Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0190%/8h= +20.8% APRpaid last 24h +0.027%

Price spread now: GRVT against GMX+0.037%69s7-day average −0.015% · you sell dearer than you buy

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

Long on GMX Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.162%+$16 on $10k

Price spread, last 3 days (all we have)−0.092%−$9 · spread now +0.037%, 7d avg −0.015%

Together, before fees+0.070%+ Points / potential airdropGRVT: Active · farm board+$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and GRVT is 0.052% dearer against GMX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.015%. The two prices were read 69 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	GMX LINK/USD [LINK-USDC]	12.985	L −0.0090% / S +0.0167%	get 0.0011% / 1h	7m 58s	$1.8M	—	200x
Short	GRVT LINK_USDT_Perp	12.990	0.0100	get 0.0100% / 8h	6h 07m	$586K	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against GMX. 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 GMXbpFee GRVTbpOrdersPrice spread, now +0.037%Rate

Funding earned: $39.95
Price spread: +0.037% → −0.015%: $5.21
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: $24.16
Costs to cover: 0.210%
Break-even: 2.8 days

Slippage unknown: GMX: no order-book sample; GRVT: live order book, 1 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 GMX no order-book sample	—	—	—	—	—
Sell GRVT live order book, 1 min ago	2.70 bp	7.9 bp −$8	18.8 bp −$188	doesn't fit	doesn't fit

GMX: 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.

LINK on 39 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]long	L −0.0090% / S +0.0167%	1h	12.985	long leg	$1.8M	—	200x
Kalshi KXLINKPERP	0.0000%	8h	12.990	+0.036%	$468K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.984	−0.011%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.507%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	12.992	+0.054%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0068%	8h	12.984	−0.009%	$117K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	12.978	−0.055%	$950K	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	12.980	−0.039%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.965	−0.155%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.977	−0.061%	$395K	$319K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	12.985	−0.003%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.965	−0.154%	$275K	$171K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.981	−0.031%	$119.4M	$302.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.977	−0.063%	$83.8M	$71.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.980	−0.040%	$27.3M	$82.9M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.982	−0.025%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.979	−0.048%	$128.0M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.981	−0.032%	$33.0M	$59.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.984	−0.009%	$23.0M	$14.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.980	−0.040%	$53.9M	$30.7M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.979	−0.048%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.979	−0.046%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.985	−0.003%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perpshort	+0.0100%	8h	12.990	+0.037%	$586K	$2.7M	10x
ApeX Omni LINKUSDT	+0.0100%	1h	12.985	−0.002%	$133K	$674K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.984	−0.009%	$80K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.984	−0.011%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.997	+0.090%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.985	−0.002%	$14K	$41K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.962	−0.176%	$639K	$694K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.977	−0.063%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.988	+0.018%	$545K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0128%	1h	12.990	+0.037%	$338K	$380K	15x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0220%	1h	12.990	+0.040%	$771K	$212K	50x	as long as short
Reya LINKRUSDPERP	+0.0385%	1h	12.977	−0.064%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0447%	1h	12.960	−0.196%	$343K	$34K	10x	as long as short
Hyperliquid LINK	+0.0465%	1h	12.996	+0.083%	$80.8M	$26.2M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0502%	1h	12.984	−0.006%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0633%	8h	12.998	+0.099%	$20.1M	$11.5M	50x	as long as short