742.4	−0.190%	$6.38B	$15.72B	150x	as long as short
Bullet ETH-USD	+0.0095%	1h	2,741	−0.242%	$181K	$1.7M	20x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,740.9	−0.246%	$1.06B	$1.18B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,742.4	−0.189%	$112.8M	$431.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,743.2	−0.160%	$24.6M	$103.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,738.1	−0.346%	—	$30.9M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,741.8	−0.212%	$59.0M	$4.27B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,746.7	−0.034%	$16.1M	$7.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,743.3	−0.157%	$469K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,740.9	−0.246%	$13.9M	$106.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,743	−0.168%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,742.9	−0.172%	$31.6M	$334.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,743	−0.169%	$2.45B	$4.18B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,741.3	−0.230%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,744.2	−0.125%	$2.7M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.5	−0.149%	$165.1M	$304.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,743.8	−0.139%	$3.40B	$8.68B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,743.3	−0.158%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,740.7	−0.250%	$14.9M	$40.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,740.4	−0.263%	$132.4M	$336.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,741.1	−0.236%	$181.5M	$691.4M	100x	as long as short
GRVT ETH_USDT_Perplong	+0.0100%	8h	2,747.6	long leg	$159.8M	$81.4M	50x
ApeX Omni ETHUSDT	+0.0100%	1h	2,740.9	−0.244%	$8.7M	$31.1M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,739.8	−0.284%	$21.2M	$69.4M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,741.4	−0.226%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,741.5	−0.223%	$10.7M	$8.4M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,741.2	−0.235%	$21K	$21K	25x	as long as short
Derive ETH-PERPshort	+0.0100%	1h	2,743.1	−0.164%	$41.6M	$29.6M	15x
SunX ETH-USDT	+0.0100%	8h	2,740.7	−0.251%	$961K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,740.9	−0.244%	$54.6M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,740.8	−0.247%	$266.7M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,742.9	−0.171%	$30.6M	$72.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0131%	1h	2,743.1	−0.164%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0144%	1h	2,742.1	−0.201%	$258.8M	$195.6M	50x	as long as short
Kalshi KXETHPERP	+0.0151%	8h	2,741.1	−0.237%	$7.7M	$668.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0187%	8h	2,743.9	−0.136%	$32.3M	$11.0M	100x	as long as short
BloFin ETH-USDT	+0.0207%	8h	2,737.8	−0.356%	—	$176.6M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,741.4	−0.227%	$87.3M	$310.1M	100x	as long as short
Reya ETHRUSDPERP	+0.0225%	1h	2,740.7	−0.253%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0240%	1h	2,740.9	−0.246%	$249K	$1.4M	20x	as long as short