Funding arb · Price arb /

ALGO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0213%/8h= +23.3% APRpaid last 24h +0.060%

Price spread now: GMX against Phemex−0.127%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on GMX

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—needs both histories

Funding pays, the price is against you. GMX is 0.127% cheaper against Phemex than usual: you would sell low and buy high (spread −0.127% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 48 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ALGOUSDT	0.1133	0.0100	pay 0.0100% / 8h	5h 33m	$3.8M	$1.8M	50x
Short	GMX ALGO/USD [WBTC.b-USDC]	0.1132	L +0.0344% / S −0.0313%	get 0.0039% / 1h	33m 09s	$7K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Phemex. 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 PhemexbpFee GMXbpOrdersPrice spread, now −0.127%Rate

Funding earned: $44.68
Price spread: −0.127% → 0.000%: −$12.71
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $7.97
Costs to cover: 0.240%
Break-even: 5.8 days

Slippage unknown: Phemex: live order book, 6 min ago; GMX: 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 Phemex live order book, 6 min ago	13.29 bp	51.5 bp −$52	99.7 bp −$997	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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.

ALGO on 22 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 ALGO_USDC-PERPETUAL	−0.0015%	1h	0.1132	−0.115%	$90K	$45K	25x	as long as short
gTrade (Gains Network) ALGO/USD	L −0.0001% / S +0.0003%	1h	0.1132	−0.116%	$17K	—	150x	as long as short
Coinbase International ALGO-PERP-INTX	+0.0032%	1h	0.1131	−0.177%	$71K	$274K	50x	as long as short
Injective ALGO/USDC PERP	+0.0033%	1h	0.1120	−1.147%	$834	$233K	12x	as long as short
Hyperliquid ALGO	+0.0100%	1h	0.1134	+0.106%	$3.8M	$2.0M	5x	as long as short
Aster ALGOUSDT	+0.0100%	8h	0.1132	−0.058%	$45K	$40K	5x	as long as short
Binance ALGOUSDT	+0.0100%	8h	0.1132	−0.096%	$9.9M	$34.5M	75x	as long as short
Bybit ALGOUSDT	+0.0100%	8h	0.1132	−0.132%	$11.8M	$12.4M	75x	as long as short
OKX ALGO-USDT-SWAP	+0.0100%	8h	0.1132	−0.088%	$2.9M	$7.8M	50x	as long as short
Gate ALGO_USDT	+0.0100%	8h	0.1131	−0.185%	$887K	$868K	50x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC ALGO_USDT	+0.0100%	8h	0.1132	−0.097%	$23.1M	$3.0M	200x	as long as short
KuCoin ALGOUSDTM	+0.0100%	8h	0.1132	−0.071%	$3.6M	$1.5M	50x	as long as short
Bitget ALGOUSDT	+0.0100%	8h	0.1132	−0.088%	$5.7M	$3.5M	75x	as long as short
BingX ALGO-USDT	+0.0100%	8h	0.1132	−0.124%	—	$3.3M	—	as long as short
Variational Omni ALGO	+0.0100%	8h	0.1130	−0.284%	$62K	$12K	—	as long as short
HTX ALGO-USDT	+0.0100%	8h	0.1132	−0.106%	$61K	$140K	75x	as long as short
Phemex ALGOUSDTlong	+0.0100%	8h	0.1133	long leg	$3.8M	$1.8M	50x
Extended ALGO-USD	+0.0104%	1h	0.1132	−0.123%	$4K	$230K	10x	as long as short
BloFin ALGO-USDT	+0.0220%	8h	0.1133	−0.044%	$491K	$921K	75x	as long as short
GMX ALGO/USD [WBTC.b-USDC]short	L +0.0344% / S −0.0313%	1h	0.1132	−0.127%	$7K	—	100x
Kraken Futures PF_ALGOUSD	+0.0349%	1h	0.1132	−0.055%	$838K	$1.1M	50x	as long as short
dYdX ALGO-USD	+0.2364%	1h	0.1132	−0.045%	$163K	$4K	5x	as long as short