Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0164%/8h= +18.0% APRpaid last 24h +0.031%

Price spread now: Hibachi against GRVT+0.039%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$230.234% of the position

Long on GRVT Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.254%−$25 on $10k

Price spread, last 7 days+0.019%+$2 · spread now +0.039%, 7d avg +0.005%

Together, before fees−0.235%+ Points / potential airdropGRVT: Active · Hibachi: Active · farm board−$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Hibachi is 0.034% dearer against GRVT than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.005%. Mind the row above: over the last 7 days funding on this pair cost −0.254%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT ETH_USDT_Perp	2,721	0.0100	pay 0.0100% / 8h	2h 23m	$158.3M	$86.7M	50x
Short	Hibachi ETH/USDT-P	2,722.1	0.0264	get 0.0033% / 1h	23m 05s	$249K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now +0.039%Rate

Funding earned: $34.44
Price spread: +0.039% → +0.005%: $3.39
Slippage, 4 orders: −$5.39
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: $14.45
Costs to cover: 0.234%
Break-even: 4.1 days

Slippage from GRVT: live order book, 6 min ago; Hibachi: 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	5.0 bp −$5	5.1 bp −$51	7.4 bp −$735	16.3 bp −$8,127
Sell Hibachi live order book, 1 min ago	0.02 bp	7.9 bp −$8	15.0 bp −$150	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
Perpl ETH	−0.0447%	43m	2,719.5	−0.057%	$280K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,721.6	+0.021%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0011%	8h	2,720.6	−0.018%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,719.9	−0.043%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,720	−0.038%	$814K	$3.0M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,720.4	−0.023%	$32.0M	—	200x	as long as short
dYdX ETH-USD	+0.0008%	1h	2,721.2	+0.006%	$10.3M	$42.5M	50x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,717.1	−0.145%	$117K	$22.5M	52x	as long as short
BingX ETH-USDT	+0.0033%	8h	2,722.4	+0.050%	—	$1.13B	—	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,720.2	−0.031%	$189K	$824K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0043%	8h	2,721.6	+0.020%	$2.34B	$4.40B	150x	as long as short
SunX ETH-USDT	+0.0068%	8h	2,718.9	−0.080%	$953K	$11.1M	100x	as long as short
Bullet ETH-USD	+0.0073%	1h	2,719.5	−0.056%	$180K	$1.7M	20x	as long as short
ApeX Omni ETHUSDT	+0.0076%	1h	2,715.8	−0.192%	$8.6M	$31.4M	100x	as long as short
KuCoin ETHUSDTM	+0.0077%	8h	2,721.3	+0.011%	$373.3M	$576.8M	100x	as long as short
Aftermath Perps ETHUSD	+0.0081%	1h	2,719.9	−0.043%	$30K	$20K	20x	as long as short
Aster ETHUSDT	+0.0083%	8h	2,721.7	+0.023%	$251.7M	$845.1M	200x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,721.9	+0.033%	$1.54B	$2.59B	500x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,718	−0.110%	$4.9M	$155K	20x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,722.8	+0.065%	$6.31B	$16.07B	150x	as long as short
OKX ETH-USDT-SWAP	+0.0095%	8h	2,721.8	+0.029%	$1.66B	$10.80B	100x	as long as short
Phemex ETHUSDT	+0.0096%	8h	2,721.2	+0.007%	$262.2M	$64.9M	150x	as long as short
Lighter ETH	+0.0096%	1h	2,721.6	+0.020%	$111.8M	$434.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,722.7	+0.063%	$23.5M	$103.7M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,719.2	−0.067%	$498K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,722.6	+0.059%	$15.1M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,719.3	−0.063%	$13.8M	$105.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,723.9	+0.105%	$3.08B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,721	0.000%	$31.9M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,719.3	−0.064%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,720.1	−0.035%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,719	−0.076%	$161.7M	$327.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,721.7	+0.026%	$3.30B	$8.99B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,722.1	+0.038%	$2.08B	$2.78B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,721.4	+0.012%	$14.9M	$43.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,716.2	−0.179%	$132.3M	$328.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,715.8	−0.192%	$184.0M	$676.6M	100x	as long as short
GRVT ETH_USDT_Perplong	+0.0100%	8h	2,721	long leg	$158.3M	$86.7M	50x
StandX ETH-USD	+0.0100%	1h	2,722	+0.036%	$20.9M	$70.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,721.5	+0.017%	—	$875K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,721.1	+0.002%	$11.1M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,720.7	−0.011%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,722	+0.036%	$40.8M	$30.2M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,720.6	−0.016%	$54.2M	$187.7M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,719.9	−0.043%	$30.4M	$74.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,720	−0.036%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,722.1	+0.038%	$49.5M	$4.29B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,719.9	−0.042%	$5.5M	$11.7M	25x	as long as short
Kalshi KXETHPERP	+0.0151%	8h	2,721	−0.001%	$6.9M	$693.1M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0158%	1h	2,721.9	+0.031%	$259.3M	$207.7M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,721.5	+0.016%	$82.8M	$312.1M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,722.9	+0.068%	$32.0M	$11.5M	100x	as long as short
Reya ETHRUSDPERP	+0.0200%	1h	2,718.9	−0.079%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-Pshort	+0.0264%	1h	2,722.1	+0.039%	$249K	$1.4M	20x
BloFin ETH-USDT	+0.0359%	8h	2,720.5	−0.021%	$281.1M	$173.9M	150x	as long as short