Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0103%/8h= +11.3% APRpaid last 24h −0.008%

Price spread now: GRVT against Phoenix−0.031%7-day average −0.074% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$260.264% of the position

Long on Phoenix Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.069%−$7 on $10k

Price spread, last 7 days−0.049%−$5 · spread now −0.031%, 7d avg −0.074%

Together, before fees−0.118%+ Points / potential airdropGRVT: Active · farm board−$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and GRVT is 0.043% dearer against Phoenix than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.074%. Mind the row above: over the last 7 days funding on this pair cost −0.069%, 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	Phoenix ETH	2,771.1	−0.0003	get 0.0000% / 1h	46m 50s	$878K	$3.7M	25x
Short	GRVT ETH_USDT_Perp	2,770.2	0.0100	get 0.0100% / 8h	7h 46m	$161.1M	$86.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Phoenix. 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 PhoenixbpFee GRVTbpOrdersPrice spread, now −0.031%Rate

Funding earned: $21.61
Price spread: −0.031% → −0.074%: $4.34
Slippage, 4 orders: −$10.36
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$0.42
Costs to cover: 0.264%
Break-even: 7.1 days

Slippage from Phoenix: live order book, 2 min ago; GRVT: live order book, 2 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 Phoenix live order book, 2 min ago	0.18 bp	3.8 bp −$4	7.2 bp −$72	20.2 bp −$2,024	doesn't fit
Sell GRVT live order book, 2 min ago	0.02 bp	9.4 bp −$9	16.9 bp −$169	107.7 bp −$10.8K	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
Injective ETH/USDC PERP	−0.0752%	1h	2,770.4	−0.025%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,770.3	−0.029%	$5.7M	$11.8M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,770.7	−0.015%	$285K	$6.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.1	0.000%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,770.1	−0.036%	$168K	$1.2M	50x	as long as short
Phemex ETHUSDT	−0.0026%	8h	2,772	+0.031%	$270.0M	$67.8M	150x	as long as short
Phoenix ETHlong	−0.0003%	1h	2,771.1	long leg	$878K	$3.7M	25x
dYdX ETH-USD	0.0000%	1h	2,771.6	+0.019%	$12.7M	$45.7M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.2	+0.040%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0020%	1h	2,771.1	0.000%	$183K	$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
OKX ETH-USDT-SWAP	+0.0021%	8h	2,770.8	−0.009%	$1.71B	$11.49B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,771.5	+0.016%	$12.7M	—	200x	as long as short
SoDEX ETH-USD	+0.0038%	1h	2,771.5	+0.014%	$55.2M	$228.8M	40x	as long as short
Aftermath Perps ETHUSD	+0.0041%	1h	2,771.3	+0.008%	$31K	$24K	20x	as long as short
Aster ETHUSDT	+0.0042%	8h	2,771.7	+0.021%	$256.6M	$951.0M	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,772	+0.032%	$5.0M	$165K	20x	as long as short
Gate ETH_USDT	+0.0057%	8h	2,771.9	+0.030%	$3.33B	$8.93B	200x	as long as short
MEXC ETH_USDT	+0.0057%	8h	2,771.8	+0.025%	$1.62B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,771	−0.003%	$6.47B	$17.05B	150x	as long as short
HTX ETH-USDT	+0.0060%	8h	2,771.4	+0.010%	$1.08B	$1.30B	200x	as long as short
BingX ETH-USDC	+0.0066%	8h	2,771.9	+0.029%	—	$17.4M	—	as long as short
Bitget ETHUSDT	+0.0068%	8h	2,771.1	+0.001%	$2.10B	$3.02B	150x	as long as short
ApeX Omni ETHUSDT	+0.0075%	1h	2,770.1	−0.037%	$8.7M	$32.8M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,773.1	+0.072%	$60.5M	$4.54B	50x	as long as short
KuCoin ETHUSDTM	+0.0082%	8h	2,772.3	+0.042%	$420.9M	$730.3M	100x	as long as short
Vest ETH-PERP	+0.0088%	1h	2,770.6	−0.019%	—	$1.0M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,771.2	+0.002%	$115.2M	$456.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772.5	+0.052%	$25.2M	$110.0M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,769.5	−0.056%	$15.9M	$9.6M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769.7	−0.051%	$487K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,769.4	−0.060%	$14.5M	$117.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,774	+0.105%	$3.17B	$2.30B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,771.8	+0.024%	$31.2M	$322.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771.1	−0.001%	$2.51B	$4.53B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.2	−0.069%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771	−0.003%	$2.8M	$17.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.9	−0.042%	$170.3M	$272.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,772.7	+0.056%	$15.3M	$42.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.8	−0.083%	$151.4M	$343.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,768.8	−0.082%	$181.8M	$786.3M	100x	as long as short
GRVT ETH_USDT_Perpshort	+0.0100%	8h	2,770.2	−0.031%	$161.1M	$86.9M	50x
StandX ETH-USD	+0.0100%	1h	2,770.3	−0.029%	$21.4M	$59.1M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,770.6	−0.018%	$10.6M	$8.1M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772.1	+0.035%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,774	+0.103%	$42.6M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,769.8	−0.049%	$972K	$13.7M	100x	as long as short
Kalshi KXETHPERP	+0.0100%	8h	2,771.6	+0.018%	$8.2M	$688.7M	4.9x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771.3	+0.006%	$32.5M	$77.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,770.4	−0.026%	—	$41.7M	500x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,773.2	+0.076%	$93.4M	$331.5M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0147%	8h	2,774.7	+0.130%	$32.6M	$11.9M	100x	as long as short
Hibachi ETH/USDT-P	+0.0168%	1h	2,770.4	−0.024%	$252K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,771.8	+0.027%	$287.6M	$190.5M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0208%	1h	2,773.1	+0.073%	$259.1M	$216.5M	50x	as long as short
Reya ETHRUSDPERP	+0.0208%	1h	2,770.7	−0.014%	$7.3M	$1.2M	25x	as long as short