Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.053%

Price spread now: dYdX against GRVT−0.086%7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$270.273% of the position

Long on GRVT Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.193%+$19 on $10k

Price spread, last 7 days+0.185%+$18 · spread now −0.086%, 7d avg −0.027%

Together, before fees+0.378%+ Points / potential airdropGRVT: Active · farm board+$38 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.058% cheaper against GRVT than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.027%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.193%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT ETH_USDT_Perp	2,777	0.0100	pay 0.0100% / 8h	2h 53m	$161.5M	$98.2M	50x
Short	dYdX ETH-USD	2,774.7	0	get 0.0000% / 1h	53m 26s	$12.9M	$45.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.086%Rate

Funding earned: −$21
Price spread: −0.086% → −0.027%: −$5.82
Slippage, 4 orders: −$8.27
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$54.09
Costs to cover: 0.273%
Break-even: never at this rate

Slippage from GRVT: live order book, 6 min ago; dYdX: live order book, 1 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, 6 min ago	0.02 bp	4.5 bp −$5	12.1 bp −$121	20.8 bp −$2,082	12869.6 bp −$6.43M
Sell dYdX live order book, 1 min ago	0.72 bp	11.7 bp −$12	21.8 bp −$218	46.6 bp −$4,661	78.6 bp −$39.3K

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	2,773.7	−0.120%	$289K	$6.9M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0318%	1h	2,773.3	−0.136%	$10.5M	$30.9M	100x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,774.7	−0.084%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,772.1	−0.178%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0064%	1h	2,772.7	−0.156%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,776.7	−0.012%	$797K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,773.8	−0.117%	$5.8M	$12.0M	25x	as long as short
dYdX ETH-USDshort	0.0000%	1h	2,774.7	−0.086%	$12.9M	$45.3M	50x
Deribit ETH-PERPETUAL	0.0000%	1h	2,774.3	−0.099%	$259.0M	$223.4M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,773.4	−0.131%	$22.4M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0017%	8h	2,772.8	−0.152%	—	$17.3M	—	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,771.6	−0.196%	$1.70B	$11.91B	100x	as long as short
Phemex ETHUSDT	+0.0026%	8h	2,771.7	−0.192%	$266.7M	$66.0M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,773.3	−0.136%	$13.0M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0032%	1h	2,777.8	+0.027%	$29K	$22K	20x	as long as short
MEXC ETH_USDT	+0.0043%	8h	2,772.7	−0.155%	$1.60B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0044%	8h	2,772.3	−0.171%	$6.45B	$17.26B	150x	as long as short
Aster ETHUSDT	+0.0046%	8h	2,772.8	−0.154%	$256.3M	$999.0M	200x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,769.3	−0.278%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0054%	8h	2,773.2	−0.139%	$3.29B	$9.53B	200x	as long as short
SoDEX ETH-USD	+0.0070%	1h	2,771.6	−0.196%	$55.2M	$228.5M	40x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,773.2	−0.140%	$2.10B	$3.14B	150x	as long as short
Bullet ETH-USD	+0.0084%	1h	2,772.7	−0.157%	$188K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0092%	8h	2,775.7	−0.047%	$140.7M	$320.1M	—	as long as short
Lighter ETH	+0.0096%	1h	2,772.9	−0.150%	$115.2M	$507.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,774.2	−0.104%	$25.4M	$121.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,774.2	−0.103%	—	$42.8M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,774.6	−0.089%	$15.9M	$11.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,773.4	−0.131%	$493K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,772.8	−0.154%	$16.2M	$115.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,776.2	−0.030%	$3.20B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,773.5	−0.127%	$31.2M	$281.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771.7	−0.193%	$2.51B	$4.66B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,773.4	−0.131%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,775.8	−0.044%	$2.8M	$17.7M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,780.5	+0.125%	$165.0M	$263.0M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,772.7	−0.158%	$426.8M	$745.0M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,772.9	−0.149%	$15.4M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,774.5	−0.092%	$177.5M	$786.7M	100x	as long as short
GRVT ETH_USDT_Perplong	+0.0100%	8h	2,777	long leg	$161.5M	$98.2M	50x
StandX ETH-USD	+0.0100%	1h	2,773	−0.145%	$21.4M	$57.5M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,774.6	−0.088%	$10.8M	$7.9M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,773	−0.147%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,774.4	−0.094%	$42.9M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,771.8	−0.189%	$972K	$14.3M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,771.4	−0.202%	$1.08B	$1.32B	200x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,774.1	−0.107%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771.3	−0.206%	$31.6M	$76.5M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,773.3	−0.136%	$60.4M	$4.66B	50x	as long as short
Kalshi KXETHPERP	+0.0111%	8h	2,776.4	−0.023%	$8.6M	$671.9M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0128%	8h	2,774.6	−0.088%	$32.6M	$11.7M	100x	as long as short
BloFin ETH-USDT	+0.0164%	8h	2,777.1	0.000%	$287.5M	$197.2M	150x	as long as short
Reya ETHRUSDPERP	+0.0193%	1h	2,772.6	−0.160%	$7.5M	$992K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,773	−0.145%	$88.6M	$331.3M	100x	as long as short
Hibachi ETH/USDT-P	+0.0360%	1h	2,773.8	−0.118%	$273K	$1.5M	20x	as long as short