Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.069%

Price spread now: BingX against GMX−0.168%7-day average −0.063% · you buy dearer than you sell

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

Long on GMX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.282%+$28 on $10k

Price spread, last 3 days (all we have)−0.141%−$14 · spread now −0.168%, 7d avg −0.063%

Together, before fees+0.141%+$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.105% cheaper against GMX than usual: you would sell low and buy high (spread −0.168% now, against its 7-day average of −0.063%). If the spread goes back, that is −$11 on $10k: about 35 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX AR/USD [WBTC.b-USDC]	4.6298	L −0.0140% / S +0.0551%	get 0.0018% / 1h	8m 34s	$595K	—	50x
Short	BingX AR-USDT	4.6220	0.0100	get 0.0100% / 8h	8m 34s	—	$2.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.168%Rate

Funding earned: $50.49
Price spread: −0.168% → −0.063%: −$10.51
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: $17.98
Costs to cover: 0.220%
Break-even: 4.5 days

Slippage unknown: GMX: no order-book sample; BingX: live order book, 1 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 BingX live order book, 1 min ago	4.33 bp	19.4 bp −$19	38.3 bp −$383	301.3 bp −$30.1K	729.8 bp −$364.9K

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	−0.1946%	1h	4.6251	−0.101%	$52K	$163K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]long	L −0.0140% / S +0.0551%	1h	4.6298	long leg	$595K	—	50x
OKX AR-USDT-SWAP	−0.0076%	8h	4.6180	−0.254%	$2.4M	$21.1M	20x	as long as short
Binance ARUSDT	+0.0007%	8h	4.6220	−0.168%	$9.3M	$55.6M	75x	as long as short
Extended AR-USD	+0.0008%	1h	4.6221	−0.166%	$38K	$237K	10x	as long as short
MEXC AR_USDT	+0.0008%	8h	4.6230	−0.146%	$6.7M	$4.5M	100x	as long as short
Injective AR/USDC PERP	+0.0033%	1h	4.5720	−1.248%	$3K	$339	5.5x	as long as short
BloFin AR-USDT	+0.0033%	8h	4.6270	−0.060%	$441K	$682K	20x	as long as short
ApeX Omni ARUSDT	+0.0064%	1h	4.6300	+0.005%	$23K	$764K	50x	as long as short
Hyperliquid AR	+0.0100%	1h	4.6312	+0.031%	$4.3M	$4.9M	5x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ARUSDT	+0.0100%	8h	4.6286	−0.026%	$20K	$606K	10x	as long as short
Bybit ARUSDT	+0.0100%	8h	4.6204	−0.203%	$4.6M	$8.8M	75x	as long as short
Gate AR_USDT	+0.0100%	8h	4.6280	−0.038%	$2.6M	$2.3M	50x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.6230	−0.146%	$1.5M	$1.2M	50x	as long as short
Bitget ARUSDT	+0.0100%	8h	4.6200	−0.211%	$4.0M	$5.7M	75x	as long as short
BingX AR-USDTshort	+0.0100%	8h	4.6220	−0.168%	—	$2.9M	—
Variational Omni AR	+0.0100%	8h	4.6108	−0.409%	$143K	$176K	—	as long as short