Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.016%

Price spread now: Injective against GRVT+1.729%7-day average — · you sell dearer than you buy

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

Long on GRVT Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropGRVT: Active · farm boardneeds both histories

The price spread pays, funding is against you. Injective is 1.729% dearer against GRVT than usual: you sell high and buy low (spread +1.729% now, against zero (this spread has no 7-day history yet)): +$173 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT W_USDT_Perp	0.01188	0.0100	pay 0.0050% / 4h	3h 42m	$125K	$375K	10x
Short	Injective W/USDC PERP	0.01209	0.0033	get 0.0004% / 1h	42m 48s	$1K	$1K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +1.729%Rate

Funding earned: −$14
Price spread: +1.729% → 0.000%: $172.91
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $149.89
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: GRVT: live order book, 30 min ago; Injective: no order-book sample. 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 GRVT live order book, 30 min ago	8.47 bp	78.8 bp −$79	147.4 bp −$1,474	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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.

W on 17 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
Deribit W_USDC-PERPETUAL	−0.0506%	1h	0.01190	+0.105%	$16K	$2K	10x	as long as short
Injective W/USDC PERPshort	+0.0033%	1h	0.01209	+1.729%	$1K	$1K	12x
OKX W-USDT-SWAP	+0.0088%	4h	0.01189	+0.038%	$1.3M	$2.0M	20x	as long as short
Hyperliquid W	+0.0100%	1h	0.01190	+0.130%	$2.0M	$417K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01190	+0.095%	$3.0M	$6.8M	50x	as long as short
Bybit WUSDT	+0.0100%	4h	0.01188	−0.038%	$4.2M	$1.9M	50x	as long as short
Gate W_USDT	+0.0100%	4h	0.01187	−0.147%	$448K	$284K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01190	+0.105%	$12.9M	$1.5M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01191	+0.215%	$460K	$219K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01189	+0.046%	$1.3M	$574K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX W-USDT	+0.0100%	4h	0.01189	+0.021%	—	$6.9M	—	as long as short
Variational Omni W	+0.0100%	4h	0.01185	−0.268%	$71K	$42K	—	as long as short
GRVT W_USDT_Perplong	+0.0100%	4h	0.01188	long leg	$125K	$375K	10x
Extended W-USD	+0.0104%	1h	0.01189	+0.070%	$60K	$299K	5x	as long as short
Coinbase International W-PERP-INTX	+0.0280%	1h	0.01190	+0.122%	$14K	$16K	50x	as long as short
Kraken Futures PF_WUSD	+0.1318%	1h	0.01193	+0.370%	$148K	$181K	20x	as long as short
Backpack W_USDC_PERP	+0.1350%	1h	0.01192	+0.257%	$44K	$44K	15x	as long as short