Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0649%/8h= −71.1% APRpaid last 24h −0.163%

Price spread now: GMX against BloFin+0.002%7-day average +0.061% · you sell dearer than you buy

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

Long on BloFin Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.622%−$62 on $10k

Price spread, last 3 days (all we have)+0.040%+$4 · spread now +0.002%, 7d avg +0.061%

Together, before fees−0.582%−$58 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and GMX is 0.059% cheaper against BloFin than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.061%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin AR-USDT	4.6310	0.0098	pay 0.0098% / 8h	7h 39m	$440K	$612K	20x
Short	GMX AR/USD [WBTC.b-USDC]	4.6311	L −0.0140% / S +0.0551%	pay 0.0069% / 1h	39m 01s	$595K	—	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against BloFin. 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 BloFinbpFee GMXbpOrdersPrice spread, now +0.002%Rate

Funding earned: −$136.28
Price spread: +0.002% → +0.061%: −$5.87
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$166.15
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 33 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 BloFin live order book, 33 min ago	3.25 bp	19.1 bp −$19	37.3 bp −$373	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.

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	−0.2388%	1h	4.6249	−0.132%	$52K	$154K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]short	L −0.0140% / S +0.0551%	1h	4.6311	+0.002%	$595K	—	50x
OKX AR-USDT-SWAP	−0.0131%	8h	4.6210	−0.216%	$2.4M	$20.4M	20x	as long as short
Extended AR-USD	0.0000%	1h	4.6273	−0.081%	$38K	$317K	10x	as long as short
MEXC AR_USDT	0.0000%	8h	4.6260	−0.108%	$6.6M	$4.4M	100x	as long as short
Binance ARUSDT	0.0000%	8h	4.6260	−0.108%	$9.2M	$54.3M	75x	as long as short
Injective AR/USDC PERP	+0.0033%	1h	4.5720	−1.274%	$3K	$239	5.5x	as long as short
BloFin AR-USDTlong	+0.0098%	8h	4.6310	long leg	$440K	$612K	20x
Hyperliquid AR	+0.0100%	1h	4.6330	+0.043%	$4.3M	$4.7M	5x	as long as short
Aster ARUSDT	+0.0100%	8h	4.6304	−0.013%	$20K	$584K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ARUSDT	+0.0100%	8h	4.6240	−0.151%	$4.6M	$8.6M	75x	as long as short
Gate AR_USDT	+0.0100%	8h	4.6290	−0.043%	$2.6M	$2.2M	50x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.6290	−0.043%	$1.5M	$1.2M	50x	as long as short
Bitget ARUSDT	+0.0100%	8h	4.6270	−0.086%	$4.0M	$5.5M	75x	as long as short
BingX AR-USDT	+0.0100%	8h	4.6250	−0.130%	—	$2.9M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.5993	−0.685%	$143K	$170K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.6100	−0.453%	$23K	$739K	50x	as long as short