Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0651%/8h= −71.2% APRpaid last 24h −0.181%

Price spread now: GMX against BingX+0.171%7-day average +0.063% · you sell dearer than you buy

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

Long on BingX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.583%−$58 on $10k

Price spread, last 3 days (all we have)+0.182%+$18 · spread now +0.171%, 7d avg +0.063%

Together, before fees−0.401%−$40 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GMX is 0.109% dearer against BingX than usual: you sell high and buy low (spread +0.171% now, against its 7-day average of +0.063%): +$11 on $10k if it goes back. Holding the pair costs −$20 a day in funding at the current rate, which eats that in about 13 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX AR-USDT	4.5640	0.0100	pay 0.0100% / 8h	1h 17m	—	$2.9M	—
Short	GMX AR/USD [WBTC.b-USDC]	4.5718	L −0.0140% / S +0.0551%	pay 0.0069% / 1h	17m 26s	$587K	—	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against BingX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BingXbpFee GMXbpOrdersPrice spread, now +0.171%Rate

Funding earned: −$136.63
Price spread: +0.171% → +0.063%: $10.85
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$147.78
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 7 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 BingX live order book, 7 min ago	5.53 bp	17.6 bp −$18	36.9 bp −$369	372.6 bp −$37.3K	686.1 bp −$343.0K
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.

AR 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
Kraken Futures PF_ARUSD	−0.1898%	1h	4.5593	−0.102%	$47K	$156K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]short	L −0.0140% / S +0.0551%	1h	4.5718	+0.171%	$587K	—	50x
Injective AR/USDC PERP	+0.0033%	1h	4.5720	+0.175%	$3K	$339	5.5x	as long as short
OKX AR-USDT-SWAP	+0.0045%	8h	4.5680	+0.088%	$2.3M	$20.8M	20x	as long as short
Extended AR-USD	+0.0080%	1h	4.5661	+0.046%	$37K	$237K	10x	as long as short
MEXC AR_USDT	+0.0083%	8h	4.5660	+0.044%	$6.8M	$4.6M	100x	as long as short
Binance ARUSDT	+0.0084%	8h	4.5671	+0.069%	$9.0M	$55.7M	75x	as long as short
Hyperliquid AR	+0.0100%	1h	4.5748	+0.237%	$3.9M	$4.8M	5x	as long as short
Aster ARUSDT	+0.0100%	8h	4.5603	−0.081%	$20K	$615K	10x	as long as short
Bybit ARUSDT	+0.0100%	8h	4.5661	+0.046%	$4.7M	$8.9M	75x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate AR_USDT	+0.0100%	8h	4.5640	0.000%	$2.6M	$2.3M	50x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.5670	+0.066%	$1.4M	$1.1M	50x	as long as short
Bitget ARUSDT	+0.0100%	8h	4.5640	0.000%	$3.9M	$5.6M	75x	as long as short
BingX AR-USDTlong	+0.0100%	8h	4.5640	long leg	—	$2.9M	—
Variational Omni AR	+0.0100%	8h	4.5284	−0.779%	$137K	$173K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.5300	−0.745%	$57K	$748K	50x	as long as short
BloFin AR-USDT	+0.0202%	8h	4.5410	−0.504%	$421K	$673K	20x	as long as short