Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0132%/8h= −14.5% APRpaid last 24h −0.029%

Price spread now: GRVT against Hibachi−0.040%55s7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs$0as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$260.260% of the position

Long on Hibachi Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.259%+$26 on $10k

Price spread, last 7 days−0.016%−$2 · spread now −0.040%, 7d avg −0.005%

Together, before fees+0.243%+ Points / potential airdropHibachi: Active · GRVT: Active · farm board+$24 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 GRVT is 0.035% cheaper against Hibachi than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.005%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.259%, so the current rate has only just turned against you. The two prices were read 55 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	Hibachi ETH/USDT-P	2,729.8	0.0232	pay 0.0029% / 1h	11m 29s	$247K	$1.4M	20x
Short	GRVT ETH_USDT_Perp	2,728.8	0.0100	get 0.0100% / 8h	3h 11m	$158.8M	$86.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Hibachi. 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 HibachibpFee GRVTbpOrdersPrice spread, now −0.040%Rate

Funding earned: −$27.72
Price spread: −0.040% → −0.005%: −$3.49
Slippage, 4 orders: −$8.01
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$57.22
Costs to cover: 0.260%
Break-even: never at this rate

Slippage from Hibachi: live order book, 3 min ago; GRVT: live order book, 3 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 Hibachi live order book, 3 min ago	0.02 bp	7.2 bp −$7	17.8 bp −$178	doesn't fit	doesn't fit
Sell GRVT live order book, 3 min ago	0.02 bp	4.8 bp −$5	5.3 bp −$53	8.1 bp −$811	17.6 bp −$8,783

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	−0.0335%	43m	2,728.4	−0.054%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,729.1	−0.027%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0017%	8h	2,727.1	−0.099%	$1.05B	$1.20B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,727.8	−0.075%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,729	−0.031%	$816K	$2.9M	25x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,728.6	−0.045%	$6.2M	$686.2M	4.9x	as long as short
dYdX ETH-USD	+0.0006%	1h	2,728.1	−0.063%	$10.7M	$42.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,728	−0.069%	$28.0M	—	200x	as long as short
BingX ETH-USDC	+0.0027%	8h	2,727.8	−0.074%	—	$18.4M	—	as long as short
Bullet ETH-USD	+0.0032%	1h	2,727.1	−0.100%	$177K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0036%	8h	2,727.7	−0.080%	$2.36B	$4.38B	150x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,729	−0.031%	$187K	$814K	50x	as long as short
SunX ETH-USDT	+0.0061%	8h	2,727.6	−0.082%	$957K	$11.2M	100x	as long as short
KuCoin ETHUSDTM	+0.0067%	8h	2,728.4	−0.053%	$377.8M	$575.1M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0073%	1h	2,728.9	−0.036%	$258.6M	$202.5M	50x	as long as short
OKX ETH-USDT-SWAP	+0.0079%	8h	2,727.9	−0.072%	$1.67B	$10.73B	100x	as long as short
Aster ETHUSDT	+0.0079%	8h	2,728.1	−0.063%	$250.7M	$840.3M	200x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,725.3	−0.166%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0086%	8h	2,728.4	−0.051%	$1.56B	$2.58B	500x	as long as short
Binance ETHUSDT	+0.0086%	8h	2,727.8	−0.074%	$6.32B	$15.94B	150x	as long as short
Phemex ETHUSDT	+0.0087%	8h	2,727.7	−0.080%	$264.3M	$64.8M	150x	as long as short
ApeX Omni ETHUSDT	+0.0087%	1h	2,728	−0.066%	$8.7M	$31.2M	100x	as long as short
SoDEX ETH-USD	+0.0088%	1h	2,727.7	−0.078%	$54.3M	$187.8M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,729	−0.031%	$112.3M	$435.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,730.3	+0.015%	$23.4M	$104.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,728.4	−0.052%	—	$31.0M	500x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,730.8	+0.035%	$117K	$22.5M	52x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,727.7	−0.078%	$497K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,730.2	+0.012%	$15.5M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,727.9	−0.073%	$13.9M	$104.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,730.9	+0.039%	$3.09B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,729.5	−0.014%	$31.9M	$334.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,728.1	−0.064%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,729.1	−0.026%	$1.5M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,728.2	−0.059%	$167.8M	$301.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,728.5	−0.051%	$3.34B	$8.95B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,727.7	−0.078%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,727.6	−0.081%	$14.9M	$41.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,728.8	−0.037%	$134.7M	$323.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,728.1	−0.064%	$183.5M	$671.0M	100x	as long as short
GRVT ETH_USDT_Perpshort	+0.0100%	8h	2,728.8	−0.040%	$158.8M	$86.9M	50x
StandX ETH-USD	+0.0100%	1h	2,728.9	−0.034%	$21.0M	$71.3M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,729.1	−0.027%	$11.2M	$9.4M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,728.2	−0.061%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,729.5	−0.011%	$40.9M	$29.9M	15x	as long as short
Aftermath Perps ETHUSD	+0.0100%	1h	2,730	+0.006%	$30K	$20K	20x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,729	−0.032%	—	$845K	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,727.7	−0.080%	$30.5M	$73.5M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,728.9	−0.035%	$5.6M	$11.7M	25x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,728.9	−0.036%	$50.5M	$4.28B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,728.5	−0.051%	$83.5M	$315.9M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0191%	8h	2,730	+0.006%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0208%	1h	2,727	−0.102%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-Plong	+0.0232%	1h	2,729.8	long leg	$247K	$1.4M	20x
BloFin ETH-USDT	+0.0347%	8h	2,728.2	−0.059%	$282.3M	$174.6M	150x	as long as short