Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.016%

Price spread now: GRVT against Hyperliquid+0.069%85s7-day average −0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as 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−$190.188% of the position

Long on Hyperliquid Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.060%−$6 on $10k

Price spread, last 7 days−0.110%−$11 · spread now +0.069%, 7d avg −0.008%

Together, before fees−0.170%+ Points / potential airdropHyperliquid: Season 2 · GRVT: Active · farm board−$17 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: GRVT is 0.077% dearer against Hyperliquid than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.008%. The two prices were read 85 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	Hyperliquid ETH	2,738	0.0100	pay 0.0013% / 1h	58m 09s	$3.11B	$2.06B	25x
Short	GRVT ETH_USDT_Perp	2,739.9	0.0100	get 0.0100% / 8h	4h 58m	$159.3M	$83.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Hyperliquid. 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 HyperliquidbpFee GRVTbpOrdersPrice spread, now +0.069%Rate

Funding earned: $0
Price spread: +0.069% → −0.008%: $7.71
Slippage, 4 orders: −$0.79
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$11.09
Costs to cover: 0.188%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; GRVT: live order book, 6 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 Hyperliquid live order book, 6 min ago	0.18 bp	4.7 bp −$5	4.7 bp −$47	5.5 bp −$553	7.5 bp −$3,725
Sell GRVT live order book, 6 min ago	0.02 bp	4.9 bp −$5	5.2 bp −$52	7.7 bp −$774	16.8 bp −$8,398

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
Injective ETH/USDC PERP	−0.0141%	1h	2,738.7	+0.026%	$118K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,740.6	+0.095%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,738	+0.001%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,740.1	+0.076%	$10.8M	$41.7M	50x	as long as short
Perpl ETH	0.0000%	43m	2,739.7	+0.062%	$301K	$5.5M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,738	+0.001%	$25.3M	—	200x	as long as short
01 Exchange ETHUSD	+0.0008%	1h	2,738.8	+0.029%	$182K	$834K	50x	as long as short
Phoenix ETH	+0.0017%	1h	2,741.1	+0.113%	$847K	$2.9M	25x	as long as short
SoDEX ETH-USD	+0.0027%	1h	2,737.3	−0.026%	$54.5M	$187.6M	40x	as long as short
ApeX Omni ETHUSDT	+0.0039%	1h	2,740.1	+0.075%	$8.8M	$30.7M	100x	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	+0.0054%	8h	2,735.8	−0.079%	—	$18.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0069%	8h	2,735.5	−0.090%	$1.69B	$10.55B	100x	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,737.2	−0.030%	$380.9M	$573.3M	100x	as long as short
Aster ETHUSDT	+0.0082%	8h	2,737.6	−0.015%	$253.2M	$840.5M	200x	as long as short
Bullet ETH-USD	+0.0084%	1h	2,737.8	−0.009%	$181K	$1.7M	20x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,735.3	−0.099%	$4.9M	$154K	20x	as long as short
MEXC ETH_USDT	+0.0090%	8h	2,736	−0.072%	$1.56B	$2.51B	500x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,735.6	−0.088%	$6.36B	$15.69B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,736.8	−0.043%	$112.4M	$429.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,738.2	+0.008%	$24.6M	$102.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,740.7	+0.099%	—	$30.4M	500x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,739.4	+0.050%	$5.6M	$11.4M	25x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,743.8	+0.213%	$15.9M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,738.9	+0.033%	$493K	$3.1M	50x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,736.7	−0.048%	$1.06B	$1.18B	200x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,738.2	+0.007%	$13.9M	$104.6M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,738	long leg	$3.11B	$2.06B	25x
Pacifica ETH	+0.0100%	1h	2,740.5	+0.090%	$31.7M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,735.1	−0.106%	$2.43B	$4.18B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,740.3	+0.084%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,739.6	+0.057%	$2.8M	$16.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,739.7	+0.063%	$165.8M	$302.8M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,736.5	−0.053%	$3.39B	$8.65B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,735.9	−0.077%	$2.07B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,735.5	−0.091%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,739	+0.035%	$133.0M	$324.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,738.7	+0.027%	$182.0M	$667.2M	100x	as long as short
GRVT ETH_USDT_Perpshort	+0.0100%	8h	2,739.9	+0.069%	$159.3M	$83.5M	50x
StandX ETH-USD	+0.0100%	1h	2,739.3	+0.047%	$21.2M	$69.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,739.5	+0.055%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,739.3	+0.047%	$10.9M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,739.1	+0.040%	$41.4M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,737.5	−0.017%	$960K	$11.4M	100x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,736.8	−0.042%	$265.9M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,736.7	−0.049%	$30.6M	$72.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,739	+0.035%	$54.0M	$4.25B	50x	as long as short
Aftermath Perps ETHUSD	+0.0137%	1h	2,740.7	+0.098%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0137%	1h	2,738.6	+0.022%	$260.0M	$194.8M	50x	as long as short
Kalshi KXETHPERP	+0.0158%	8h	2,739.6	+0.058%	$7.6M	$672.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0195%	8h	2,739.7	+0.061%	$32.2M	$11.4M	100x	as long as short
BloFin ETH-USDT	+0.0210%	8h	2,739.4	+0.051%	$285.5M	$177.8M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,737.7	−0.011%	$86.0M	$309.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0225%	1h	2,737.1	−0.034%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,739.1	+0.041%	$251K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.3321%	1h	2,765.3	+0.996%	$21K	$20K	25x	as long as short