Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:12 UTC+0.0212%/8h= +23.2% APRpaid last 24h +0.017%

Price spread now: GRVT against Perpl−0.057%66s7-day average +0.003% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Perpl Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.114%−$11 on $10k

Price spread, last 7 days+0.059%+$6 · spread now −0.057%, 7d avg +0.003%

Together, before fees−0.054%+ Points / potential airdropPerpl: Active · GRVT: Active · farm board−$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. GRVT is 0.061% cheaper against Perpl than usual: you would sell low and buy high (spread −0.057% now, against its 7-day average of +0.003%). If the spread goes back, that is −$6 on $10k: about 23 hours of funding at the current rate (+$6 a day). Mind the row above: over the last 7 days funding on this pair cost −0.114%, so the current rate has only just turned in your favour. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.114% in total (about -5.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl ETH	2,771.8	−0.0112	get 0.0010% / 43m	22m 53s	$285K	$6.5M	8.3x
Short	GRVT ETH_USDT_Perp	2,770.2	0.0100	get 0.0100% / 8h	7h 43m	$161.1M	$86.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Perpl. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpFee GRVTbpOrdersPrice spread, now −0.057%Rate

Funding earned: $44.44
Price spread: −0.057% → +0.003%: −$6.09
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: $15.55
Costs to cover: 0.228%
Break-even: 4.6 days

Slippage unknown: Perpl: no order-book sample; GRVT: live order book, 5 min ago. Net counts fees only.

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 Perpl no order-book sample	—	—	—	—	—
Sell GRVT live order book, 5 min ago	0.02 bp	9.4 bp −$9	16.9 bp −$169	107.7 bp −$10.8K	doesn't fit

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0752%	1h	2,770.4	−0.052%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,772.3	+0.018%	$5.7M	$11.4M	25x	as long as short
Perpl ETHlong	−0.0112%	43m	2,771.8	long leg	$285K	$6.5M	8.3x
Hotstuff ETH-PERP	−0.0080%	1h	2,773.7	+0.067%	$5K	$1K	50x	as long as short
Phemex ETHUSDT	−0.0049%	8h	2,770.2	−0.058%	$269.8M	$67.6M	150x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,771.7	−0.005%	$168K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,771.8	−0.001%	$878K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,773	+0.043%	$12.2M	$46.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,771.5	−0.013%	$22.4M	—	200x	as long as short
Gate ETH_USDT	+0.0008%	8h	2,773.2	+0.051%	$3.33B	$8.94B	200x	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	+0.0022%	8h	2,773.1	+0.045%	$1.71B	$11.45B	100x	as long as short
Bullet ETH-USD	+0.0023%	1h	2,770.2	−0.059%	$183K	$1.7M	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,771.1	−0.027%	$12.7M	—	200x	as long as short
Aster ETHUSDT	+0.0042%	8h	2,772.8	+0.033%	$256.9M	$914.3M	200x	as long as short
SoDEX ETH-USD	+0.0046%	1h	2,770.3	−0.055%	$55.2M	$208.4M	40x	as long as short
Aftermath Perps ETHUSD	+0.0046%	1h	2,771.6	−0.008%	$31K	$23K	20x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,769.3	−0.090%	$5.0M	$165K	20x	as long as short
MEXC ETH_USDT	+0.0058%	8h	2,772.9	+0.040%	$1.63B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0059%	8h	2,773.1	+0.047%	$6.47B	$16.71B	150x	as long as short
Bitget ETHUSDT	+0.0068%	8h	2,773.3	+0.053%	$2.10B	$2.94B	150x	as long as short
HTX ETH-USDT	+0.0069%	8h	2,770.6	−0.044%	$1.08B	$1.28B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,771.4	−0.016%	$60.4M	$4.51B	50x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,773.2	+0.048%	$420.7M	$648.3M	100x	as long as short
Vest ETH-PERP	+0.0087%	1h	2,771.6	−0.009%	—	$911K	50x	as long as short
Lighter ETH	+0.0096%	1h	2,770.7	−0.039%	$115.2M	$456.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772.1	+0.008%	$25.2M	$110.0M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,772.3	+0.015%	$15.9M	$9.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,772	+0.006%	$487K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,773.3	+0.053%	$14.5M	$116.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,773	+0.040%	$3.17B	$2.31B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,773.4	+0.056%	$31.2M	$322.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,773.6	+0.065%	$2.51B	$4.46B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,772.7	+0.031%	$2.8M	$17.1M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,773.1	+0.047%	$2.8M	$17.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.9	−0.068%	$170.3M	$272.1M	25x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,772.9	+0.038%	—	$17.5M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,770.4	−0.052%	$15.3M	$42.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,770.3	−0.056%	$151.3M	$342.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,768.8	−0.108%	$181.8M	$786.3M	100x	as long as short
GRVT ETH_USDT_Perpshort	+0.0100%	8h	2,770.2	−0.057%	$161.1M	$86.9M	50x
ApeX Omni ETHUSDT	+0.0100%	1h	2,770.3	−0.056%	$8.7M	$32.8M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.6	−0.044%	$21.4M	$59.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,771	−0.030%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,771.7	−0.005%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.8	+0.033%	$42.6M	$29.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770.6	−0.046%	$972K	$13.5M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,772.4	+0.019%	$32.5M	$73.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,773.1	+0.047%	—	$38.3M	500x	as long as short
Kalshi KXETHPERP	+0.0104%	8h	2,773.4	+0.057%	$8.1M	$687.4M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0111%	1h	2,771.8	−0.001%	$259.1M	$211.9M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,771.5	−0.011%	$93.3M	$324.1M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0147%	8h	2,773	+0.043%	$32.6M	$11.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0160%	1h	2,773.2	+0.051%	$253K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,772.3	+0.018%	$287.6M	$188.5M	150x	as long as short
Reya ETHRUSDPERP	+0.0209%	1h	2,770.2	−0.060%	$7.3M	$1.2M	25x	as long as short