Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0123%/8h= −13.5% APRpaid last 24h +0.011%

Price spread now: Phoenix against GRVT−0.014%7-day average +0.077% · you buy dearer than you sell

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$180.177% of the position

Long on GRVT Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.090%+$9 on $10k

Price spread, last 7 days+0.104%+$10 · spread now −0.014%, 7d avg +0.077%

Together, before fees+0.194%+ Points / potential airdropGRVT: Active · farm board+$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Phoenix is 0.091% cheaper against GRVT than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.077%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.090%, 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	2,771.7	0.0100	pay 0.0100% / 8h	2h 45m	$161.2M	$97.4M	50x
Short	Phoenix ETH	2,771.3	−0.0023	pay 0.0003% / 1h	45m 03s	$795K	$3.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.014%Rate

Funding earned: −$25.83
Price spread: −0.014% → +0.077%: −$9.1
Slippage, 4 orders: −$1.73
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$52.66
Costs to cover: 0.177%
Break-even: never at this rate

Slippage from GRVT: live order book, 4 min ago; Phoenix: 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	0.14 bp	4.9 bp −$5	5.6 bp −$56	8.7 bp −$870	189.8 bp −$94.9K
Sell Phoenix live order book, 4 min ago	0.18 bp	4.3 bp −$4	8.5 bp −$85	17.5 bp −$1,749	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	2,769	−0.096%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,770.7	−0.036%	$119K	$22.5M	52x	as long as short
ApeX Omni ETHUSDT	−0.0095%	1h	2,771.1	−0.021%	$10.5M	$31.0M	100x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,770.5	−0.043%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0072%	1h	2,768.4	−0.119%	$172K	$1.2M	50x	as long as short
Phoenix ETHshort	−0.0023%	1h	2,771.3	−0.014%	$795K	$3.7M	25x
RISEx ETH/USDC	−0.0011%	1h	2,768.4	−0.120%	$5.8M	$11.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,770.7	−0.035%	$12.9M	$45.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,768.9	−0.101%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0021%	8h	2,768.1	−0.132%	$266.3M	$65.9M	150x	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	+0.0023%	8h	2,767.6	−0.147%	$1.70B	$11.83B	100x	as long as short
Aftermath Perps ETHUSD	+0.0024%	1h	2,772.3	+0.020%	$29K	$21K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,768.9	−0.102%	$13.1M	—	200x	as long as short
Aster ETHUSDT	+0.0043%	8h	2,768	−0.135%	$255.7M	$995.6M	200x	as long as short
MEXC ETH_USDT	+0.0044%	8h	2,767.5	−0.153%	$1.59B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0045%	8h	2,768	−0.132%	$6.43B	$17.18B	150x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,766.1	−0.201%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0059%	8h	2,768.1	−0.129%	$3.29B	$9.56B	200x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,767.4	−0.155%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0079%	1h	2,768.1	−0.131%	$186K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0092%	8h	2,771.1	−0.023%	$141.1M	$318.8M	—	as long as short
SoDEX ETH-USD	+0.0094%	1h	2,768	−0.133%	$55.1M	$228.6M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,768.5	−0.117%	$115.1M	$509.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,770	−0.063%	$25.3M	$121.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,769	−0.097%	—	$41.9M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,768.1	−0.131%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,768.9	−0.101%	$481K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,768.1	−0.130%	$16.0M	$114.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,770.7	−0.035%	$3.19B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,769.3	−0.086%	$31.3M	$283.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,767.7	−0.144%	$2.50B	$4.63B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,768.2	−0.126%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,770.4	−0.047%	$2.8M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	−0.031%	$164.5M	$255.4M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,767.9	−0.137%	$424.8M	$742.5M	100x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,767.8	−0.142%	—	$1.19B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,768.5	−0.117%	$15.3M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,771.4	−0.010%	$178.2M	$790.9M	100x	as long as short
GRVT ETH_USDT_Perplong	+0.0100%	8h	2,771.7	long leg	$161.2M	$97.4M	50x
StandX ETH-USD	+0.0100%	1h	2,770.4	−0.047%	$21.4M	$57.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,769.5	−0.078%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,769.6	−0.076%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,769.3	−0.086%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,770.5	−0.043%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,767.2	−0.162%	$971K	$14.3M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,767.6	−0.149%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,767.1	−0.167%	$31.5M	$76.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,769.6	−0.075%	$60.0M	$4.63B	50x	as long as short
Kalshi KXETHPERP	+0.0120%	8h	2,770.3	−0.050%	$8.6M	$671.0M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0129%	8h	2,771	−0.024%	$32.5M	$11.8M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0144%	1h	2,770	−0.060%	$259.0M	$223.3M	50x	as long as short
BloFin ETH-USDT	+0.0165%	8h	2,767.9	−0.137%	$286.6M	$195.3M	150x	as long as short
Reya ETHRUSDPERP	+0.0190%	1h	2,767.4	−0.156%	$7.5M	$998K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0241%	1h	2,769.3	−0.086%	$88.4M	$329.9M	100x	as long as short
Hibachi ETH/USDT-P	+0.0392%	1h	2,772.4	+0.024%	$273K	$1.5M	20x	as long as short