Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0080%/8h= −8.8% APRpaid last 24h +3.869%

Price spread now: GRVT against GMX−0.415%69s7-day average — · you buy dearer than you sell

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)—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

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and GRVT is 0.415% cheaper against GMX than usual: you would sell low and buy high (−$41 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. 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 WIF/USD [WBTC.b-USDC]	0.2486	L +0.0180% / S −0.0043%	pay 0.0023% / 1h	49m 46s	$8K	—	100x
Short	GRVT WIF_USDT_Perp	0.2476	0.0100	get 0.0050% / 4h	2h 49m	$275K	$1.9M	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 −0.415%Rate

Funding earned: −$16.83
Price spread: −0.415% → 0.000%: −$41.47
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$79.3
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; GRVT: live order book, 4 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, 4 min ago	2.02 bp	13.6 bp −$14	122.5 bp −$1,225	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.

WIF on 32 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
Injective WIF/USDC PERP	−0.0783%	1h	0.2470	−0.656%	$11K	$10K	12x	as long as short
Gate WIF_USDT	−0.0174%	4h	0.2489	+0.108%	$1.2M	$7.3M	50x	as long as short
Kraken Futures PF_WIFUSD	−0.0074%	1h	0.2489	+0.108%	$649K	$2.3M	50x	as long as short
KuCoin WIFUSDTM	−0.0032%	4h	0.2489	+0.108%	$4.5M	$12.8M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2486	−0.012%	$19K	$589	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S +0.0001%	1h	0.2487	+0.010%	$804	—	150x	as long as short
Lighter WIF	+0.0096%	1h	0.2487	+0.040%	$148K	$607K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2490	+0.148%	$57K	$497K	20x	as long as short
Orderly PERP_WIF_USDC	+0.0099%	4h	0.2487	+0.028%	$5K	$1.3M	10x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2489	+0.090%	$35K	$274K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica WIF	+0.0100%	1h	0.2488	+0.068%	$77K	$53K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2491	+0.189%	$18.9M	$111.2M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2489	+0.108%	$17.0M	$37.9M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2491	+0.189%	$6.0M	$34.7M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2490	+0.148%	$22.5M	$11.0M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2490	+0.148%	$7.5M	$12.4M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2483	−0.133%	—	$2.3M	—	as long as short
Backpack WIF_USDC_PERP	+0.0100%	1h	0.2487	+0.036%	$80K	$268K	10x	as long as short
Variational Omni WIF	+0.0100%	4h	0.2475	−0.450%	$75K	$70K	—	as long as short
GRVT WIF_USDT_Perpshort	+0.0100%	4h	0.2476	−0.415%	$275K	$1.9M	10x
ApeX Omni WIFUSDT	+0.0100%	1h	0.2471	−0.616%	$42K	$631K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2484	−0.093%	$2K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2488	+0.072%	$566	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2489	+0.108%	$170K	$747K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2489	+0.105%	$11K	$155K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2488	+0.054%	$83K	$85	3x	as long as short
Deribit WIF_USDC-PERPETUAL	+0.0152%	1h	0.2488	+0.068%	$49K	$289K	25x	as long as short
Hyperliquid WIF	+0.0172%	1h	0.2493	+0.277%	$8.0M	$4.6M	5x	as long as short
GMX WIF/USD [WBTC.b-USDC]long	L +0.0180% / S −0.0043%	1h	0.2486	long leg	$8K	—	100x
Coinbase International WIF-PERP-INTX	+0.0304%	1h	0.2490	+0.148%	$327K	$2.5M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2478	−0.334%	$997K	$706K	75x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2487	+0.033%	$0	—	15x	as long as short