Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0566%/8h= −61.9% APRpaid last 24h −0.041%

Price spread now: GRVT against dYdX−0.010%7-day average +0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$216as in the Funding arb table

Net, price: spread back to 7d avg − costs−$183as in the Price arb table

costs, in and out, $10k−$1811.809% of the position

Long on dYdX Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.350%−$35 on $10k

Price spread, last 4 days (all we have)+0.336%+$34 · spread now −0.010%, 7d avg +0.015%

Together, before fees−0.014%+ Points / potential airdropGRVT: Active · farm board−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and GRVT is 0.026% cheaper against dYdX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.015%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.350% in total (about -18.2% 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	dYdX LINK-USD	13.158	0.0666	pay 0.0083% / 1h	30m 54s	$348K	$48K	10x
Short	GRVT LINK_USDT_Perp	13.156	0.0100	get 0.0100% / 8h	30m 54s	$593K	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against dYdX. 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 dYdXbpFee GRVTbpOrdersPrice spread, now −0.010%Rate

Funding earned: −$118.76
Price spread: −0.010% → +0.015%: −$2.55
Slippage, 4 orders: −$161.88
Fee dYdX: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$302.19
Costs to cover: 1.809%
Break-even: never at this rate

Slippage from dYdX: live order book, 48 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 dYdX live order book, 48 min ago	78.47 bp	83.5 bp −$83	83.5 bp −$835	83.7 bp −$8,373	145.8 bp −$72.9K
Sell GRVT live order book, 3 min ago	1.14 bp	7.0 bp −$7	16.2 bp −$162	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 −0.0091% / S +0.0167%	1h	13.152	−0.040%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.159	+0.007%	$475K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.151	−0.048%	$726K	$133K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.155	−0.022%	$133K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.171	+0.099%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.759%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0044%	8h	13.148	−0.074%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.146	−0.090%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.148	−0.075%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.146	−0.085%	$401K	$311K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	13.148	−0.072%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.153	−0.037%	$277K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.142	−0.118%	$122.2M	$304.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.143	−0.112%	$84.7M	$71.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.145	−0.097%	$27.7M	$85.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.167	+0.071%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.146	−0.089%	$130.2M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.143	−0.112%	$36.6M	$57.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.147	−0.081%	$22.7M	$15.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.142	−0.119%	$54.7M	$30.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.143	−0.112%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.146	−0.089%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.162	+0.033%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perpshort	+0.0100%	8h	13.156	−0.010%	$593K	$2.7M	10x
ApeX Omni LINKUSDT	+0.0100%	1h	13.173	+0.116%	$153K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.154	−0.028%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.148	−0.074%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.163	+0.037%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.147	−0.081%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.142	−0.118%	$646K	$884K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.139	−0.140%	$670K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.149	−0.063%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.174	+0.124%	$997K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.151	−0.051%	$5.3M	$17.3M	75x	as long as short
Backpack LINK_USDC_PERP	+0.0260%	1h	13.154	−0.028%	$363K	$379K	15x	as long as short
Hyperliquid LINK	+0.0276%	1h	13.162	+0.033%	$77.9M	$24.1M	10x	as long as short
Reya LINKRUSDPERP	+0.0378%	1h	13.148	−0.074%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0477%	1h	13.156	−0.016%	$7.0M	$8.2M	50x	as long as short
Phemex LINKUSDT	+0.0481%	8h	13.166	+0.063%	$20.4M	$11.6M	50x	as long as short
dYdX LINK-USDlong	+0.0666%	1h	13.158	long leg	$348K	$48K	10x