Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Deribit against GRVT−0.141%7-day average +0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$320.320% of the position

Long on GRVT Short on Deribit

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)+0.284%+$28 · spread now −0.141%, 7d avg +0.017%

Together, before fees+0.161%+ Points / potential airdropGRVT: Active · farm board+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.158% cheaper against GRVT than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.017%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT LINK_USDT_Perp	13.185	0.0100	pay 0.0100% / 8h	33m 07s	$594K	$2.7M	10x
Short	Deribit LINK_USDC-PERPETUAL	13.166	0	get 0.0000% / 1h	33m 07s	$727K	$133K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against GRVT. 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 GRVTbpFee DeribitbpOrdersPrice spread, now −0.141%Rate

Funding earned: −$21
Price spread: −0.141% → +0.017%: −$15.78
Slippage, 4 orders: −$15.96
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$68.74
Costs to cover: 0.320%
Break-even: never at this rate

Slippage from GRVT: live order book, 6 min ago; Deribit: live order book, 46 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 GRVT live order book, 6 min ago	1.14 bp	7.5 bp −$8	11.4 bp −$114	doesn't fit	doesn't fit
Sell Deribit live order book, 46 min ago	4.17 bp	10.7 bp −$11	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	13.166	−0.145%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.171	−0.109%	$475K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUALshort	0.0000%	1h	13.166	−0.141%	$727K	$133K	50x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.166	−0.146%	$133K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.171	−0.108%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.954%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0044%	8h	13.162	−0.175%	$134K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.158	−0.208%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.159	−0.199%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.160	−0.186%	$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	13.162	−0.171%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.165	−0.148%	$277K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.156	−0.220%	$122.4M	$304.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.157	−0.213%	$84.8M	$71.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.158	−0.205%	$27.8M	$85.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.182	−0.023%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.157	−0.213%	$130.4M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.160	−0.190%	$36.5M	$57.5M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.167	−0.137%	$22.8M	$15.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.154	−0.235%	$54.7M	$30.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.157	−0.213%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.182	−0.023%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.190	+0.034%	$44K	$308K	20x	as long as short
GRVT LINK_USDT_Perplong	+0.0100%	8h	13.185	long leg	$594K	$2.7M	10x
ApeX Omni LINKUSDT	+0.0100%	1h	13.178	−0.053%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.171	−0.106%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.160	−0.187%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.175	−0.072%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.161	−0.182%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.152	−0.247%	$647K	$884K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.159	−0.200%	$670K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.165	−0.154%	$552K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.174	−0.084%	$997K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.158	−0.205%	$5.3M	$17.3M	75x	as long as short
Hyperliquid LINK	+0.0273%	1h	13.173	−0.094%	$77.9M	$24.1M	10x	as long as short
Backpack LINK_USDC_PERP	+0.0279%	1h	13.167	−0.137%	$363K	$379K	15x	as long as short
Reya LINKRUSDPERP	+0.0378%	1h	13.165	−0.152%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0477%	1h	13.170	−0.113%	$7.0M	$8.2M	50x	as long as short
Phemex LINKUSDT	+0.0478%	8h	13.179	−0.046%	$20.4M	$11.6M	50x	as long as short
dYdX LINK-USD	+0.0622%	1h	13.161	−0.185%	$349K	$48K	10x	as long as short