Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.010%

Price spread now: GRVT against Deribit−0.268%7-day average −0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$330.333% of the position

Long on Deribit Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.123%+$12 on $10k

Price spread, last 3 days (all we have)+0.106%+$11 · spread now −0.268%, 7d avg −0.014%

Together, before fees+0.229%+ Points / potential airdropGRVT: Active · farm board+$23 on $10k · with fees, hour by hour

Funding pays, the price is against you. GRVT is 0.254% cheaper against Deribit than usual: you would sell low and buy high (spread −0.268% now, against its 7-day average of −0.014%). If the spread goes back, that is −$25 on $10k: about 8.5 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit LINK_USDC-PERPETUAL	13.200	0	get 0.0000% / 1h	40m 36s	$721K	$125K	50x
Short	GRVT LINK_USDT_Perp	13.165	0.0100	get 0.0100% / 8h	1h 40m	$594K	$2.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Deribit. 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 DeribitbpFee GRVTbpOrdersPrice spread, now −0.268%Rate

Funding earned: $21
Price spread: −0.268% → −0.014%: −$25.38
Slippage, 4 orders: −$17.34
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$37.72
Costs to cover: 0.333%
Break-even: 19.6 days

Slippage from Deribit: live order book, 43 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 Deribit live order book, 43 min ago	2.66 bp	6.2 bp −$6	12.4 bp −$124	doesn't fit	doesn't fit
Sell GRVT live order book, 3 min ago	1.52 bp	8.6 bp −$9	19.5 bp −$195	doesn't fit	doesn't fit

LINK on 40 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
GMX LINK/USD [LINK-USDC]	L −0.0090% / S +0.0167%	1h	13.197	−0.023%	$1.8M	—	200x	as long as short
dYdX LINK-USD	0.0000%	1h	13.205	+0.038%	$350K	$60K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.209	+0.066%	$462K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUALlong	0.0000%	1h	13.200	long leg	$721K	$125K	50x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.200	−0.004%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.063%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.208	+0.061%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.196	−0.033%	$134K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.206	+0.043%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.200	−0.006%	$32K	$3K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	13.200	−0.003%	$400K	$314K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.215	+0.111%	$78.0M	$23.8M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.204	+0.025%	$1.5M	$2.8M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.203	+0.020%	$277K	$149K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.201	+0.005%	$122.5M	$301.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.200	−0.003%	$85.0M	$69.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.201	+0.005%	$27.7M	$85.9M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.216	+0.118%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.200	−0.003%	$131.1M	$12.6M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.201	+0.005%	$36.8M	$56.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.205	+0.035%	$22.3M	$15.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.200	−0.003%	$54.9M	$30.3M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.200	−0.003%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.147	−0.403%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.181	−0.147%	$44K	$307K	20x	as long as short
GRVT LINK_USDT_Perpshort	+0.0100%	8h	13.165	−0.268%	$594K	$2.8M	10x
ApeX Omni LINKUSDT	+0.0100%	1h	13.172	−0.215%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.204	+0.027%	$81K	$68K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.194	−0.048%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.223	+0.172%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.197	−0.026%	$5K	$38K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.197	−0.030%	$649K	$898K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.198	−0.019%	$678K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.197	−0.023%	$553K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.202	+0.012%	$995K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0186%	1h	13.211	+0.080%	$367K	$374K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.203	+0.020%	$5.2M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0375%	1h	13.202	+0.014%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0452%	8h	13.211	+0.080%	$20.4M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0692%	1h	13.202	+0.013%	$7.0M	$8.0M	50x	as long as short